Initial Construction Loan Advance definition
Examples of Initial Construction Loan Advance in a sentence
Lender shall have approved the Architect’s Contract, the Construction Management Agreement and all other Major Contracts, together with any Change Orders entered into as of the date of the Initial Construction Loan Advance to the extent Lender’s approval is required with respect thereto pursuant to Section 3.15 hereof, which consent shall not be unreasonably withheld.
Lender shall have received a Construction Consultant Approval with respect to the Initial Construction Loan Advance, it being expressly agreed by Lender that Lender shall diligently pursue obtaining Construction Consultant’s response within a commercially reasonable time period following any Draw Request which includes all the required items as set forth herein.
Borrowers shall have delivered a lien waiver log and duly executed Lien waivers in the form set forth in Exhibit L-2 (progress payment) or L-4 (final payment), as applicable, attached hereto from all Major Contractors for all work performed, and all labor or material supplied, for which payment thereof has been made prior to the date of the Initial Construction Loan Advance.
On the date of the Initial Construction Loan Advance there shall exist no monetary Default or any Event of Default.
All conditions precedent to the Initial Construction Loan Advance, as set forth in Section 3.2 hereof, and any other prior Construction Loan Advances, as set forth in this Section 3.3, shall continue to be satisfied as of the date of such subsequent Construction Loan Advance.
Lender hereby acknowledges and agrees that all conditions precedent to the Initial Construction Loan Advance were satisfied or waived on the Construction Qualification Date, including, without limitation, the posting of the Required Equity Letter of Credit in the Required Equity Amount as determined as of the Construction Qualification Date, and Borrower hereby acknowledges receipt of such Initial Construction Loan Advance as well as Advances made subsequent thereto prior to the date hereof.