The CONSTRUCTION NOTE Clause Samples
The CONSTRUCTION NOTE. The obligation of the BORROWER to repay the CONSTRUCTION LOAN shall be evidenced by the CONSTRUCTION NOTE. Notwithstanding any provisions of the CONSTRUCTION NOTE, interest shall be payable at the rate provided therein only on such portions of the CONSTRUCTION LOAN proceeds as actually have been disbursed pursuant to this AGREEMENT.
The CONSTRUCTION NOTE. The obligation of the Borrower to pay the Construction Loan Amount or, if less, the aggregate unpaid principal amount of all Advances made by the Lender hereunder plus accrued interest thereon, shall be evidenced by the Construction Note, a copy of which is annexed hereto as Exhibit “J”. In the event the Construction Note is lost, destroyed or mutilated at any time prior to payment in full of the indebtedness evidenced thereby, the Borrower shall execute a new note substantially in the form of the Note. The Construction Note shall not be necessary to establish the indebtedness of the Borrower to the Lender on account of Advances made under this Agreement.
The CONSTRUCTION NOTE. Borrower’s obligation to repay the Construction Loan shall be evidenced by the Construction Note.
The CONSTRUCTION NOTE. Borrower may not prepay the principal of the Construction Note except to the extent required by Lender pursuant to Section 2.02(a) or 2.09(c).