The Construction Loan Sample Clauses
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The Construction Loan. On the terms and conditions set forth in the MLA and this First Supplement, Lender agrees to make a Construction Loan to the Borrower (the “Construction Loan”), by means of multiple advances in an amount not to exceed $35,000,000.00 (the “Construction Loan Commitment”). Under the Construction Loan, amounts borrowed and repaid or prepaid may not be re-borrowed.
The Construction Loan. In reliance upon the representations and warranties of the Borrower, and subject to the terms and conditions of this Agreement and the Loan Documents, Bank agrees to loan to the Borrower a sum of money not to exceed Four Million Four Hundred Eighty Thousand and 00/100 Dollars ($4,480,000.00), or such lesser amount as may be provided by other loan limitations set forth in this Agreement, for the purposes set forth herein, to be advanced and disbursed by the Bank in accordance with this Agreement.
The Construction Loan. Subject to the conditions herein set --------------------- forth, Lender agrees to loan to or for the benefit of Borrower, and Borrower agrees to draw upon and borrow, in the manner and upon the terms and conditions herein expressed, amounts that shall not exceed (i) at any one time, the sum of $28,000,000 and, (i) in the aggregate, the sum of $39,000,000 (the "Construction Loan"). The foregoing notwithstanding, under no circumstances shall the unpaid principal balance of the Construction Loan, together with the unpaid principal balance of the Receivables Loan and the Working Capital Loan exceed a total amount equal to $45,000,000, and Lender shall have no obligation to make any Advance hereunder if such Advance would cause the foregoing limitation to be exceeded. The proceeds of the Construction Loan, together with Loan Balancing Equity, shall be (i) used to construct the Improvements and pay other costs and expenses in the amounts and to the extent set forth in the Construction Budget and (ii) disbursed only in accordance with the Job Progress Schedule and Construction Budget approved by Lender. Equity in the amount of $10,000,000 shall be used by Borrower to acquire the Real Property and fund operating expenses of the Borrower incurred during the pre-development and construction stages of Project. Anything to the contrary notwithstanding, in the event Borrower does not satisfy all of the conditions precedent to making the first Advance on or before the Closing Date, (i) the entire Loan Fee shall nevertheless be deemed earned by Lender in consideration for Lender's holding itself ready and willing to make the Construction Loan upon the terms and conditions set forth herein and (ii) Lender shall have no further obligation to make the Receivables Loan, the Construction Loan or the Working Capital Loan. The retention of the Loan Fee is in addition to Borrower's obligations under Paragraph 15.7 hereof. --------------
The Construction Loan. As soon as is feasible, the Purchaser shall obtain a construction loan for the Real Property and use the first proceeds thereof to satisfy the purchase money note and the balance to be used for the construction of residences on each lot.
The Construction Loan. ▇▇▇▇▇▇▇▇ acknowledges and agree that advances under the Construction Loan may not exceed $ without the express written approval of the LHC.
The Construction Loan