Land Loans definition
Examples of Land Loans in a sentence
From time to time, the Borrowers will request Land Loans which will have mechanics on releasing money from escrow held by the Lender from the Loan.
On the terms and subject to the conditions set forth herein, RFC may, from time to time to, but not including the Business Day immediately preceding the Warehousing Maturity Date, make Advances (“Swingline Advances”) requested by Borrowers against Eligible Assets other than Third Party Builder Construction Mortgage Loans and Unimproved Land Loans, in an aggregate amount not to exceed the Swingline Facility Amount, without requesting Warehousing Advances from the other Lenders.
If the results of the Due Diligence Materials or the results of Land Lender’s due diligence are otherwise not reasonably acceptable to Land Lender, Land Lender shall not be obligated to make the Land Loans, provided however, Land Lender shall not refuse to make any of the Land Loans based on the appraised value of the applicable Property.
Learn how Lot Loans and Land Loans are different from standard purchase.
Lenders will make Warehousing Advances against Eligible Assets other than Third-Party Builder Construction Mortgage Loans and Unimproved Land Loans, and RFC will make RFC Direct Advances against Third-Party Builder Construction Mortgage Loans and Unimproved Land Loans, upon the request of Borrowers, in the manner provided in Article 2, for the purposes set forth in Section 7.14.
Both of the Land Loans shall be secured and cross-collateralized by a first priority mortgage lien on the approximately 19.5 acre parcel described on Schedule D-1 attached hereto (together with all appurtenant collateral, the “Park 355 Loan Property”) and a first priority mortgage lien on the approximately 4.5 acre parcel described on Schedule D-2 hereto (together with all appurtenant collateral, the “Argonne Bridge Loan Property”).
Interest Rate Options: At New LandCo’s option, the Land Loans may be maintained from time to time as (a) Base Rate Loans, which shall bear interest at the Base Rate (as defined in the Draft OpCo Credit Agreement) plus the Applicable Margin or (b) Eurodollar Loans, which shall bear interest at the Adjusted LIBO Rate (as defined in the Draft OpCo Credit Agreement) plus the Applicable Margin.
Lenders’ obligation to make Warehousing Advances against Eligible Assets other than Third-Party Builder Construction Mortgage Loans and Unimproved Land Loans, and RFC’s obligations to make RFC Direct Advances against Third-Party Builder Construction Mortgage Loans and Unimproved Land Loans are subject to the limitations set forth in Exhibit H.
The Park 355 Seller Group and the Argonne Bridge Land Owner shall each be jointly and severally liable for the payment of all of the costs expenses incurred by Buyer and Land Lender in connection with the Land Loans regardless of whether any Closing occurs or whether the Land Loans are actually made.
Lenders will make Warehousing Advances against Eligible Assets other than Third-Party Builder Construction Mortgage Loans and Unimproved Land Loans, and RFC and WaMu will make RFC/WaMu Advances against Third-Party Builder Construction Mortgage Loans and RFC will make RFC Direct Advances against Unimproved Land Loans, upon the request of Borrowers, in the manner provided in Article 2, for the purposes set forth in Section 7.14.