Multiple Advance Loan. This Deed of Trust is given to secure, among other things, a multiple advance loan and shall secure not only presently existing indebtedness but also future advances, whether such advances are obligatory or to be made at the option of the Collateral Agent or any Lender or otherwise, to the same extent as if such future advances were made on the date of execution of this Deed of Trust. The lien of this Deed of Trust shall be valid as to all indebtedness hereby secured, including future advances, from the time of its filing for record in the recorder's or registrar's office of the county in which the Mortgaged Property is located.
Multiple Advance Loan. This Deed is given to secure, among other things, a multiple advance loan and shall secure not only presently existing indebtedness but also future advances, whether such advances are obligatory or to be made at the option of the Collateral Agent or any Lender or otherwise, to the same extent as if such future advances were made on the date of execution of this Deed. The lien of this Deed shall be valid as to all indebtedness hereby secured, including future advances, from the time of its filing for record in the recorder's or registrar's office of the county in which the Mortgaged Property is located.
Multiple Advance Loan. Subject to the terms and conditions of this Agreement, Lender agrees to make proceeds from the Loan available to Borrower in the form of approved advances (“Advances”). The Loan shall be held in escrow in a construction control account with Lender’s bank and disbursed as Advances in accordance with the terms and conditions described in this Agreement (“Draw Conditions”). Each Advance under the Loan will be for the sole purpose of providing funds to Borrower the payment of, or reimbursing Borrower for, certain costs and expenses incurred in connection with the construction of the Project on the Property and other incidental costs and expenses, as more particularly provided in this Agreement. This is not a revolving loan.
Multiple Advance Loan. This Loan represents a multiple advance credit facility. At the Closing of the Loan, Lender will disburse approximately Two Million and no/100 Dollars ($2,000,000) directly to Borrower’s approved contractors, subcontractors and materialmen for work and materials supplied to and incorporated in the Nevada Real Property (“First Funding”). The outstanding principal balance of the Loan may be increased by one or more advances by Lender during the Term (each an “Advance”) within thirty (30) days following the First Funding directly to Borrower’s approved contractors, subcontractors and materialmen for work and materials supplied to and incorporated in the Nevada Real Property, on the terms and conditions set forth in section 1.9.7, below. It is expressly agreed by Borrower that the maximum outstanding principal on this Note shall not at any one time exceed the amount of Two Million Five Hundred Thousand and no/100 Dollars ($2,500,000), and the balance of the Loan outstanding at any specific time shall be the total amount advanced by Lender less the amount of principal payments, if any, made from time to time by Borrower.
Multiple Advance Loan. If the loan is to be made in multiple advances, you and I anticipate that more than one advance will be made. On extensions of closed-end credit, repayments of a portion on the principal balance of the note will not enable me to obtain additional credit. On extensions of open-end credit, repayment of a portion on the principal balance of the note will entitle me to obtain additional credit, unless the open-end credit commitment evidenced by this note has expired or has been terminated by you. You will not be obligated to make an advance to the extent that such an advance would cause the unpaid principal balance of the note to exceed the maximum face amount of the note. You have no obligation to make such an advance, even if you occasionally choose to do so.
