New IMA Loan Sample Clauses

New IMA Loan. A loan in the original principal amount of up to Two Million Two Hundred Twenty-Five Thousand and no/100 Dollars ($2,225,000.00) (the “New IMA Loan”) at the Closing, the net proceeds of which will be disbursed to IMA in one or more Disbursements upon the date that all terms and conditions to be satisfied hereunder by IMA, including obtaining the Lender’s approval of the final development budget for the Tuscany Land as further set forth in Section 2.08, are fully satisfied in the Lender’s opinion, in accordance with and subject to the conditions, requirements and limitations set forth in this Agreement. Upon repayment of any amount of principal or interest on the New IMA Loan by IMA, IMA may not reborrow hereunder.

New IMA Loan. Upon approval of budgeted costs, release times and release costs for lots included in the Tuscany Land, the net proceeds of the New IMA Loan may be used for development of such lots. Such approval shall be at Lender’s sole and exclusive option, and such approval or denial shall be communicated to IMA prior to the beginning of development. In connection with the development of the lots included in the Tuscany Land, Lender may make one or more Disbursements under the New IMA Loan to reimburse IMA for payments made by IMA to third parties in furtherance of such development, or alternatively, Lender may make Disbursements directly to such third parties. Such reimbursable items shall be limited only to those listed in the final development budget as approved by Lender and reimbursement shall be provided only up to the amounts listed for such items on the final development budget as approved by Lender, unless Lender agrees otherwise. Upon approval of the final development budget, any changes must be approved by Lender, but Lender shall have no obligation to approve any such changes. In connection with Lender’s decision to approve the final development budget, IMA agrees to provide all necessary documentation required by Lender to fully understand the proposed budget. IMA acknowledges and agrees that it will require all vendors whose total costs exceed ten percent (10%) of the final development budget as approved by Lender for a respective Phase to provide terms of at least ninety (90) days on all invoices. No net proceeds of the New IMA Loan may be used to pay taxes, maintenance fees, interest (except to the extent interest may be paid out of the balance of the Interest Escrow) or similar expenses for development. Management fees shall not be calculated until all costs are paid for development and then will be calculated and paid as follows: total budgeted costs for development, including management fee and contingency (excluding interest), minus all costs spent except for the management fee. The management fee shall not exceed the management fee provided for in the final development budget as approved by Lender.