Common Contracts

Construction Disbursement Agreement

Construction Escrow Agreement • August 31st, 2022

• Contract Type
  Construction Escrow Agreement
• Filed
  August 31st, 2022

This Construction Escrow Agreement (“Agreement”) is made this day of , 20 , by and amongst the undersigned parties for the disbursement of construction Loan Funds (“Loan Funds”) and Owner Funds, if any, for the construction of improvements (“Project”) on the Property (“Property”) described in the above referenced title insurance commitment (“Title Commitment”). The Lender will from time to time deposit portions of the Loan Funds with SoDak Title (“Escrow Agent”). Owner or Lender may deliver to Escrow Agent additional available Funds which represent the Owner’s equity contribution to the improvements (“Owner Funds”), including the cost of additions to the Project or cost overruns. The Loan Funds and the Owner Funds, if any, shall be disbursed in accordance with the terms and conditions of this Agreement.