Permanent Loan Conversion definition

Permanent Loan Conversion means the conversion of construction loans to permanent status, and may include payment in full or part of the principal of a construction loan or the funding of additional loans upon completion of construction. Permanent Loan Conversion may be subject to additional due diligence requirements.
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Permanent Loan Conversion means the Project has leased up to a minimum of 90 percent occupancy for a period of a minimum of 30 days in accordance with the applicable Department funding requirements; the units have been leased to the appropriate or designated populations identified, and they have met the terms and conditions of all Department funding awarded to the Project; and all construction period financing has converted to permanent financing.
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Permanent Loan Conversion has the meaning set forth in Section 2.10 hereof.
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Examples of Permanent Loan Conversion in a sentence

  • The Parties shall have the following responsibilities after the completion of the Loan transaction, which shall be deemed to be the latest of Loan closing, Development completion and stabilized occupancy, or Permanent Loan Conversion, as applicable.

  • CalHFA will participate in the Permanent Loan Conversion and require Borrower to submit all appropriate documentation.

  • Loan closing may only occur prior to the start of construction or at Permanent Loan Conversion.

  • Permanent Loan Conversion Date by which the construction loan is converted (replaced with) the permanent financing loan.

  • Monarch agrees to pay, as fair market value rent (Rent) for the use of the Property, the following: Upon the date the term of the Ground Lease commences $125,000 Construction Commencement $125,000 Annual Construction Rent Payments (annual payment beginning one year after the Construction Commencement Rent is paid) $50,000 Remainder Payment at Permanent Loan Conversion (Stabilization).

  • The remaining installments will be $2,644,629 prior to Construction Completion, $522,775 at Permanent Loan Conversion and $522,776 at Stabilization.Note: Applicant states it closed the HC in escrow on December 19, 2002.

  • Monarch agrees to pay, as fair market value rent (Rent) for the use of the Property, the following: Upon the date the tTerm of the Ground LeaseAgreement commences $125,000 Construction Commencement $125,000 Annual Construction Rent Payments (annual payment beginning one year after the Construction Commencement Rent is paid) $50,000 Remainder Payment at Permanent Loan Conversion (Stabilization).

  • Member States have also submitted changes in the site-related information contained in the list of sites of Community importance for the Boreal biogeographical region.

  • The county, formed on March 4 under Kenya’s new devolved system of government, needs funds to build low-cost houses and new schools, upgrade hospitals and provide more clean water, he said.

  • Other terms and conditions are a variable interest rate, a maximum Loan-to-Value Ratio of 90% and a minimum Debt Service Coverage (“DSC”) Ratio of 1.15 based upon a re-underwriting of the greater of actual income and expenses or GMACCM underwritten income and expenses at the time of Permanent Loan Conversion.


More Definitions of Permanent Loan Conversion

Permanent Loan Conversion means the date on which the Construction Loan has been repaid in full, the HACLA Loans have converted to permanent phase, non-recourse financing, and the First Deed of Trust Loan has converted to a permanent phase, non-recourse, amortizing loan.
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Permanent Loan Conversion means the event of paying off the construction loan with the proceeds of the permanent loan. The conditions for converting from the construction loan phase to the permanent loan phase are (1) trigger of Project Completion; (2) Payment of Construction Period Interest in accordance with the City Loan Agreement; and (3) Stabilized Occupancy.
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Permanent Loan Conversion means the event of paying off the construction loan with the proceeds of the permanent loan. The conditions for converting from the construction loan phase to the permanent loan phase are (1) trigger of Project Completion; (2) Payment of Construction Period Interest in accordance with the City Loan Agreement; and (3) Stabilized Occupancy.
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