Construction Advances Clause Samples

Construction Advances. Subject to the satisfaction of the terms and conditions herein contained, subsequent disbursements of the Loan will be made monthly by Lender to Borrower, it being understood that in no event shall Lender be required to make more than one (1) disbursement in a calendar month. As a condition to making each advance hereunder, Lender shall be given a Request for Advance satisfying the requirements set forth in Section 2.3 hereof at least ten (10) banking business days prior to the anticipated date of the disbursement of funds. With respect to the final advance for the Project, such Request for Advance shall also be accompanied by the documents called for in Section 2.4 hereof. Each advance hereunder shall be made at the office of Lender at its address specified in Section 8.7. Lender, at its option, may (i) disburse funds directly to Borrower or directly to the Construction Contractor or any subcontractor, supplier, laborer or materialman or (ii) make disbursements through an escrow established by Borrower and Lender for such purpose with the Title Company.

Construction Advances. If one of the purposes in a Request for Loan Advance is for construction, the following additional conditions precedent shall be applicable:

Construction Advances. Provided that Borrower is otherwise not in violation of any term or provision of the Loan Documents, Borrower shall be entitled to receive Advances for the construction of the New Improvements, up to twice monthly, in accordance with the following procedures and subject to the satisfaction of the following conditions: (a) The Borrower shall deliver to Lender a fully executed Disbursement Agreement and an Application for Advance that has been prepared in accordance with the Disbursement Agreement. The Application for Advance shall have appended thereto all mechanics and materialmen’s lien waivers and copies of all invoices for which payment is being sought, all in accordance with the Disbursement Agreement; (b) The Application for Advance shall request an Advance that does not exceed ninety percent (90%) of the total value of all invoices for which payment is being sought (provided, however, that no retainage will be required or withheld for (i) materials, (ii) payments to subcontractors whose work has been completed and who have furnished a final lien waiver and release, or (iii) fees and other amounts due and owing to (a) the Contractor under the Construction Contract, (b) Campus Crest Group, LLC under that certain Development Agreement by and between Borrower and Campus Crest Group, LLC, dated as of the date hereof and (c) The Grove Student Properties, LLC under that certain Property Management Agreement by and between Borrower and The Grove Student Properties, LLC, dated as of the date hereof). (c) Lender shall have three (3) business days after receipt of an Application for Advance within which to conduct inspections and/or have the Project Inspector to satisfy itself that the work covered by the Application for Advance has been or is being accomplished in a satisfactory manner. Lender shall deliver written objections to any Application for Advance within said three (3) business day period or Lender shall be deemed to have approved such Application. If all conditions precedent to the requested construction Advance have been complied with to the reasonable satisfaction of Lender and the Title Company, Lender shall advance the amount set forth in such Application for Advance, at its discretion, either directly to Borrower or through the Title Company within said three (3) day period. Each construction Advance made pursuant to an Application for Advance for payment of any other items set forth in the Approved Budget shall be advanced to Borrower or throug...

Construction Advances. The obligation of Lender to make the Advances of the Building Loan after the Initial Advance shall be subject to the following conditions precedent (collectively, the “Construction Advance Conditions”), all of which conditions precedent must be satisfied prior to Lender making any such Advance:

Construction Advances. Construction Advances" means actual advances of funds made by or on behalf of Landlord pursuant to Paragraph 6.(a)(i) below for costs incurred to construct the Designated Improvements or for property taxes and assessments assessed against the Leased Property paid prior to the Last Advance Date. (aa)

Construction Advances. 2.8.1 Each Construction Advance shall be payable to Borrower at such time after completion of those portions of the Project included in such requested Construction Advance and Lender receives all of the following, to the extent required hereby and by Lender: (i) Evidence of all costs incurred by Borrower for the Project consistent with the Budget, including, but not limited to invoices and such back up documentation as reasonably required by Lender for the portion of the Project included in such Construction Advance; (ii) Evidence reasonably satisfactory to Lender that the improvements and the Premises are free of all mechanic’s, materialmen’s and other liens, or L▇▇▇▇▇ has received other assurance against such liens satisfactory to it in its reasonable discretion; provided, however, with respect to any Construction Advance which is not the last Construction Advance, partial lien waivers made through the date of any interim Construction Advances will be acceptable to L▇▇▇▇▇. (iii) Evidence satisfactory to Lender that Borrower have obtained all Project Approvals from, given all notices to, and taken all such other actions with respect to, such governmental authorities as may be required under applicable requirements for the construction of the Project and upon completion, the permanent use and occupancy of the Premises for their intended uses, together with copies of all such Project Approvals. (iv) Notification from L▇▇▇▇▇’s Consultant, if required by L▇▇▇▇▇, in its sole discretion to the effect that: (i) with respect to any Construction Advance which is not the last Construction Advance, the portion of the Project requested to be funded in such Construction Advance has been substantially completed in a good and workmanlike manner in accordance with the Property Improvement Plan and (ii) with respect to the last Construction Advance the Project has been substantially completed in a good and workmanlike manner in accordance with the Property Improvement Plan. (v) With respect to the final Construction Advance, copies of the original certificates of occupancy for the Buildings, and all other applicable certificates, licenses, consents and approvals issued by governmental authorities with respect to the Project and the Buildings except for those that are not required for the temporary occupancy of the Buildings. Borrower shall obtain and provide Lender with copies of the permanent certificates of occupancy when issued. (vi) With respect to the final Construct...

Construction Advances. Not to exceed the lesser of (i) sixty-nine percent (69%) of the appraised discounted value of the Unit, (ii) sixty percent (60%) of the gross retail value of the Unit, (ii) one hundred percent (100%) of the actual “Hard” and “Soft” Costs of construction for the Unit, and (iii) the aggregate approved Hard and Soft Costs per the applicable Unit Loan Budget.

Construction Advances. Borrower hereby represents and warrants that all construction contemplated by the Original Loan Agreement has been completed in full (subject to punchlist items) and acknowledges and agrees that Administrative Agent, the Original Lenders, and the L/C Issuer, have fully performed and satisfied all of their obligations relating to the making of construction advances under the Original Loan Agreement and all of their other obligations relating to the construction of the Improvements contemplated by the Original Loan Agreement as set forth therein. Borrower agrees that Lenders have no further obligations to make any advances of loan proceeds (other than the advance of the Future Advance Loan subject to the terms of this Modification Agreement and the other Loan Modification Documents). Borrower hereby acknowledges and agrees that the L/C Issuer has no further obligation to provide Borrower with any Letter of Credit, cash bond or other similar extensions of credit arising under the Original Loan Agreement.

Construction Advances. Subject to the provisions of this Agreement, from time to time as work on the Project progresses, Lender shall make Construction Advances to Borrower, in an aggregate principal amount not to exceed the Budget, in the amounts specified in Section 8.4, for the purpose of paying Construction Costs and Non-Construction Costs incurred in connection with the Project. Borrower agrees that all Construction Advances will be made by such means as Lender may from time to time designate; provided, however, that Lender shall not be required to see to the proper application of any such Construction Advance and shall not incur any liability for any failure of such proper application. Further, following an Event of Default and for so long as such Event of Default remains uncured (if cure thereof is accepted by Lender), Lender reserves the right to disburse Construction Advances directly to contractors and subcontractors and no further direction or authorization from Borrower shall be necessary following an Event of Default to warrant disbursement directly to the contractors and subcontractors, and all disbursements to the contractors and subcontractors shall satisfy pro tanto the obligations of Lender hereunder. As a condition precedent to the Initial Construction Disbursement, Borrower shall furnish to Lender a complete construction schedule and a current trade cost breakdown, itemized as to trade items, trade descriptions.