The SCC Construction Advances Sample Clauses

The SCC Construction Advances. Subject to the terms and conditions of this Agreement, Borrower agrees to borrow from Bank and, so long as any default described in Paragraph 8 hereof has not occurred, Bank agrees to advance and disburse to or for the benefit of Borrower for the payment of the costs set forth in the project budget attached as "Exhibit C" (the "SCC Construction Project Costs"), in accordance with the terms of this Agreement a sum not to exceed the lesser of 80% of value or 100% of the construction cost for any presold unit plus one of the following lot release prices $60,500.00 or $93,500.00 or $15,500.00 and the lesser of 80% of the construction cost plus one of the following lot release prices $60,500.00 or $93,500.00 or $15,500.00 or 75% of value for intentional unsold units. Anything contained in this Agreement to the contrary notwithstanding, Bank shall not be obligated to extend credit to Borrower in an amount in violation of any limitation or prohibition provided by any applicable statute or regulation. At any one time, Borrower shall be allowed to have under construction or