Construction Loan Amount definition

Construction Loan Amount means the lesser of (i) seventy percent (70%) of total Project Costs approved by the Lender and the Construction Inspector to construct the Improvements; or (ii) seventy percent (70%) of the appraised value of the land on an as-built basis, such sums are not to exceed Twelve Million and 00/100 Dollars ($12,000,000.00).

Construction Loan Amount means an amount not in excess of eighty percent (80%) of Total Project Cost.

Construction Loan Amount means, as of any date of determination, an amount equal to the lesser of (i) $600,000,000.00 or (ii) the amount that, when added to the Outstanding Principal Balance as of such date of determination, will cause the Total Cost Ratio to equal 80%, whichever of the foregoing clauses (i) or (ii) is less being the maximum aggregate amount of Construction Loan Advances that could be made hereunder as of such date of determination.

Examples of Construction Loan Amount in a sentence

• The maximum amount of the estimated Construction Loan Interest allowed in eligible basis is equal to one year of Construction Loan Interest (Construction Loan Amount multiplied by the Construction Loan Interest Rate).Exceptions will be considered for developments that can justify a potentially longer construction period.The applicant must provide a conditional commitment letter at final application detailing the rate and terms of all loans.

• In no event shall the Lender be obligated to Advance more than the Construction Loan Amount, or, if less, total Project Costs actually incurred by the Borrower, less, in either case, the Required Equity Funds.

• The maximum construction interest allowable in eligible basis shall becalculated as follows: Construction Loan Amount * Annual Interest Rate divided by 12 * number of months of construction divided by 2.

• The making of any such loans, Advances or credits in excess of the Construction Loan Amount on any one occasion shall not obligate the Lender to make any such loans, Advances or credits on any other occasion nor permit such loans, Advances or credits to remain outstanding.

• The obligation of the Borrower to pay the Construction Loan Amount or, if less, the aggregate unpaid principal amount of all Advances made by the Lender hereunder plus accrued interest thereon, shall be evidenced by the Construction Note, a copy of which is annexed hereto as Exhibit “J”.

More Definitions of Construction Loan Amount

Construction Loan Amount means $ .

Construction Loan Amount means $620,000,000.00. As of the date hereof, a portion of the Construction Loan Amount in the amount of $492,024,170.00 has been advanced in accordance with the terms hereof and $127,975,830.00 remains to be advanced subject to and in accordance with the terms hereof.

Construction Loan Amount means an amount not to exceed Twenty-Five Million and No/100 Dollars ($25,000,000.00).

Construction Loan Amount means, as of any date of determination, an amount equal to the lesser of (i) $620,000,000.00 or (ii) the amount that, when added to the sum of (a) $775,000,000.00 plus (b) the aggregate amount of all Construction Loan Advances made prior to such date of determination (other than (A) the Second Anniversary Unfunded Construction Loan Advance, if applicable, (B) any Quarterly Deficiency Advances, if applicable, and/or (C) any subsequent disbursement out of the Construction Loan Reserve Account of the Third Mezzanine Construction Funds previously advanced into the Construction Loan Reserve Account pursuant to Section 3.4.2 of the Third Mezzanine Loan Agreement), will cause the Total Cost Ratio to equal 81%, whichever of the foregoing clauses (i) or (ii) is less being the maximum aggregate amount of Construction Loan Advances that could be made hereunder as of such date of determination.

Construction Loan Amount means (i) with respect to the Melody Loans, an amount up to the sum of Thirty-Eight Million Five Hundred Thousand and No/100 Dollars ($38,500,000.00), which includes all principal amounts outstanding and all amounts committed but not yet advanced, or (ii) with respect to the FDC Loans, an aggregate amount up to Five Hundred Thousand and No/100 Dollars ($500,000.00), which includes all principal amounts outstanding and all amounts committed but not yet advanced. Notwithstanding anything contained herein to the contrary, the maximum principal amount advanced and/or committed under the Loan, including the Construction Loan Amount, shall never exceed Thirty-Eight Million Five Hundred Thousand and No/100 Dollars ($38,500,000.00).

Construction Loan Amount means an amount up to the sum of Thirty-Eight Million and No/100 Dollars ($38,000,000.00), which includes all principal amounts outstanding and all amounts committed but not yet advanced. Notwithstanding anything contained herein to the contrary, the maximum principal amount advanced and/or committed under the Loan, including the Construction Loan Amount, shall never exceed Thirty-Eight Million and No/100 Dollars ($38,000,000.00).

Construction Loan Amount. Twelve Million and 00/100 Dollars ($12,000,000.00).