Verified Project Costs definition

Verified Project Costs means the aggregate, from time to time, of (i) Soft Costs actually incurred by Borrower and approved for funding by Lender in accordance with the applicable Construction Budget, and (ii) Hard Costs actually incurred by Borrower for work in place as part of the applicable Project, as certified by Lender’s Inspector (as hereinafter defined) pursuant to the provisions of this Agreement, minus the Retainage. Equity Requirement. Prior to the initial Construction Loan advance for a Project, Borrower shall invest into the Project the Equity Requirement as set forth in the Construction Budget for such Project Tranche or such other amount as otherwise approved in writing by Lender, it being understood that the Property (including a ground leasehold interest pursuant to a ground lease in form and content approved by Lender) will be contributed as a portion of the equity in partial satisfaction of this requirement (“Equity Requirement”). In no event shall any single Project have less than twenty percent (20%) equity invested by Borrower as determined by Lender. If at any time Lender and Lender’s Inspector determine in their sole discretion that based on revised or actual costs for the Project additional equity is required, Lender may, prior to any further Construction Loan advances, require that additional funds be invested in the Project by Borrower to satisfy the Equity Requirement. The Equity Requirement shall remain invested in the Project and Borrower agrees that no portion of the Equity Requirement will be reimbursed directly or indirectly without Lender’s prior written consent. Notwithstanding the foregoing, if, after completion of a Project for which additional equity was injected by Borrower hereunder, the final Project Budget for such Project exceeds Borrower’s final costs in completing the Project (any such difference being referred to herein as “Final Project Savings”), Lender may, in Lender’s sole and absolute discretion, advance to Borrower an amount equal to the lesser of (i) the remaining unadvanced proceeds under the applicable Project Tranche, (ii) the amount of additional equity contributed toward the Project by Borrower and (iii) the amount of Final Project Savings for such Project. Retainage. Lender shall retain from each advance of Construction Loan proceeds an amount equal to the greater of (i) 5.0% of Hard Costs actually incurred by Borrower for work in place as part of the Project, as certified from time to time by Lender’s Inspector, or (ii)...

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Verified Project Costs means the aggregate, from time to time, of (a) Other Project Costs actually incurred by Borrower in the reasonable opinion of Lender, and (b) Direct Construction Costs actually incurred by Borrower for work in place as part of the Renovation Work, as set forth in the reports prepared by the Construction Consultant, from time to time, pursuant to the provisions of this Agreement, minus a sum equal to the aggregate of (i) the aggregate Deficiency, if any, from time to time, and (ii) the Retainage.

Verified Project Costs as used in this Agreement shall mean the aggregate, from time to time, of (a)

Examples of Verified Project Costs in a sentence

Subject to compliance by Borrower with the terms and conditions of this Agreement, Bank shall make Advances to Borrower for Direct Costs and Indirect Costs; provided, however, that in no event shall Bank be obligated to make disbursements of the Loan in excess of Verified Project Costs.
The Bank shall not be obligated to consent to any request for an advance of Bond proceeds by the Trustee in excess of the amount, from time to time, of Verified Project Costs, unless the Bank, in its sole and absolute discretion, deems it advisable to do so.
Subject to compliance by Borrowers with the terms and conditions of this Agreement, including without limitation, satisfaction of the conditions set forth on Schedule 2.2 attached hereto, Lender shall make Advances to Bayshore Landing of the Construction Loan during the Construction Period for Direct Costs and Indirect Costs; provided, however, that in no event shall Lender be obligated to make disbursements of the Construction Loan in excess of Verified Project Costs.
Other than Lender’s obligation to fund Retainage upon achievement of certain completion hurdles, Lender shall not be obligated to make aggregate Renovation Advances for the Renovation Work in excess of the amount, from time to time, of Verified Project Costs unless Lender, in its sole discretion, deems it advisable to do so.
Such request shall only include Verified Project Costs, except as expressly set forth herein, of work done or materials incorporated into the Project between the next preceding Advance and the Advance being applied for (or other Project Costs approved by Lender and not theretofore the subject of an Advance).
Other than Lender’s obligation to fund Retainage upon certain completion hurdles, Lender shall not be obligated to make aggregate Construction Reserve Advances for Common Area Renovation Work in excess of the amount, from time to time, of Verified Project Costs, unless Lender, in its sole discretion, deems it advisable to do so.

More Definitions of Verified Project Costs

Verified Project Costs means the aggregate, from time to time, of (i) Soft Costs actually incurred by Borrower and approved for funding by Bank (which costs, for purposes of clarification, do not have to be paid first by Borrower, but may be paid with the proceeds from advances), and (ii) Hard Costs actually incurred by Borrower for work in place as part of the Project, as certified by Bank’s Inspector (as hereinafter defined) pursuant to the provisions of this Agreement (which costs, for purposes of clarification, do not have to be paid first by Borrower, but may be paid with the proceeds from advances), minus a sum equal to the aggregate of (i) the portion of the Equity Requirement which Borrower is required to have invested in the Project pursuant to this Agreement, and (ii) the Retainage, if any. Limitation on Loan Advances. In no event will the maximum principal amount of the Loan exceed the lesser of (a) 75% of the projected “as-built” fair market value of the Project, as determined by Bank’s appraisal, or (b) 76.5% of the total Project development costs approved by Bank. The maximum amount outstanding at any one time under the Revolving Loan will be limited to $8,352,921.00, itemized as follows:

Verified Project Costs means the aggregate, from time to time, of (a) Hard Costs actually incurred by Borrower for work in place as part of the Unit, as certified by Lender’s Inspector (as hereafter defined) pursuant to the provisions of this Agreement, and (b) an overhead allowance of six percent (6%) of approved Hard Costs for the construction of new Units on the Lots (which shall be added to the line item for Hard Costs in every Construction Budget). There shall be no overhead allowance for advances related to the Existing Units (as hereafter defined).