1 - EXHIBIT 10.49 CONSTRUCTION LOAN AGREEMENT (St. Andrews Apartments, Orlando, Florida) THIS CONSTRUCTION LOAN AGREEMENT ("this Agreement") is made as of the 23rd day of August, 1995 by and between USF&G/LEGG MASON REALTY PARTNERS LIMITED...Construction Loan Agreement • November 14th, 1995 • Usf&g Legg Mason Realty Partners Limited Partnership • Real estate • Maryland
Events of Default and Remedies. The occurrence of one or more of the following events (an "Event of Default") shall constitute a default under this Agreement: (a) If a default has occurred under any term, condition, covenant, representation or warranty of the Note and any applicable cure period or grace period thereunder has expired; (b) If a default has occurred under any term, condition, covenant, representation or warranty of this Agreement, except as otherwise expressly provided in this Section 12, and any applicable cure period or grace period hereunder has expired; (c) If Borrower does not perform the Repairs in substantial compliance with any construction plans therefor approved by Lender, as applicable (as amended from time to time with the approval of Lender), and in accordance with all applicable governmental requirements, or fails promptly to submit to Lender and to the Consulting Engineer all amendments and supplements to such construction plans, or in any event fails to so
