Use of Advances. Borrower shall not apply any advances of Loan proceeds to costs other than those incurred in connection with the subject Future Project or Project for which the advance has been made. Borrower shall not apply such advances to the cost of acquiring any additional real property other than a Project. Borrower shall not receive or apply advances of Loan proceeds except to the purposes for which such proceeds have been advanced by PTR, and in accordance with the provisions of the Loan Documents generally.
Appears in 3 contracts
Samples: Funding Commitment Agreement (Security Capital Pacific Trust), Funding Commitment Agreement (Security Capital Group Inc/), Funding Commitment Agreement (Homestead Village Inc)
Use of Advances. Borrower shall not apply any advances of Loan proceeds to costs other than those incurred in connection with the subject Future Project or Project for which the advance has been made. Borrower shall not apply such advances to the cost of acquiring any additional real property other than a Project. Borrower shall not receive or apply advances of Loan proceeds except to the purposes for which such proceeds have been advanced by PTRAtlantic, and in accordance with the provisions of the Loan Documents generally.
Appears in 3 contracts
Samples: Funding Commitment Agreement (Homestead Village Inc), Funding Commitment Agreement (Security Capital Pacific Trust), Funding Commitment Agreement (Security Capital Atlantic Inc)
