Series 2021 Project definition
Examples of Series 2021 Project in a sentence
The first appropriation by the Board for the Series 2021 Project was made for the Fiscal Year commencing , and the first appropriation by the Board for the Series 2024 Project is expected to be made for the Fiscal Year commencing and no appropriation with respect to the Series 2024 Project is required to extend the term of the lease prior to such date.
Upon the making of the initial deposits described above in this Section 2.11, the Governmental Lender shall originate the Series 2021 Project Loan and the Series 2022 Project Loan, respectively, pursuant to the Project Loan Agreement and the Fiscal Agent shall make the initial disbursement of amounts in the Project Loan Fund to (i) the Title Company for further disbursement in accordance with the Construction Continuing Covenant Agreement, or (ii) otherwise as provided in Section 4.02 hereof.
The Borrower has agreed (ii) to use the remaining proceeds of the Series 2021 Project Loan, transferred proceeds of the Prior Note, and the proceeds of the Series 2022 Project Loan to finance the acquisition, construction and equipping of the Project and to pay certain closing costs with respect to the Loans.
The Borrower’s repayment obligations in respect of the Series 2021 Project Loan is evidenced by the Multifamily Note dated December 23, 2021 (together with all riders and modifications thereto, the “Series 2021 Project Note”), delivered to the Governmental Lender, and endorsed by the Governmental Lender to the Original Fiscal Agent as security for the Series 2021 Funding Loan.
On termination of this Ground Lease, the Board shall become the title owner of all improvements affixed to the Series 2021 Property, including the Series 2021 Project.