Common use of Additional Proceeds Clause in Contracts

Additional Proceeds. In the event the aggregate amount of the Permanent Financing is greater than the Total Acquisition and Development Costs set forth in Section 1 of the Amended Method of Financing, and the actual Acquisition and Development Costs are not greater than such Total Acquisition and Development Costs, or in the event Owner obtains additional funds (the “Additional Proceeds”), then such Additional Proceeds shall be applied to reduce the principal amount of the Agency Loan.

Additional Proceeds. In the event the aggregate amount of the Permanent Financing is greater than the Total Acquisition and Development Costs set forth in above at Section 1 of the Amended Method of Financing1, and the actual Acquisition and Development Costs are not greater than such Total Acquisition and Development Costs, or in the event Owner obtains additional funds (the “Additional Proceeds”), then such Additional Proceeds shall be applied to pay accrued interest on, and then reduce or repay the principal amount of the Agency Loan, except as provided in paragraph c. below.