Common use of Loan Proceeds and Adequacy Clause in Contracts

Loan Proceeds and Adequacy. The undisbursed Loan proceeds, together with Borrower’s Funds, the proceeds of the Subordinate Loan(s), the Capital Contributions, and all other sums, if any, to be provided by Borrower as shown in Exhibit C, are sufficient to acquire Borrower’s interest in the Property and construct the Improvements in accordance with the terms and conditions of this Loan Agreement.

Loan Proceeds and Adequacy. The undisbursed Loan proceeds, together with Borrower’s Funds, the proceeds of the Subordinate Loan(s), the Capital Contributions, and all other sums, if any, to be provided by Borrower as shown in Exhibit C, are sufficient to acquire Borrower’s interest in the Property and construct rehabilitate the Improvements in accordance with the terms and conditions of this Loan Agreement.

Loan Proceeds and Adequacy. The undisbursed Loan proceeds, together with BorrowerXxxxxxxx’s Funds, the proceeds of the Subordinate Loan(s), the Capital Contributions, and all other sums, if any, to be provided by Borrower Xxxxxxxx as shown in Exhibit C, are sufficient to acquire BorrowerXxxxxxxx’s interest in the Property and construct the Improvements in accordance with the terms and conditions of this Loan Agreement.