Common use of Conditions Precedent to Each Disbursement Clause in Contracts

Conditions Precedent to Each Disbursement. At no time and in no event shall Lender be obligated to disburse funds: a. if any Event of Default as described herein or in the Mortgage or other Loan Documents shall have occurred and shall not have been cured, except that Lender may, at Lender's option, pay itself accrued interest to the extent that Loan proceeds allocated to an interest reserve in the Loan Budget remain undisbursed; or b. if Lender determines that construction cannot be completed within the time required by this Loan Agreement; or c. if, prior to the Loan closing and at all times during the term of the Loan, Lender is not satisfied, in its sole discretion, that the proceeds of the Loan remaining undisbursed will be sufficient to complete all of the Improvements according to the Plans and Specifications and to pay for all labor, materials and costs and all other costs and disbursements required to complete the Improvements, including interest and other non-construction costs. If required by Lender, Borrower shall pay with its own funds and furnish written documentation which satisfactorily accounts to Lender for all acquisition, development, or other construction costs in excess of the proceeds of this Loan necessary to fully complete the construction of the Improvements. Each such payment shall be expended before any or any other Loan disbursement will be made, and it shall be advanced as construction progresses; or d. if the Property shall have been damaged by fire or other casualty.

Conditions Precedent to Each Disbursement. At no time and in no event shall Lender be obligated to disburse funds: a. (a) if any Event of Default as described herein or in the Mortgage or other Loan Documents shall have occurred and shall not have been cured, except that Lender may, at Lender's option, pay itself accrued interest to the extent that Loan proceeds allocated to an interest reserve in the Loan Budget remain undisbursed; or b. (b) if Lender determines that construction of the Improvements cannot be completed within the time required by this Loan Agreement; or c. (c) if, prior to the Loan closing and at all times during the term of the Loan, Lender is not satisfied, in its sole discretion, that the proceeds of the Loan remaining undisbursed will be sufficient to complete all of the Improvements site development according to the Plans and Specifications and to pay for all labor, materials and costs and all other costs and disbursements required to complete the Improvementssite development, including interest and other non-construction costs. If required by Lender, Borrower shall pay with its own funds and furnish written documentation which satisfactorily accounts to Lender for all acquisition, development, or other construction costs in excess of the proceeds of this Loan necessary to fully complete the construction of the Improvements. Each such payment shall be expended before any or any other Loan disbursement will be made, and it shall be advanced as construction progresses; or d. (d) if the Property shall have been damaged by fire or other casualty.

Conditions Precedent to Each Disbursement. At no time and in no event shall Lender be obligated to disburse funds: a. (a) if any Event of Default as described herein or in the Mortgage or other Loan Documents shall have occurred and shall not have been cured, except that Lender may, at Lender's option, pay itself accrued interest to the extent that Loan proceeds allocated to an interest reserve in the Loan Budget remain undisbursed; or b. (b) if Lender determines that construction of the Improvements cannot be completed within the time required by this Loan Agreement; or c. (c) if, prior to the Loan closing and at all times during the term of the Loan, Lender is not satisfied, in its sole discretion, that the proceeds of the Loan remaining undisbursed under Note II will be sufficient to complete all of the Improvements according to the Plans and Specifications and to pay for all labor, materials and costs and all other costs and disbursements required to complete the Improvements, including interest and other non-construction costs. If required by Lender, Borrower shall pay with its own funds and furnish written documentation which satisfactorily accounts to Lender for all acquisition, development, or other construction costs in excess of the proceeds of this Loan necessary to fully complete the construction of or the Improvementsimprovements. Each such payment shall be expended before any or any other Loan disbursement will be made, and it shall be advanced as construction progresses; or d. (d) if the Property shall have been damaged by fire or other casualty.