On-Site Stored Materials Sample Clauses

On-Site Stored Materials. Lenders shall make Advances of the Building Loan in accordance with this Agreement to pay for Hard Costs actually incurred by Borrower for materials not yet incorporated in the Improvements but stored on site, which materials are required in connection with the construction of the Improvements, provided that (i) such materials are in accordance with the Plans and Specifications accepted by Agent and the Construction Consultant in accordance with the terms hereof; (ii) such materials are securely stored on site, properly inventoried, and clearly stenciled or otherwise marked to indicate that they are the property of Borrower; (iii) the bills of sale and contracts under which such materials are being provided shall be in form and substance reasonably satisfactory to Agent and Construction Consultant; (iv) such materials are insured against casualty, loss and theft in a manner reasonably satisfactory to Agent and Agent is named as a named insured and loss payee on such insurance policy with respect to said materials; (v) Borrower either owns or will, after the payment of the bills and invoices therefor (which payment in full shall occur promptly after the disbursement of the Loan for such materials), own such materials free and clear of all Liens of any nature whatsoever, which ownership shall be established contemporaneously with or promptly after such disbursement by evidence reasonably satisfactory to Agent; (vi) Borrower executes and delivers to Agent such additional security documents as Agent shall reasonably deem necessary to create and perfect a first priority lien in the Stored Materials as additional security for the payment of the Loan; (vii) the aggregate amount of such disbursements of the Building Loan proceeds for such materials shall in no event at any time exceed the actual Hard Costs incurred by Borrower for such materials as verified by Construction Consultant pursuant to the provisions of this Agreement; (viii) the conditions set forth in Section 2.1.9(e) below have been satisfied; and (ix) if required by Agent, the Architect or the Construction Consultant shall certify that it has inspected such materials and they are in good condition and suitable for use in connection with the Project.
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Related to On-Site Stored Materials

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  • Licensed Software Section 3.17(f).......................................27

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