Common use of Conditions Precedent to Future Advances Clause in Contracts

Conditions Precedent to Future Advances. The obligation of Lender under this Agreement to make any advances after the date of this Agreement, in accordance with the terms and provisions of Section 3 of this Agreement, are subject to the full and complete satisfaction of each of the following conditions precedent as of the date of such advance or payment: (a) Prior to the first advance under the Revolving Note after the date hereof, payment of all title premiums for the issuance of a mortgagee's title policy, insuring the liens granted in the Deed of Trust and satisfying the requirements of Exhibit "C" (and in any event containing a revolving note endorsement), and in the amount of the Committed Revolving Loan Sum; (b) The representations and warranties set forth in Section 4 of this Agreement shall be true and correct as of the date of the making of such advance or payment with the effect as though the representation or warranty had been made on this date; (c) No Default or Event of Default shall have occurred and be continuing, or will result from, the making of such advance; and (d) All conditions set forth in Section 2.1 shall be then fully and completely satisfied (including, without limitation, any condition precedent waived, in whole or in part, by Lender in connection with the initial advance or any subsequent advance), and all terms and provisions of Section 3 of this Agreement shall then be fully and completely satisfied.

Conditions Precedent to Future Advances. The obligation of Lender the Bank under this Agreement to make any advances or payments after the date of this AgreementAgreement under any Note, in accordance with the terms and provisions of Section 3 of this Agreement, are is subject to the full and complete satisfaction of each of the following conditions precedent as of the date of such advance or payment: (a) Prior to the first advance under the Revolving Note after the date hereof, payment of all title premiums for the issuance of a mortgagee's title policy, insuring the liens granted in the Deed of Trust and satisfying the requirements of Exhibit "C" (and in any event containing a revolving note endorsement), and in the amount of the Committed Revolving Loan Sum; (b) The representations and warranties set forth in Section 4 3 of this Agreement shall be true and correct as of the date of the making of such advance or payment with the effect as though the representation or warranty had been made on this date, except to the extent such representations and warranties expressly relate specifically to an earlier date (in which case such representation and warranty shall be true and correct in all material respects on and as of such earlier date); (b) For each advance under the Advancing Line, all of the conditions listed in Section 2.3 shall have been fully and completely satisfied; (c) No Default or Event of Default shall have occurred and be continuingoccurred, or will result from, the making of such advance, and no event shall have occurred, which with lapse of time would constitute an Event of Default; and (d) All conditions set forth requirements for making the initial advance under the Notes in accordance with the terms and provisions of Section 2.1 of this Agreement shall then be then fully and completely satisfied (including, without limitation, any condition precedent conditions waived, in whole or in part, by Lender Bank in connection with the initial advance or any subsequent prior advance), and all terms and provisions of Section 3 of this Agreement shall then be fully and completely satisfied.