Permanent Phase Loan Terms Sample Clauses
The Permanent Phase Loan Terms clause defines the specific conditions and requirements that apply once a loan transitions from its initial or construction phase to its permanent, long-term phase. This typically includes details such as the interest rate, repayment schedule, amortization period, and any ongoing covenants or obligations of the borrower during the permanent phase. By clearly outlining these terms, the clause ensures both parties understand their rights and responsibilities for the duration of the loan, reducing the risk of disputes and providing financial predictability.
Permanent Phase Loan Terms. If the Permanent Phase commences as provided in this Article V, there shall be due on the Loan such payments as are set forth in the Note with respect to the Permanent Phase.
Permanent Phase Loan Terms. If the Permanent Phase commences as provided in this Article V, there shall be due on the Loan such payments as are set forth in the Note with respect to the Permanent Phase.
(a) On or before May 31, 2015, if there are undeveloped lots or unconstructed units, the Borrower may request a loan extension from the City of Durham that must be received by the City prior to May 31, 2015. The request must be writing addressed to the Director of the Department of Community Development. In the event the City does not grant the loan extension, title to the property and any improvements thereon shall be conveyed to the City of Durham by Borrower. If Borrower shall fail to provide good and clear title to the property to the City upon City’s demand, the City shall be granted title through an action in the General Court of Justice, and if there are liens or other impairments of title Borrower shall be liable to the City for the cost of clearing or repairing such liens or improvements.