Common use of Application for Advance Clause in Contracts

Application for Advance. The term "Application for Advance" shall mean a written application on an AIA or other forms as set forth in EXHIBIT "A" attached hereto, by Borrower (and such other parties as Lender may require) to Lender specifying by name, current address, and amount all independent third parties to whom Borrower is obligated for labor, materials, or services supplied for the renovation of the Improvements and all other expenses incident to the Loan, the Property, and the renovation of the Improvements and specifying those budgeted items which have been performed by Borrower's employees, requesting an Advance for reimbursement for the payment of such items, containing an Affidavit of Borrower, accompanied by such schedules, affidavits, releases, waivers, statements, invoices, bills, and other documents as Lender and Title Company may reasonably request provided such affidavits, releases and waivers shall only be required for independent third parties as specified in the Application for Advance.

Application for Advance. The term "Application for Advance" shall mean a written application on an AIA or other forms as set forth in EXHIBIT Exhibit "A" attached hereto, by Borrower (and such other parties as Lender may require) to Lender specifying by name, current address, and amount all independent third parties to whom Borrower is obligated for labor, materials, or services supplied for the renovation construction of the Improvements and 7 all other expenses incident to the Loan, the Property, and the renovation construction of the Improvements and specifying those budgeted items which have been performed by Borrower's employees, requesting an Advance for reimbursement for the payment of such items, containing an Affidavit of Borrower, accompanied by such schedules, affidavits, releases, waivers, statements, invoices, bills, and other documents as Lender and Title Company may reasonably request provided such affidavits, releases and waivers shall only be required for independent third parties as specified in the Application for Advance.