Project Note means the Multifamily Note dated the Delivery Date from the Borrower, including all riders and addenda thereto, evidencing the Borrower’s obligation to repay the Project Loan, which Project Note will be delivered to the Governmental Lender and endorsed by the Governmental Lender to the Fiscal Agent as security for the Funding Loan, as the same may be amended, restated, supplemented or otherwise modified from time to time, or any note executed in substitution therefor, as such substitute note may be amended, restated, supplemented or otherwise modified from time to time.

Project Note means the Multifamily Note dated as of the date hereof from the Borrower, including all riders and addenda thereto, evidencing the Borrower’s obligation to repay the Project Loan, which Project Note will be delivered to the Governmental Lender and endorsed by the Governmental Lender to the Fiscal Agent as security for the Funding Loan, as the same will be amended and restated into the form attached to the Construction Phase Financing Agreement upon the occurrence of the Conversion Date, as the same may be further amended, restated, supplemented or otherwise modified from time to time, or any note executed in substitution therefor, as such substitute note may be amended, restated, supplemented or otherwise modified from time to time.

Project Note has the meaning given that term in Section 2.3.

Examples of Project Note in a sentence

No person other than the Funding Lender shall have the right to (a) declare the principal balance of the Project Note to be immediately due and payable or (b) commence foreclosure or other like action with respect to the Security Instrument.
The Funding Xxxxxx’s remedies in the event of a default under the Funding Loan shall be limited to those remedies set forth herein and, if an Event of Default also exists under the Project Loan Agreement or the Project Note, to commence foreclosure under the Security Instrument and the other Project Loan Documents and to exercise of the power of sale or other rights granted thereunder.
The Funding Loan, together with accrued interest thereon, are subject to optional prepayment by the Governmental Lender in whole or in part from the funds that the Governmental Lender received from or on behalf of the Borrower upon optional prepayment of the Project Loan in accordance with the notice and other prepayment provisions set forth in the Project Note.

More Definitions of Project Note

Project Note means the promissory note of the Borrower, dated as of even date with the Project Bonds, in the form attached hereto as EXHIBIT C and in the principal amount of $4,100,000 evidencing the obligation of the Borrower to make Loan Payments.

Project Note means the Multifamily Note dated the Delivery Date from the Borrower, including all riders and addenda thereto, evidencing the Borrower’s obligation to repay the Project Loan, which Project Note will be delivered to the Governmental Lender and endorsed by the Governmental Lender to the Fiscal Agent as security for the Funding Loan, as the same will be amended and restated into the form attached to the Construction Phase Financing Agreement upon the occurrence of the Conversion Date, as the same may be further amended, restated, supplemented or otherwise modified from time to time, or any note executed in substitution therefor, as such substitute note may be amended, restated, supplemented or otherwise modified from time to time.

Project Note is defined in the Recitals of this Funding Loan Agreement.

Project Note means a promissory note evidencing a Project Loan.

Project Note has the meaning provided in the Recitals hereto.

Project Note means the Project Note, including applicable addenda, to be executed by the Borrower in favor of the Governmental Lender, evidencing the Borrower’s financial obligations under the Project Loan, and to be endorsed by the Governmental Lender, without recourse, to the order of the Fiscal Agent, as the same may be amended, modified, supplemented or restated from time to time.

Project Note means the nonnegotiable promissory note of the Company, dated December 28, 2006, in the form attached hereto as Exhibit A and in the principal amount of $36,495,000 evidencing the obligation of the Company to make Loan Payments, as it may be amended or restated hereunder.