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

  • DAF Construction The DAF shall be designed and constructed in accordance with Good Utility Practice. Within one hundred twenty (120) Calendar Days after the Commercial Operation Date, unless the Developer and Connecting Transmission Owner agree on another mutually acceptable deadline, the Developer shall deliver to the Connecting Transmission Owner and NYISO “as- built” drawings, information and documents for the DAF, such as: a one-line diagram, a site plan showing the Large Generating Facility and the DAF, plan and elevation drawings showing the layout of the DAF, a relay functional diagram, relaying AC and DC schematic wiring diagrams and relay settings for all facilities associated with the Developer’s step-up transformers, the facilities connecting the Large Generating Facility to the step-up transformers and the DAF, and the impedances (determined by factory tests) for the associated step-up transformers and the Large Generating Facility. The Developer shall provide to, and coordinate with, Connecting Transmission Owner and NYISO with respect to proposed specifications for the excitation system, automatic voltage regulator, Large Generating Facility control and protection settings, transformer tap settings, and communications, if applicable.

  • ICIF Construction The ICIF shall be designed and constructed in accordance with Good Utility Practice. Within one hundred twenty (120) Calendar Days after the Commercial Operation Date, unless the Parties agree on another mutually acceptable deadline, Interconnection Customer shall deliver to Transmission Provider and Transmission Owner “as-built” drawings, information and documents for the ICIF, such as: a one-line diagram, a site plan showing the Generating Facility and the ICIF, plan and elevation drawings showing the layout of the ICIF, a relay functional diagram, relaying AC and DC schematic wiring diagrams and relay settings for all facilities associated with the Interconnection Customer’s step-up transformers, the facilities connecting the Generating Facility to the step-up transformers and the ICIF, and the impedances (determined by factory tests) for the associated step-up transformers and the Generating Facility. Interconnection Customer shall provide Transmission Provider and Transmission Owner with Interconnection Customer’s specifications for the excitation system, automatic voltage regulator, Generating Facility control and protection settings, transformer tap settings, and communications, if applicable.

  • ADDITIONAL CONSTRUCTIONS The Promoter undertakes that it has no right to make additions or to put up additional structure(s) anywhere in the Project after the building plan has been approved by the competent authority(ies) except for as provided in the Act.

  • 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.

  • New Construction If this contract is for a Property that is newly constructed and the new construction option is selected, coverage begins on day one (1) of month thirteen

  • 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 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 Within 60 days of the completion of construction of the Project, Project Owner shall deliver to DoD copies of the FAA form 7460-2 for each ASN, including the final coordinates for each turbine erected.

  • Liberal Construction The Covenants hereof shall be liberally construed to promote and accomplish the objectives set forth in the Recitals.

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