THE CONSTRUCTION NOTE OR PERMANENT NOTE Sample Clauses

THE CONSTRUCTION NOTE OR PERMANENT NOTE. The Construction Loan and Borrower's obligation to repay the Construction Loan shall be evidenced by and repayable with interest in accordance with the terms of the Construction Note. During the Construction Term, interest on each Construction Loan Advance shall accrue at the Construction Loan Rate from the date of such Advance. Interest payments under the Construction Note shall be due and payable monthly in arrears, in accordance with the terms of the Construction Note. The principal amount of the Construction Note shall be due and payable in full, along with all accrued and unpaid interest thereon, on the Construction Loan Maturity Date, unless converted into the Permanent Loan. Borrower's obligations to repay the Permanent Loan shall be evidenced by and repayable with interest in accordance with the terms of the Permanent Note substantially in the form as shown in EXHIBIT B hereto. The Permanent Loan shall be for a term of one hundred twenty (120) months beginning one month prior to the First Principal Payment date and shall be repaid as follows:
Sample 1
AutoNDA by SimpleDocs
THE CONSTRUCTION NOTE OR PERMANENT NOTE. The Construction Loan and Borrower’s obligation to repay the Construction Loan shall be evidenced by and repayable with interest in accordance with the terms of the Construction Note. During the Construction Term, interest on each Construction Loan Advance shall accrue at the Construction Loan Rate from the date of such Advance. Interest payments under the Construction Note shall be due and payable monthly in arrears, in accordance with the terms of the Construction Note. The principal amount of the Construction Note shall be due and payable in full, along with all accrued and unpaid interest thereon, on the Construction Loan Maturity Date, unless converted into the Permanent Loan. Borrower’s obligations to repay the Permanent Loan shall be evidenced by and repayable with interest in accordance with the terms of the Permanent Note substantially in the form as shown in Exhibit B hereto. The Permanent Loan shall be for a term of one hundred twenty (120) months beginning one month prior to the First Principal Payment Date (as defined below) and shall be repaid as follows: Principal: One Hundred Twenty (120) equal monthly payments of principal (based upon a one hundred forty-four (144) month amortization schedule), shall be due on the first (1st) day of the fourth (4th) month following the month of the Conversion Date (“First Principal Payment Date”), and continuing on the first (1st) day of each month thereafter until the Permanent Note Maturity Date. A final balloon payment of all outstanding principal, together with any other amounts outstanding hereunder or under the Permanent Note, shall become due on the Permanent Note Maturity Date. Interest: Beginning on the first day of the second month following the month of the Conversion Date, and continuing on the first day of each month thereafter, Borrower shall pay all accrued interest until the Permanent Note Maturity Date. Principal and interest payable under the Notes shall be repaid in accordance with the repayment terms set forth therein and as provided in this Agreement. Nothing herein or in any Note shall limit Borrower’s obligation to fully repay all Obligations due to Lender, including interest thereon, or limit the right of Lender to make Advances to protect its interests as herein provided in such amounts as Lender may determine in its sole discretion, and Borrower shall be fully obligated to pay, any Advances made under this Agreement or any other Loan Documents, including Advances that may be in ex...
Sample 1

Related to THE CONSTRUCTION NOTE OR PERMANENT NOTE

  • Initial Construction Landlord shall fully construct the base Building in accordance with the preliminary base building plans, including, without limitation, floor plans, elevations and site plan(s) (collectively, the "PBBP") and Base Building Outline Specifications attached hereto as Exhibits B-1 and B-2, respectively (all of such work being collectively referred to as the "Landlord's Work"). In the event of differences between the PBBP or the Landlord's Plans (as hereinafter defined) and the Base Building Outline Specifications, the Base Building Outline Specifications shall govern and control until the Landlord's Plans (as hereinafter defined) are prepared. A complete set of final base Building plans and construction drawings and specifications, such drawings and specifications to include a detail schedule of core base Building finish items such as, but not limited to, carpets, doors, hardware, ceiling grids/tiles, lavatory fixtures, light fixtures, window blinds, lobby finishes and paint/wall coverings (collectively, the "Landlord's Plans") shall be prepared by Landlord, at its sole cost and expense. Landlord and Tenant agree to work together with Landlord's architect, Symmes Maini and McKex Xxxociates, Inc. in order to achieve a design that meets the standard set forth below. Furthermore, Landlord agrees to use good faith and diligent efforts to deliver the Landlord's Plans to Tenant on or before May 1, 2000. Upon receipt, Tenant shall have seven (7) business days to comment upon the Landlord's Plans. Landlord and Tenant shall use reasonable efforts to reach agreement on the Landlord's Plans as soon thereafter as possible. In reaching agreement, Landlord and Tenant shall each approve portions of the Landlord's Plans that are in acceptable form and shall note their respective objections to the portions that are unacceptable to each of them so as to enable Landlord to continue construction and order materials in a timely manner. In the event that Landlord's Plans conform with the PBBP, but Tenant does not approve the Landlord's Plans within seven (7) business days of receipt thereof from Landlord, then the Outside Delivery Date (as hereinafter defined) shall be extended for a number of days equal to the number of Tenant Plan Delay Days, as such term is hereinafter defined. The number of Tenant Plan Delay Days are defined as and shall be calculated by determining the actual number of days as certified by Landlord and its architect that the Term Commencement Date was delayed by such Tenant's failure to approve the Landlord's Plans within the required seven (7) business days. Landlord agrees to provide Tenant with written notice of such determination, such notice to include reasonable detail describing the cause of the delay and the number of Tenant Plan Delay Days as certified by Landlord and its architect. If Tenant and Tenant's Architect (as hereinafter defined)

  • Complete Agreement; Construction This Agreement, including the Schedules hereto, shall constitute the entire agreement between the Parties with respect to the subject matter hereof and shall supersede all previous negotiations, commitments and writings with respect to such subject matter. In the event of any inconsistency between this Agreement and any Schedule, the Schedule shall prevail. The rights and remedies of the Parties herein provided shall be cumulative and in addition to any other or further remedies provided by law or equity.

  • Governing Law; Construction This Agreement and any claim, counterclaim or dispute of any kind or nature whatsoever arising out of or in any way relating to this Agreement (“Claim”), directly or indirectly, shall be governed by, and construed in accordance with, the laws of the State of New York. The section headings in this Agreement have been inserted as a matter of convenience of reference and are not a part of this Agreement.

  • Law; Construction This Agreement and any claim, counterclaim or dispute of any kind or nature whatsoever arising out of or in any way relating to this Agreement (“Claim”), directly or indirectly, shall be governed by, and construed in accordance with, the internal laws of the State of New York.

  • General Construction Principles Words in any gender are deemed to include the other genders. The singular is deemed to include the plural and vice versa. The headings and underlined paragraph titles are for guidance only and have no significance in the interpretation of this Agreement.

  • General Construction 20.2.1. Binding Nature.............................................. 20.2.2. Entire Agreement............................................ 20.2.3. Governing Law............................................... 20.2.4. Indulgences Not Waivers..................................... 20.2.5. Titles Not to Affect Interpretation......................... 20.2.6.

  • Completion of Construction (a) For the purposes of this Agreement, the terms "

  • No Construction Loans No Mortgage Loan was made in connection with (i) the construction or rehabilitation of a Mortgage Property or (ii) facilitating the trade-in or exchange of a Mortgaged Property other than a construction-to-permanent loan which has converted to a permanent Mortgage Loan;

  • Rule of Construction The general rule of construction for interpreting a contract, which provides that the provisions of a contract should be construed against the party preparing the contract, is waived by the parties hereto. Each party acknowledges that such party was represented by separate legal counsel in this matter who participated in the preparation of this Agreement or such party had the opportunity to retain counsel to participate in the preparation of this Agreement but elected not to do so.

  • DESTRUCTION OF BORROWER'S DOCUMENTS Any documents, schedules, invoices or other papers delivered to Bank, may be destroyed or otherwise disposed of by Bank six (6) months after they are delivered to or received by Bank, unless Borrower requests, in writing, the return of the said documents, schedules, invoices or other papers and makes arrangements, at Borrower's expense, for their return.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!