Common use of Payment of Draw Requests Clause in Contracts

Payment of Draw Requests. If all conditions precedent to OCD's obligations hereunder and to the Draw Request have been performed to the reasonable satisfaction of OCD, Borrower hereby directs OCD to make the Draw Request, in accordance with this Agreement, payable to Borrower or as OCD may otherwise elect, and OCD shall make each Draw Request in the amount justified by the applications, affidavits, certificates and other evidence submitted to OCD under Section 3 hereof. Notwithstanding the foregoing, the amount so requested shall not exceed the total amount of the Construction Cost multiplied by the percentage of completion then attained less the aggregate of all amounts theretofore advanced and soft costs approved by OCD. The proceeds of each Draw Request hereunder shall be applied solely and exclusively to payment, or to reimbursement of Borrower for payment, of the Construction Cost and soft costs approved by OCD, and Xxxxxxxx agrees at any time and from time to time, upon request of OCD, to exhibit to OCD receipts, vouchers, statements, bills of sale or other evidence satisfactory to OCD of actual payment of such Construction Cost and soft costs approved by OCD. Notwithstanding the foregoing, OCD may apply any amounts due Borrower hereunder toward satisfaction of any of the terms or conditions of this Agreement, and amounts so applied shall be part of the Gap Financing Loan and shall be secured by the lien of the Mortgage, and all disbursements from any "contingency" categories shall be made at OCD's sole and absolute discretion.

Payment of Draw Requests. If all conditions precedent to OCD's LHC’s obligations hereunder and to the Draw Request have been performed to the reasonable satisfaction of OCDLHC, Borrower hereby directs OCD LHC to make the Draw Request, in accordance with this Agreement, payable to Borrower or as OCD LHC may otherwise elect, and OCD LHC shall make each Draw Request in the amount justified by the applications, affidavits, certificates and other evidence submitted to OCD LHC under Section 3 hereof. Notwithstanding the foregoing, if the draws are made on a pari passu basis, the amount so requested shall not exceed LHC’s pari passu share of the total amount of the Construction Cost Total Development Costs multiplied by the percentage of completion then attained less the aggregate of all amounts theretofore advanced and soft costs approved by OCDLHC. The proceeds of each Draw Request hereunder shall be applied solely and exclusively to payment, or to reimbursement of Borrower for payment, of the Construction Cost Total Development Costs and soft costs approved by OCDLHC, and Xxxxxxxx agrees at any time and from time to time, upon request of OCDLHC, to exhibit to OCD LHC receipts, vouchers, statements, bills of sale or other evidence satisfactory to OCD LHC of actual payment of such Construction Cost and soft costs Total Development Costs approved by OCDLHC. Notwithstanding the foregoing, OCD LHC may apply any amounts due Borrower hereunder toward satisfaction of any of the terms or conditions of this Agreement, and amounts so applied shall be part of the Gap Financing Loan and shall be secured by the lien of the Mortgage, and all disbursements from any "“contingency" ” categories shall be made at OCD's LHC’s sole and absolute discretion.

Payment of Draw Requests. If all conditions precedent to OCDXxxxxxx's obligations hereunder and to the Draw Request have been performed to the reasonable satisfaction of OCDGrantee, Borrower hereby directs OCD Grantee to make the Draw Request, in accordance with this Agreement, payable to Borrower or as OCD Grantee may otherwise elect, and OCD . Grantee shall make each Draw Request in the amount justified by the applications, affidavits, certificates and other evidence submitted to OCD Grantee under Section 3 2 hereof. Notwithstanding the foregoing, the amount so requested portion of the Construction Cost included in each Draw Request shall not exceed the total amount of the Construction Cost multiplied by the percentage of completion then attained less the aggregate of all amounts theretofore advanced and soft costs approved by OCDConstruction Cost included in prior Draw Requests. The proceeds of each Draw Request hereunder shall be applied solely and exclusively to payment, or to reimbursement of Borrower for payment, of the Construction Cost and soft costs approved by OCD, and Grantee. Xxxxxxxx agrees at any time and from time to time, upon request of OCDXxxxxxx, to exhibit to OCD Grantee receipts, vouchers, statements, bills of sale or other evidence satisfactory to OCD Grantee of actual payment of such Construction Cost and soft costs approved by OCDGrantee. Notwithstanding the foregoing, OCD Grantee may apply any amounts due Borrower hereunder toward satisfaction of any of the terms or conditions of this Agreement, and amounts so applied shall be part of the Gap Financing Loan and shall be secured by the lien of the Mortgage, and all disbursements . Draw Requests shall not include any amounts from any "contingency" categories shall be made at OCD's sole and absolute discretionexcept to the extent of actual costs in excess of estimated costs that have been approved by Grantee in advance in writing.

Payment of Draw Requests. If all conditions precedent to OCD's obligations hereunder and to the Draw Request have been performed to the reasonable satisfaction of OCD, Borrower hereby directs OCD to make the Draw Request, in accordance with this Agreement, payable to Borrower or as OCD may otherwise elect, and OCD shall make each Draw Request in the amount justified by the applications, affidavits, certificates and other evidence submitted to OCD under Section 3 hereof. Notwithstanding the foregoing, the amount so requested shall not exceed the total amount of the Construction Cost multiplied by the percentage of completion then attained less the aggregate of all amounts theretofore advanced and soft costs approved by OCD. The proceeds of each Draw Request hereunder shall be applied solely and exclusively to payment, or to reimbursement of Borrower for payment, of the Construction Cost and soft costs approved by OCD, and Xxxxxxxx Borrower agrees at any time and from time to time, upon request of OCD, to exhibit to OCD receipts, vouchers, statements, bills of sale or other evidence satisfactory to OCD of actual payment of such Construction Cost and soft costs approved by OCD. Notwithstanding the foregoing, OCD may apply any amounts due Borrower hereunder toward satisfaction of any of the terms or conditions of this Agreement, and amounts so applied shall be part of the Gap Financing Loan and shall be secured by the lien of the Mortgage, and all disbursements from any "contingency" categories shall be made at OCD's sole and absolute discretion.

Payment of Draw Requests. If all conditions precedent to OCD's LHC’s obligations hereunder and to the Draw Request have been performed to the reasonable satisfaction of OCDLHC, Borrower hereby directs OCD LHC to make the Draw Request, in accordance with this Agreement, payable to Borrower or as OCD LHC may otherwise elect, and OCD LHC shall make each Draw Request in the amount justified by the applications, affidavits, certificates and other evidence submitted to OCD LHC under Section 3 hereof. Notwithstanding the foregoing, if the draws are made on a pari passu basis, the amount so requested shall not exceed LHC’s pari passu share of the total amount of the Construction Cost Costs multiplied by the percentage of completion then attained less the aggregate of all amounts theretofore advanced and soft costs approved by OCDLHC. The proceeds of each Draw Request hereunder shall be applied solely and exclusively to payment, or to reimbursement of Borrower for payment, of the Construction Cost Costs and soft costs approved by OCDLHC, and Xxxxxxxx Borrower agrees at any time and from time to time, upon request of OCDLHC, to exhibit to OCD LHC receipts, vouchers, statements, bills of sale or other evidence satisfactory to OCD LHC of actual payment of such Construction Cost Costs and soft costs approved by OCDLHC. Notwithstanding the foregoing, OCD LHC may apply any amounts due Borrower hereunder toward satisfaction of any of the terms or conditions of this Agreement, and amounts so applied shall be part of the Gap Financing Loan and shall be secured by the lien of the Mortgage, and all disbursements from any "“contingency" ” categories shall be made at OCD's LHC’s sole and absolute discretion.