Common use of Obtaining a Construction Loan Clause in Contracts

Obtaining a Construction Loan. Xxxx shall use its best efforts to cause the Company to obtain a Construction Loan for construction of the Project on terms and from a Construction Lender acceptable to the Members, including, but not limited to, the following: (a) the Construction Loan amount must be sufficient to reimburse WPHC at the Construction Loan Closing for the acquisition cost of the Project Land and any advances it made to the Company for predevelopment activities; (b) the interest rate shall be a variable rate equal to LIBOR plus a spread reasonably acceptable to the Members; (c) the Construction Loan Closing must take place on or before October 31, 1996, provided, however, such date shall be extended to a date not later than December 31, 1996, if Xxxx is diligently pursuing his obligations and if the delay is not attributable to a default by Xxxx (such date as it may be extended is referred to herein as the "Construction Loan Outside Date"); (d) Xxxx shall personally guarantee the Construction Loan if required by the Construction Lender; (e) the Construction Loan shall have a maturity date of at least twenty-eight (28) months from the date of the Construction Loan Closing; and (f) the other terms shall be reasonably acceptable to WPHC.

Obtaining a Construction Loan. Xxxx Feld shall use its best efforts to xx cause the Company to obtain a Construction Loan for construction of the Project on terms and from a Construction Lender acceptable to the Members, including, but not limited to, the following: (a) the Construction Loan amount must be sufficient to reimburse WPHC at the Construction Loan Closing for the acquisition cost of the Project Land and any advances it made to the Company for predevelopment activities; (b) the interest rate shall be a variable rate equal to LIBOR plus a spread reasonably acceptable to the Members; (c) the Construction Loan Closing must take place on or before October 31, 19961995, provided, however, such date shall be extended to a date not later than December 31, 19961995, if Xxxx Feld is diligently pursuing his obligations hix xxligations and if the delay is not attributable to a default by Xxxx Feld (such date as it may be extended exxxxded is referred to herein as the "Construction Loan Outside Date"); (d) Xxxx Feld shall personally guarantee guarantxx the Construction Loan if required by the Construction Lender; (e) the Construction Loan shall have a maturity date of at least twentythirty-eight six (2836) months from the date of the Construction Loan Closing; and (f) the other terms shall be reasonably acceptable to WPHC.

Obtaining a Construction Loan. Xxxx shall use its best efforts to cause the Company to obtain a Construction Loan for construction of the Project on terms and from a Construction Lender acceptable to the Members, including, but not limited to, the following: (a) the Construction Loan amount must be sufficient to reimburse WPHC at the Construction Loan Closing for the acquisition cost of the Project Land and any advances it made to the Company for predevelopment activities; (b) the interest rate shall be a variable rate equal to LIBOR plus a spread reasonably acceptable to the Members; (c) the Construction Loan Closing must take place on or before October 31, 19961995, provided, however, such date shall be extended to a date not later than December 31, 19961995, if Xxxx is diligently pursuing his obligations and if the delay is not attributable to a default by Xxxx (such date as it may be extended is referred to herein as the "Construction Loan Outside Date"); (d) Xxxx shall personally guarantee the Construction Loan if required by the Construction Lender; (e) the Construction Loan shall have a maturity date of at least twentythirty-eight six (2836) months from the date of the Construction Loan Closing; and (f) the other terms shall be reasonably acceptable to WPHC.

Obtaining a Construction Loan. Xxxx Feld shall use its best efforts to cause the Company to obtain a Construction Coxxxxuction Loan for construction of the Project on terms and from a Construction Lender acceptable to the Members, including, but not limited to, the following: (a) the Construction Loan amount must be sufficient to reimburse WPHC at the Construction Loan Closing for the acquisition cost of the Project Land and any advances it made to the Company for predevelopment activities; (b) the interest rate shall be a variable rate equal to LIBOR plus a spread reasonably acceptable to the Members; (c) the Construction Loan Closing must take place on or before October 31, 1996, provided, however, such date shall be extended to a date not later than December 31, 1996, if Xxxx Feld is diligently pursuing his obligations and if the delay is not attributable xxxributable to a default by Xxxx Feld (such date as it may be extended is referred to herein as the "Construction Xxxstruction Loan Outside Date"); (d) Xxxx Feld shall personally guarantee the Construction Loan if required by the bx xxe Construction Lender; (e) the Construction Loan shall have a maturity date of at least twenty-eight (28) months from the date of the Construction Loan Closing; and (f) the other terms shall be reasonably acceptable to WPHC.

Obtaining a Construction Loan. Xxxx Feld shall use its best efforts to cause the Company Comxxxx to obtain a Construction Loan for construction of the Project on terms and from a Construction Lender acceptable to the Members, including, but not limited to, the following: (a) the Construction Loan amount must be acceptable to WPHC and sufficient to reimburse WPHC at the Construction Loan Closing for the acquisition cost of the Project Land and any advances it made to the Company for predevelopment activities; (b) the interest rate shall be a variable rate equal to LIBOR plus a spread reasonably acceptable to the Members; (c) the Construction Loan Closing must take place on or before October January 31, 19962000, provided, however, such date shall be extended to a date not later than December 31February 29, 19962000, if Xxxx Feld is diligently pursuing his obligations and if the xx xhe delay is not attributable to a default by Xxxx Feld (such date as it may be extended is referred refexxxx to herein as the "Construction Loan Outside Date"); (d) Xxxx Feld shall personally guarantee the Construction Constructxxx Loan if and shall guarantee Operating Deficits, all to the extent required by the Construction Lender; (e) the Construction Loan shall have a maturity date of at least twenty-eight (28) months from the date of the Construction Loan Closing; and (f) the other terms shall be reasonably acceptable to WPHC.

Obtaining a Construction Loan. Xxxx Feld shall use its best efforts to xx cause the Company to obtain a Construction Loan for construction of the Project on terms and from a Construction Lender acceptable to the Members, including, but not limited to, the following: (a) the Construction Loan amount must be acceptable to WPHC and sufficient to reimburse WPHC at the Construction Loan Closing for the acquisition cost of the Project Land and any advances it made to the Company for predevelopment activities; (b) the interest rate shall be a variable rate equal to LIBOR plus a spread reasonably acceptable to the Members; (c) the Construction Loan Closing must take place on or before October December 31, 19961998, provided, however, such date shall be extended to a date not later than December January 31, 19961999, if Xxxx Feld is diligently pursuing his obligations xxxigations and if the delay is not attributable to a default by Xxxx Feld (such date as it may be extended exxxxded is referred to herein as the "Construction Loan Outside Date"); (d) Xxxx Feld shall personally guarantee guarantxx the Construction Loan if and shall guarantee Operating Deficits, all to the extent required by the Construction Lender; (e) the Construction Loan shall have a maturity date of at least twenty-eight (28) months from the date of the Construction Loan Closing; and (f) the other terms shall be reasonably acceptable to WPHC.