Loan Closing. The closing of the Construction Loan. Major Capital Event. One or more of the following: (i) sale of all or any part of, or any interest in, Company property (including the Project and the Property), exclusive of sales or other dispositions of tangible personal property in the ordinary course of business; (ii) placement and funding of any indebtedness of the Company secured by some or all of its assets with respect to borrowed money, excluding short term borrowing in the ordinary course of business; (iii) condemnation of all or any material part of, or any interest in, the Property through the exercise of the power of eminent domain; or (iv) any unrestored material loss of Company property or any part thereof or interest therein by casualty, failure of title or otherwise. Major Decision. As defined in Section 6.2(a).
Loan Closing. The lender may require the borrower to pay no more than actual closing costs incurred in connection with the making, closing, disbursing or extending of a reverse mortgage loan. A reverse mortgage loan agreement or extension agreement may provide for deferral of payment of any portion of actual closing costs. Deferred closing costs shall be added to the outstanding loan balance as provided in subdivision 1, clause (e). Unless the agreement provides for deferral, actual closing costs shall be paid by the borrower at the time of signing the agreement. Upon signing a reverse mortgage loan agreement or extension agreement the lender shall furnish to the borrower:
(a) A schedule showing the projected pattern of the outstanding loan balance over the period of the agreement;
(b) A statement indicating in detail the charges and fees the borrower has paid or is obligated to pay to the lender or to any other person in connection with the loan; and
(c) Any other information required by state or federal law.
Loan Closing. The Loan shall be closed and become effective as follows:
(a) The Governmental Agency will deliver each of the following items to the Authority:
(i) executed counterparts of this Loan Agreement;
(ii) the executed Governmental Agency Bond in the form attached hereto as Exhibit D.
(iii) copies of the resolutions or ordinances of the governing body of the Governmental Agency authorizing the execution and delivery of this Loan Agreement and the Governmental Agency Bond, certified by an Authorized Officer of the Governmental Agency;
(iv) an opinion of the Governmental Agency's counsel substantially in the form set forth in Exhibit E-1 hereto (such opinion or portions of such opinion may be given by one or more counsel); provided, however, that the Authority may in its discretion permit variances in such opinion from the form or substance of such Exhibit E-1 if such variances are not to the material detriment of the interests of the Authority;
(v) an opinion of the Governmental Agency’s Bond Counsel substantially in the form set forth in Exhibit E-2 hereto. Such opinion must be rendered by Bond Counsel listed in the Directory of Bond Counsel published by the Bond Buyer (the “Red Book”); and
(vi) such other certificates, documents, opinions and information as the Authority may require.
(b) Upon receipt of the foregoing documents, the Authority shall obligate the amount of the Loan Commitment set forth in Paragraph (4) of Exhibit B, and make the amount of the Loan available for the Project in accordance with the terms of this Loan Agreement.
Loan Closing. All conditions precedent to the closing of the Loan shall be complied with on or prior to the Closing Date. If such conditions are not complied with as of the Closing Date, Lender may terminate Lender's obligation to fund the Loan by written notice to Borrower.
Loan Closing. The first date on which all or any part of the proceeds of the Line of Credit Loan are initially disbursed by the Lender to or for the benefit of Borrower.
Loan Closing. All loans guaranteed by the Agency shall be closed by attorneys, escrow companies, escrow departments of lending institutions, or other persons, or entities skilled and experienced in conducting loan closings. The lender shall:
a. Ensure funds for the particular loan or line of credit will be used only for the purposes authorized in Agency regulations and as contained in the conditional commitment;
b. Ensure that documents, including the mortgage and any security agreements, chattel mortgages or equivalent documents relating to it have been properly signed, are valid and contain terms enforceable by the lender;
c. Ensure that all security with appropriate lien priorities is obtained in accordance with the conditional commitment and Agency regulations;
d. Ensure that all closing documents required to be recorded are recorded accurately, in the appropriate offices, and in a timely and accurate manner;
e. Ensure that security interests are perfected in collateral according to applicable regulatory requirements and procedures;
f. Ensure that all required hazard insurance will be obtained in accordance with Agency regulations or is now in effect;
g. Collect all fees and costs due and payable by the borrower in the course of the loan transaction and disburse payment directly to the parties for services rendered;
h. Ensure that construction, relocation, repairs, or development are completed in accordance with applicable drawings and specifications;
i. Ensure the borrower has marketable title to security property now owned, and will obtain such title to any additional property to be acquired with loan funds, subject only to the instruments securing the loan to be guaranteed and any other exceptions set forth in Agency regulations;
j. Secure the entire loan equally with the same security and the same lien priority for both the guaranteed and unguaranteed portions of the loan, under the assurance that the unguaranteed portion of the loan will not be paid first nor given priority over the guaranteed portion of the loan;
k. Submit the required guarantee fee with the guaranteed loan closing report.
Loan Closing. All documents required by the provisions of the Loan Documents to be executed or delivered to the Administrative Agent on or before the Effective Date shall have been executed and shall have been delivered at the office of the Administrative Agent set forth in Section 11.2 on or before the Effective Date.
Loan Closing. (a) On such date and time as shall be agreed upon by the Lender and the Borrower (such date and time being herein referred to as the “Closing Date”), the Lender and the Borrower shall execute and deliver this Loan Agreement and the Lender and the Borrower, as applicable, shall execute and deliver the documents described in subsection (b) at the offices of Xxxxx Xxxx, A Professional Law Corporation (“Bond Counsel”), San Francisco, California, or such other location as may be mutually agreed upon by the Lender and the Borrower. The simultaneous delivery of such documents and funding of the Loan as provided in Section 3.01, is referred to herein as the “Loan Closing.”
(b) At the Closing, the Lender shall receive the following, in form and substance satisfactory to the Lender:
(i) The unqualified approving opinion of Bond Counsel relating to the enforceability and validity of this Loan Agreement, dated the Closing Date and addressed to the Borrower and the Lender;
(ii) The supplemental opinion of Bond Counsel that (1) this Loan Agreement is not subject to the registration requirements of the Securities Act of 1933 and is exempt from qualification under the Trust Indenture Act of 1939, dated the Closing Date and addressed to the Borrower and the Lender and (2) the execution and delivery of this Loan Agreement, the adoption of each Authorizing Resolution, and compliance by the Borrower with the provisions thereof, under the circumstances contemplated thereby, do not and will not in any material respect conflict with or constitute on the part of the Borrower a breach of or default under, in any material respect, any existing law to which the Borrower is subject;
(iii) The opinion of the City Attorney, dated the Closing Date and addressed to the Lender to the effect that;
(1) The Borrower is a municipal corporation and general law city duly organized and validly existing under the laws of the State of California;
(2) Each Authorizing Resolution was duly adopted at a meeting of the City Council of the Borrower which was called and held pursuant to law and with all public notice required by law and at which a quorum was present and acting throughout and has not been modified, rescinded or amended;
(3) There is no action, suit, proceeding or investigation, at law or in equity, before or by any court, public board or body pending and notice of which has been served upon and received by the Borrower or, to the best of my knowledge after reasonable inquiry, threatened a...
Loan Closing. Subject to the terms and conditions of this Agreement, Lender agrees to close this Loan upon Borrower’s satisfaction of the requirements set forth in this Section 2.1.2 and Section 4.1 below (collectively “Closing Conditions”):
(a) Map(s). Lender’s receipt, review and approval of the Final Map approved for the Property and Project, which Final Map shall be recorded no later than the Closing Date; provided, however, that notwithstanding any provision of this Agreement to the contrary, Lender may agree to close the Loan prior to the recordation of the Final Map, but Lender shall have no obligation to disburse any Loan funds for the payment or reimbursement to Borrower of any Project costs allocated for the construction of the Home Improvements (expressly excluding Project costs allocated for the construction of the A&D Improvements) unless and until the Final Map for the Project is recorded with the County Recorder’s Office.
Loan Closing. Subject to the terms and conditions of this Agreement, Xxxxxx agrees to close this Loan upon Xxxxxxxx’s satisfaction of the requirements set forth in this Section 2.1.2 and Section 3.1 below (collectively, Closing Conditions):
