Common use of Loan Documents; Budget and Use of Proceeds Clause in Contracts

Loan Documents; Budget and Use of Proceeds. Borrower shall have furnished or delivered to Lender, in form and substance acceptable to Lender, the Loan Documents executed by Borrower and a budget in form and substance acceptable to Lender (the “Budget”), outlining the intended use of the Loan Proceeds (the “Use of Proceeds”). The Budget shall identify all expenses related to the Project to be covered by the Loan, including any Work (as defined below) and those expenses not characterized as Work, such as fees and expenses relating to the purchase of all or any portion of the Property, fees and expenses relating to acquisition of any Permits (as defined below) necessary to complete the Improvements, fees and expenses relating to obtaining any licenses required by a Government Authority (as defined below), the costs of obtaining Borrower’s Insurance (as defined below) and other non-construction related fees and expenses (the “Non-Construction Expenses”).

Loan Documents; Budget and Use of Proceeds. Borrower shall have furnished or delivered to Lender, in form and substance acceptable to Lender, the Loan Documents executed by Borrower Bxxxxxxx and a budget in form and substance acceptable to Lender (the “Budget”), outlining the intended use of the Loan Proceeds (the “Use of Proceeds”). The Budget shall identify all expenses related to the Project to be covered by the Loan, including any Work (as defined below) and those expenses not characterized as Work, such as fees and expenses relating to the purchase of all or any portion of the Property, fees and expenses relating to acquisition of any Permits (as defined below) necessary to complete the Improvements, fees and expenses relating to obtaining any licenses required by a Government Authority (as defined below), the costs of obtaining Borrower’s Insurance (as defined below) and other non-construction related fees and expenses (the “Non-Construction Expenses”).