The Line of Credit Advances and Repayments Clause Samples

The Line of Credit Advances and Repayments. The Line of Credit. Lender agrees to advance Loan proceeds out of the Line of Credit to Borrower, subject to the terms and conditions herein set forth and in accordance with the “Pro Forma Per Unit Cost and Loan Budget” attached hereto as EXHIBIT “B” and incorporated herein by reference, as amended from time to time by Lender (the “Pro Forma Unit Budget”). Each Loan shall conform to the Pro Forma Unit Budget unless the Lender approves a separate Loan budget for a particular Unit establishing different maximum amounts of Acquisition Costs, Construction Costs and Interest Reserve for the specified Unit (a “Unit Loan Budget”). Each Unit Loan Budget shall be attached hereto and made a part of EXHIBIT “B” and shall supersede the Pro Forma Unit Budget as to the specified Unit. Aggregate advances under the Line of Credit shall also conform to the Approved Final Project Cost Budget and Draw Schedule as approved by the Lender attached or to be attached hereto as EXHIBIT “C” and incorporated herein by reference, as amended from time to time by Lender (the “Project Budget”). After the Loan Commitment Termination Date, Lender shall have no obligation to commit to a Loan for any Lot or Unit that Lender did not approve prior to the Loan Commitment Termination Date.