Examples of OCII Documents in a sentence
Interest will accrue on the principal balance outstanding under this Note from time to time at the rate of three percent (3%) per annum, simple interest, from the date of disbursement of funds by Holder through the date of full payment of all amounts owing under the OCII Documents.
Borrower hereby waives any defense to the enforcement of the OCII Documents related to alleged invalidity of the OCII Documents.
Under no circumstances, including breach of this Agreement, will OCII be liable to Borrower for any special or consequential damages arising out of actions or failure to act by OCII in connection with any of the OCII Documents.
The following rules of construction will apply to this Agreement and the other OCII Documents.
Notwithstanding the forgoing, OCII and Borrower hereby acknowledge and agree that as the intended assignee of OCII’s rights under the OCII Documents, the City is a third party beneficiary under the OCII Documents.
This provision does not relieve Borrower of its obligation under the OCII Documents to obtain OCII's prior written consent to any assignment or other transfer of Borrower's interests in the Loan, the Site or the ownership interests in Borrower.
Maker must repay all amounts owing under the OCII Documents in accordance with Section 3.1 of the Agreement.All payments will be applied in the following order: (a) costs and fees incurred and unpaid; (b) accrued and unpaid interest; and (c) reduction of the principal balance of the Loan.
Any indemnification obligation of the Borrower and/or its partners under the OCII Documents shall not extend to repayment of principal or interest in the Loan.
The sole recourse of OCII under the OCII Documents for repayment of the Loan shall be the exercise by OCII of its rights against the Project.
Except as otherwise provided in Section 3.3, Borrower must repay all amounts owing under the OCII Documents on the date that is the earliest to occur of: (i) the close of construction financing for the Project, or (ii) the date the Borrower and OCII execute a Construction/Permanent Loan (defined in Section 3.2) that does not incorporate the Funding Amount, or (iii) three (3) years from the Agreement Date (the "Maturity Date").