Examples of Conversion Loan in a sentence
In return for amounts to be advanced by Lender to or for the benefit of Borrower under the terms of a Home Equity Conversion Loan Agreement dated , 19 ("Loan Agreement"), Borrower promises to pay to the order of Lender a principal amount equal to the sum of all Loan Advances made under the Loan Agreement with interest.
Such documentation shall include but not be limited to a current appraisal, title commitment, landlords consents and estoppels (for leasehold projects) any environmental report and any other necessary reasonably required documents, all of which shall be provided to Lender in a timely manner but not less than thirty (30) days prior to the anticipated closing of the Conversion Loan.
To clarify, upon the Conversion Date, the subject Conversion Loan shall no longer be secured by the Collateral, but shall be secured by a mortgage lien on the fee simple or leasehold interest in the subject restaurant, the construction of which was financed with the proceeds thereof.
For certainty, notwithstanding anything to the contrary in the MSFAA, your B.C. Access Grant and any Conversion Loan will not form part of any outstanding loan balance you may be obligated to pay under the MSFAA.
The Safe Conversion Loan is a policy that converts an existing variable rate or interest-only loan into a fixed interest rate loan in which the principal is paid off in installments.