Common use of Conditions Precedent to Initial Disbursement Clause in Contracts

Conditions Precedent to Initial Disbursement. The obligation of the Lender to disburse the Loan proceeds shall be subject to the conditions precedent that Borrower shall be in compliance with all conditions set forth in Section 3.02 and the following conditions: (a) Borrower shall have delivered, without expense to ▇▇▇▇▇▇, duly executed copies of each of the Loan Documents. (b) Borrower shall have delivered, without expense to Lender, the Due Diligence Documents. (c) Borrower shall have deposited in escrow with Title or otherwise have available to the satisfaction of Lender equity, loan proceeds or other funds sufficient, together with the Loan, to pay all unpaid Acquisition Costs and at least some of the funds must be from either the GMHF NOAH Impact Fund or the ▇▇▇▇▇▇▇ Mac Demonstration Initiative and at least 3% of the Acquisition Costs must be provided by Borrower as cash equity. (d) All filing fees (including, but not limited to, the Loan Documents for the benefit of the Lender, charges, expenses and taxes including, but not limited to, mortgage registration tax) shall have been paid by ▇▇▇▇▇▇▇▇, and all required insurance policies shall be in appropriate amounts, name all insureds, and be in full force and effect as evidenced by the certificates of insurance. (e) Title shall have issued to Lender, at ▇▇▇▇▇▇▇▇’s expense, an updated policy or policies of title insurance insuring that, upon completion of the Project, the Mortgage will be a valid lien on the Project, subject only to the Permitted Encumbrances, and without exception from possible mechanic’s liens, matters of survey or parties in possession, real property taxes and assessments, and otherwise in form and substance reasonably satisfactory to Lender. (f) Borrower shall have paid to Lender an origination fee of $ (1% of Loan Amount).

Conditions Precedent to Initial Disbursement. (a) The obligation of the Lender Bank to disburse make the Loan and make disbursements of the proceeds shall be of the same to the Borrower is subject to the satisfaction by the Borrower or its representatives of the following conditions precedent that Borrower (unless waived by the Bank in each particular instance): (i) The Borrower's and the Guarantor's warranties and representations as contained herein shall be accurate and complete, in compliance with all conditions set forth in Section 3.02 material respects, as of the date of Closing and as of the date of each subsequent disbursement (if any). (ii) The Borrower and the following conditions:Guarantor shall not be in default under any of the covenants contained herein as of the date of Closing and as of the date of each disbursement. (aiii) The Borrower and the Guarantor shall have executed and delivered all of the Loan Documents as described herein. Without limiting the foregoing, the Borrower shall have delivereddelivered to the Bank all of those items identified as "Borrower's and the Guarantor's Documents" on the Closing Agenda attached hereto as Schedule 7.1(a)(iii) and made a part hereof, without expense all of which must be reasonably acceptable, in form and substance, to ▇▇▇▇▇▇the Bank, duly executed copies of each of unless waived in a particular instance by the Loan DocumentsBank. (b) Borrower Without limiting in any manner the scope or generality of the foregoing, certain of said items are more particularly described as follows: (i) All of the Borrower's obligations, if any, shall have delivered, without expense been subordinated to Lender, the Due Diligence DocumentsBorrower's performance of its obligations to the Bank with respect to the Loan in accordance with Section 5.17 hereof. (cii) The Borrower shall have deposited in escrow with Title or otherwise have available to pay the satisfaction of Lender equity, loan proceeds or other funds sufficient, together with the Loan, to pay all unpaid Acquisition Costs costs and at least some fees of the funds must be from either the GMHF NOAH Impact Fund or the ▇▇▇▇▇▇▇ Mac Demonstration Initiative and at least 3% of the Acquisition Costs must be provided by Borrower as cash equityBank hereinbefore described herein. (d) All filing fees (including, but not limited to, the Loan Documents for the benefit of the Lender, charges, expenses and taxes including, but not limited to, mortgage registration tax) shall have been paid by ▇▇▇▇▇▇▇▇, and all required insurance policies shall be in appropriate amounts, name all insureds, and be in full force and effect as evidenced by the certificates of insurance. (e) Title shall have issued to Lender, at ▇▇▇▇▇▇▇▇’s expense, an updated policy or policies of title insurance insuring that, upon completion of the Project, the Mortgage will be a valid lien on the Project, subject only to the Permitted Encumbrances, and without exception from possible mechanic’s liens, matters of survey or parties in possession, real property taxes and assessments, and otherwise in form and substance reasonably satisfactory to Lender. (f) Borrower shall have paid to Lender an origination fee of $ (1% of Loan Amount).