Mortgage Loan Documents. Borrower shall not, and shall not permit Owner to, modify, amend, terminate, extend or seek a consent or waiver under the Mortgage Loan Documents in any respect without the prior written approval of Lender. Borrower shall not, and shall not permit Owner to, use or permit the use of any proceeds of the Mortgage Loan for any purpose not included in the Project Budget. Borrower shall, and shall cause Owner to, fully and timely comply with all terms and provisions of the Mortgage Loan Documents and shall, and shall cause Owner to, at all times during construction keep the Mortgage Loan “in balance” (including, without limitation, the payment required under §2.10 of the Construction Loan Agreement evidencing the Mortgage Loan).
Appears in 4 contracts
Samples: Mezzanine Loan Agreement (Preferred Apartment Communities Inc), Mezzanine Loan Agreement (Preferred Apartment Communities Inc), Mezzanine Loan Agreement (Preferred Apartment Communities Inc)
Mortgage Loan Documents. Borrower shall not, and shall not permit Owner to, enter into, modify, amend, terminate, extend or seek a consent or waiver under the any Mortgage Loan Documents in any respect without the prior written approval of Lender. Borrower shall not, and shall not permit Owner to, use or permit the use of any proceeds of the any Mortgage Loan for any purpose not included in the Project Budget. Borrower shall, and shall cause Owner to, fully and timely comply with all terms and provisions of the Mortgage Loan Documents and shall, and shall cause Owner to, at all times during construction keep the Mortgage Loan “in balance” (including, without limitation, the payment required under §2.10 of the Construction Loan Agreement evidencing the Mortgage Loan)”.
Appears in 1 contract
Samples: Mezzanine Loan Agreement (Preferred Apartment Communities Inc)
