New IMA Loan definition
Examples of New IMA Loan in a sentence
Grantor has assumed that certain existing loan from 84 Financial, L.P. to IMA in the amount of $1,686,767 (the “Existing IMA Loan”) thereby becoming the lender under the Existing IMA Loan as evidenced by that certain Promissory Note from IMA to Grantor, as assigned (the “Existing IMA Loan”; with the BMH Loan, the New IMA Loan and the Existing IMA Loan collectively referred to as the “Developer Loans”).
The obligation of IMA to repay the unpaid principal amount of the New IMA Loan, and to pay interest thereon, shall be evidenced in part by the New IMA Note, dated of even date herewith.
No net proceeds of the New IMA Loan may be used to pay taxes, maintenance fees, interest (except to the extent interest may be paid out of the balance of the Interest Escrow) or similar expenses for development.
All representations and warranties of the Borrower Parties and ▇▇▇▇▇▇▇ contained herein or made in connection herewith shall survive the making of and shall not be waived by the execution and delivery of this Agreement or the Development Notes, any investigation by Lender, or the making of any of the BMH Loan or the New IMA Loan, or the assumption of the Existing IMA Loan, and Lender may hereby rely upon same.
Upon repayment of any amount of principal or interest on the New IMA Loan by IMA, IMA may not reborrow hereunder.
The Borrower Parties shall pay the following loan fees to the Lender : (i) for the BMH Loan, a fee in the amount of Seven Hundred Fifty Thousand and 00/100 Dollars ($750,000.00), which fee shall be earned by and paid to Lender at Closing and funded out of proceeds of the BMH Loan; and (ii) for the New IMA Loan, a fee in the amount of Two Hundred Fifty Thousand and no/100 Dollars ($250,000.00), which fee shall be earned by and paid to Lender at Closing and funded out of proceeds of the New IMA Loan.
In connection with the development of the lots included in the Tuscany Land, Lender may make one or more Disbursements under the New IMA Loan to reimburse IMA for payments made by IMA to third parties in furtherance of such development, or alternatively, Lender may make Disbursements directly to such third parties.
The net proceeds of the New IMA Loan shall be disbursed via wire transfer as directed in writing by IMA for the purposes set forth in Section 2.08 upon all of the terms and conditions herein being satisfied in the Lender’s opinion.
Upon approval of budgeted costs, release times and release costs for lots included in the Tuscany Land, the net proceeds of the New IMA Loan may be used for development of such lots.
At the time of the initial draw on the Lot 2 Construction Loan, Lender will fund $112,500, which shall be applied to debt related to the Menichi Mortgage, and $137,500, which shall be applied to the New IMA Loan and shall serve as the release price of Lot 2 as collateral for such New IMA Loan.