Common use of Permanent Phase Clause in Contracts

Permanent Phase. Provided that all of the following conditions have then been satisfied by the Borrower to the City's satisfaction, the Borrower shall have the option, exercisable at any time after the fulfillment of the following conditions but in no event later than fifteen (15) days prior to the Construction Phase Maturity Date, to convert all amounts advanced during the Construction Phase to a Permanent Loan which Permanent Loan shall have a final maturity date not later than May 31, 2036 (the "Permanent Phase Maturity Date"): (a) The Improvements shall have been fully completed to the City's satisfaction in accordance with the Plans and in accordance with all applicable governmental regulations and the City shall have received and approved written certifications of completion from the Borrower, the Borrower's architect, if any, and the General Contractor; (b) The Borrower shall have furnished to the City copies of certificates of occupancy with respect to all of the Improvements and such other governmental consents or approvals for use and occupancy of the Improvements as a residential apartment complex, as may be required by local, county, state, or federal governmental agencies; (c) The Borrower shall have furnished to the City and obtained the City's approval of a current as-built survey of the Land and Improvements which survey shall be prepared by a registered land surveyor reasonably acceptable to the City and which survey shall show no matters which would materially and adversely affect (1) the operation of the Improvements as a residential apartment complex or (2) the value of the Improvements or (3) the City's lien thereon; (d) The Borrower shall have fully paid all costs and expenses of the construction and development of the Improvements and there shall be no unpaid materialmen or contractors (including, without limitation, the General Contractor) and the City shall have received a satisfactory endorsement to the Title Policy updating the effective date of the policy to the date of the commencement of the Permanent Phase and providing coverage against materialmen and mechanics' liens and against matters of survey; and (e) No uncured Event of Default shall have occurred or shall be continuing under any of the Loan Documents; and

Permanent Phase. Provided that all of the following conditions have then been satisfied by the Borrower to the City's reasonable satisfaction, the Borrower shall have the option, exercisable at any time after the fulfillment of the following conditions but in no event later than fifteen (15) days prior to the Construction Phase Maturity Date, to convert all amounts advanced during the Construction Phase to a Permanent Loan which Permanent Loan shall have a final maturity date not later than May 31September 30, 2036 2059 (the "Permanent Phase Maturity Date"): (a) The Improvements shall have been fully completed to the City's satisfaction in accordance with the Plans and in accordance with all applicable governmental regulations and the City shall have received and approved written certifications of completion from the Borrower, the Borrower's architect, if any, and the General Contractor; (b) The Borrower shall have furnished to the City copies of certificates of occupancy with respect to all of the Improvements and such other governmental consents or approvals for use and occupancy of the Improvements as a residential apartment complex, as may be required by local, county, state, or federal governmental agencies; (c) The Borrower shall have furnished to the City and obtained the City's approval of a current as-built survey of the Land and Improvements which survey shall be prepared by a registered land surveyor who prepared the initial boundary survey or reasonably acceptable to the City and which survey shall show no matters which would materially and adversely affect affect (1) the operation of the Improvements as a residential apartment complex or (2) the value of the Improvements or (3) the City's lien thereon; (d) The Borrower shall have fully paid all costs and expenses of the construction and development of the Improvements and there shall be no unpaid materialmen or contractors unless such liens are bonded over (including, without limitation, the General Contractor) and the City shall have received a satisfactory endorsement to the Title Policy updating the effective date of the policy to the date of the commencement of the Permanent Phase and providing coverage against materialmen and mechanics' liens and against matters of survey; and (e) No uncured Event of Default shall have occurred or shall be continuing under any of the Loan Documents; and

Permanent Phase. Provided that all of the following conditions have then been satisfied by the Borrower to the City's reasonable satisfaction, the Borrower shall have the option, exercisable at any time after the fulfillment of the following conditions but in no event later than fifteen (15) days prior to the Construction Phase Maturity Date, to convert all amounts advanced during the Construction Phase to a Permanent Loan which Permanent Loan shall have a final maturity date not later than May on March 31, 2036 2063 (the "Permanent Phase Maturity Date"): (a) The Improvements shall have been fully completed to the City's satisfaction in accordance with the Plans and in accordance with all applicable governmental regulations and the City shall have received and approved written certifications of completion from the Borrower, the Borrower's architect, if any, and the General Contractor; (b) The Borrower shall have furnished to the City copies of certificates of occupancy with respect to all of the Improvements and such other governmental consents or approvals for use and occupancy of the Improvements as a residential apartment complex, as may be required by local, county, state, or federal governmental agencies; (c) The Borrower shall have furnished to the City and obtained the City's approval of a current as-built survey of the Land and Improvements which survey shall be prepared by a registered land surveyor who prepared the initial boundary survey or reasonably acceptable to the City and which survey shall show no matters which would materially and adversely affect affect (1) the operation of the Improvements as a residential apartment complex or (2) the value of the Improvements or (3) the City's lien thereon. Such survey shall show all Improvements in place, the striping of parking areas, streets, and roadways, all access easements and the location and dimensions of all easements affecting the Land; (d) The Borrower shall have fully paid all costs and expenses of the construction and development of the Improvements and there shall be no unpaid materialmen or contractors unless such liens are bonded over (including, without limitation, the General Contractor) and the City shall have received a satisfactory endorsement to the Title Policy updating the effective date of the policy to the date of the commencement of the Permanent Phase and providing coverage against materialmen and mechanics' liens and against matters of survey; and (e) No uncured Event of Default shall have occurred or shall be continuing under any of the Loan Documents; and.

Permanent Phase. Provided that all of the following conditions have then been satisfied by the Borrower to the City's reasonable satisfaction, the Borrower shall have the option, exercisable at any time after the fulfillment of the following conditions but in no event later than fifteen (15) days prior to the Construction Phase Maturity Date, to convert all amounts advanced during the Construction Phase to a Permanent Loan which Permanent Loan shall have a final maturity date not later than May 31November 30, 2036 (the "Permanent Phase Maturity Date"): (a) The Improvements shall have been fully completed to the City's satisfaction in accordance with the Plans and in accordance with all applicable governmental regulations and the City shall have received and approved written certifications of completion from the Borrower, the Borrower's architect, if any, and the General Contractor; (b) The Borrower shall have furnished to the City copies of certificates of occupancy with respect to all of the Improvements and such other governmental consents or approvals for use and occupancy of the Improvements as a residential apartment complex, as may be required by local, county, state, or federal governmental agencies; (c) The Borrower shall have furnished to the City and obtained the City's approval of a current as-built survey of the Land and Improvements which survey shall be prepared by a registered land surveyor who prepared the initial boundary survey or reasonably acceptable to the City and which survey shall show no matters which would materially and adversely affect affect (1) the operation of the Improvements as a residential apartment complex or (2) the value of the Improvements or (3) the City's lien thereon; (d) The Borrower shall have fully paid all costs and expenses of the construction and development of the Improvements and there shall be no unpaid materialmen or contractors unless such liens are bonded over (including, without limitation, the General Contractor) and the City shall have received a satisfactory endorsement to the Title Policy updating the effective date of the policy to the date of the commencement of the Permanent Phase and providing coverage against materialmen and mechanics' liens and against matters of survey; and (e) No uncured Event of Default shall have occurred or shall be continuing under any of the Loan Documents; and

Permanent Phase. Provided that all of the following conditions have then been satisfied by the Borrower to the City's satisfaction, the Borrower shall have the option, exercisable at any time after the fulfillment of the following conditions but in no event later than fifteen (15) days prior to the Construction Phase Maturity Date, to convert all amounts advanced during the Construction Phase to a Permanent Loan which Permanent Loan shall have a final maturity date not later than May 31, 2036 2034 (the "Permanent Phase Maturity Date"): (a) The Improvements shall have been fully completed to the City's satisfaction in accordance with the Plans and in accordance with all applicable governmental regulations and the City shall have received and approved written certifications of completion from the Borrower, the Borrower's architect, if any, and the General Contractor; (b) The Borrower shall have furnished to the City copies of certificates of occupancy with respect to all of the Improvements and such other governmental consents or approvals for use and occupancy of the Improvements as a residential apartment complex, as may be required by local, county, state, or federal governmental agencies; (c) The Borrower shall have furnished to the City and obtained the City's approval of a current as-built survey of the Land and Improvements which survey shall be prepared by a registered land surveyor reasonably acceptable to the City and which survey shall show no matters which would materially and adversely affect (1) the operation of the Improvements as a residential apartment complex or (2) the value of the Improvements or (3) the City's lien thereon; (d) The Borrower shall have fully paid all costs and expenses of the construction and development of the Improvements and there shall be no unpaid materialmen or contractors (including, without limitation, the General Contractor) and the City shall have received a satisfactory endorsement to the Title Policy updating the effective date of the policy to the date of the commencement of the Permanent Phase and providing coverage against materialmen and mechanics' liens and against matters of survey; and (e) No uncured Event of Default shall have occurred or shall be continuing under any of the Loan Documents; and

Permanent Phase. Provided that all of the following conditions have then been satisfied by the Borrower to the City's satisfaction, the Borrower shall have the option, exercisable at any time after the fulfillment of the following conditions but in no event later than fifteen (15) days prior to the Construction Phase Maturity Date, to convert all amounts advanced during the Construction Phase to a Permanent Loan which Permanent Loan shall have a final maturity date not later than of May 31, 2036 2015, (the "Permanent Phase Maturity Date"): (a) The Improvements shall have been fully completed to the City's satisfaction in accordance with the Plans and in accordance with all applicable governmental regulations and the City shall have received and approved written certifications of completion from the Borrower, the Borrower's architect, if any, and the General Contractor; (b) The Borrower shall have furnished to the City copies of certificates of occupancy with respect to all of the Improvements and such other governmental consents or approvals for use and occupancy of the Improvements as a residential apartment complex, as may be required by local, county, state, or federal governmental agencies; (c) The Borrower shall have furnished to the City and obtained the City's approval of a current as-built survey of the Land and Improvements which survey shall be prepared by a registered land surveyor reasonably acceptable to the City and which survey shall show no matters which would materially and adversely affect (1) the operation of the Improvements as a residential apartment complex or (2) the value of the Improvements or (3) the City's lien thereon; (d) The Borrower shall have fully paid all costs and expenses of the construction and development of the Improvements and there shall be no unpaid materialmen or contractors (including, without limitation, the General Contractor) and the City shall have received a satisfactory endorsement to the Title Policy updating the effective date of the policy to the date of the commencement of the Permanent Phase and providing coverage against materialmen and mechanics' liens and against matters of survey; and; (e) No uncured Event of Default shall have occurred or shall be continuing under any of the Loan Documents; and

Permanent Phase. Provided that all of the following conditions have then been satisfied by the Borrower to the City's satisfaction, the Borrower shall have the option, exercisable at any time after the fulfillment of the following conditions but in no event later than fifteen (15) days prior to the Construction Phase Maturity Date, to convert all amounts advanced during the Construction Phase to a Permanent Loan which Permanent Loan shall have a final maturity date not later than May 31September 30, 2036 2056 (the "Permanent Phase Maturity Date"): (a) The Improvements shall have been fully completed to the City's satisfaction in accordance with the Plans and in accordance with all applicable governmental regulations and the City shall have received and approved written certifications of completion from the Borrower, the Borrower's architect, if any, and the General Contractor; (b) The Borrower shall have furnished to the City copies of certificates of occupancy with respect to all of the Improvements and such other governmental consents or approvals for use and occupancy of the Improvements as a residential apartment complex, as may be required by local, county, state, or federal governmental agencies; (c) The Borrower shall have furnished to the City and obtained the City's approval of a current as-built survey of the Land and Improvements which survey shall be prepared by a registered land surveyor reasonably acceptable to the City and which survey shall show no matters which would materially and adversely affect (1) the operation of the Improvements as a residential apartment complex or (2) the value of the Improvements or (3) the City's lien thereon; (d) The Borrower shall have fully paid all costs and expenses of the construction and development of the Improvements and there shall be no unpaid materialmen or contractors (including, without limitation, the General Contractor) and the City shall have received a satisfactory endorsement to the Title Policy updating the effective date of the policy to the date of the commencement of the Permanent Phase and providing coverage against materialmen and mechanics' liens and against matters of survey; and (e) No uncured Event of Default shall have occurred or shall be continuing under any of the Loan Documents; and

Permanent Phase. Provided that all of the following conditions have then been satisfied by the Borrower to the City's reasonable satisfaction, the Borrower shall have the option, exercisable at any time after the fulfillment of the following conditions but in no event later than fifteen (15) days prior to the Construction Phase Maturity Date, to convert all amounts advanced during the Construction Phase to a Permanent Loan which Permanent Loan shall have a final maturity date not later than May December 31, 2036 2058 (the "Permanent Phase Maturity Date"): (a) The Improvements shall have been fully completed to the City's satisfaction in accordance with the Plans and in accordance with all applicable governmental regulations and the City shall have received and approved written certifications of completion from the Borrower, the Borrower's architect, if any, and the General Contractor; (b) The Borrower shall have furnished to the City copies of certificates of occupancy with respect to all of the Improvements and such other governmental consents or approvals for use and occupancy of the Improvements as a residential apartment complex, as may be required by local, county, state, or federal governmental agencies; (c) The Borrower shall have furnished to the City and obtained the City's approval of a current as-built survey of the Land and Improvements which survey shall be prepared by a registered land surveyor who prepared the initial boundary survey or reasonably acceptable to the City and which survey shall show no matters which would materially and adversely affect affect (1) the operation of the Improvements as a residential apartment complex or (2) the value of the Improvements or (3) the City's lien thereon; (d) The Borrower shall have fully paid all costs and expenses of the construction and development of the Improvements and there shall be no unpaid materialmen or contractors unless such liens are bonded over (including, without limitation, the General Contractor) and the City shall have received a satisfactory endorsement to the Title Policy updating the effective date of the policy to the date of the commencement of the Permanent Phase and providing coverage against materialmen and mechanics' liens and against matters of survey; and (e) No uncured Event of Default shall have occurred or shall be continuing under any of the Loan Documents; and