Common use of Final Advance Clause in Contracts

Final Advance. That portion of the Loan retained by the Lender and not otherwise advanced during the course of construction shall, however, be advanced by the Lender to the Borrower upon receipt by the Lender of the following: (a) A written certification by the Project Inspector and the Contractor that the New Improvements have been fully and completely constructed in material accordance with the Plans and the Approved Budget and any deviations from the Plans have no material negative impact upon the value of the Property, that direct connection has been made to all appropriate utility facilities, and that the New Improvements are ready for occupancy, (b) Evidence satisfactory to Lender and the Title Company that all laborer’s and materialmen’s claims for labor or materials rendered or delivered in connection with the construction of the New Improvements have been paid in full (with the exception of any claims to be paid with the proceeds of the final Advance), including an affidavit of Contractor to the effect that all amounts due under the Construction Contract and, in addition, all amounts due under subcontracts, have been paid in full or will be paid in full with the proceeds of the final Advance; (c) Proof satisfactory to Lender that completion of the New Improvements and the readiness for occupancy of the New Improvements has been approved by every Governmental Authority having jurisdiction, and every Governmental Permit (including, without limitation, a certificate of occupancy) necessary to such occupancy has been issued; and (d) A current as-built Survey showing that all of the Improvements are properly in place and within the boundary lines of the Property.

Final Advance. That portion of the Loan retained by the Lender and not otherwise advanced during the course of construction shall, however, be advanced by the Lender to the Borrower upon receipt by the Lender of the following: (a) A written certification by the Project Inspector and the Contractor that the New Improvements have been fully and completely constructed in material accordance with the Plans and the Approved Budget and any deviations from the Plans have no material negative impact upon the value of the Property, that direct connection has been made to all appropriate utility facilities, and that the New Improvements are ready for occupancy,; (b) Evidence satisfactory to Lender and the Title Company that all laborer’s and materialmen’s claims for labor or materials rendered or delivered in connection with the construction of the New Improvements have been paid in full (with the exception of any claims to be paid with the proceeds of the final Advance)full, including an affidavit of Contractor to the effect that all amounts due under the Construction Contract and, in addition, all amounts due under subcontracts, have been paid in full or will be paid in full with the proceeds of the final Advancefull; (c) Proof satisfactory to Lender that completion of the New Improvements and the readiness for occupancy of the New Improvements has been approved by every Governmental Authority having jurisdiction, and every Governmental Permit (including, without limitation, a certificate of occupancy) necessary to such occupancy and operation has been issuedissued and/or compliance therewith has been accomplished; (d) [RESERVED]; and (de) A current as-built Survey showing any and all other documents that all of the Improvements are properly in place and within the boundary lines of the PropertyLender may reasonably require.

Final Advance. That portion of When the Loan retained by the Lender and not otherwise advanced during the course of construction shall, however, be advanced by the Lender Bank has determined to the Borrower upon receipt by the Lender of the following: (a) A written certification by its satisfaction that the Project Inspector and the Contractor that the New Improvements have has been fully and completely constructed substantially completed in material accordance with the Plans and Specifications (including all amendments and modifications thereof which have been approved by the Approved Budget Bank) in a good and any deviations from the Plans have no material negative impact upon the value of the Property, that direct connection has been made to all appropriate utility facilitiesworkmanlike manner and in conformity with good construction and engineering practice, and the Bank shall have received (a) a certificate to that the New Improvements are ready for occupancy, effect from its Supervisory Inspector, (b) Evidence evidence satisfactory to Lender and the Title Company Bank that all laborer’s work requiring inspection by governmental or regulatory authorities having or claiming jurisdiction has been duly inspected and materialmen’s claims for labor approved by such authorities and by any rating or materials rendered inspection organization, bureau, association or delivered in connection with office having or claiming jurisdiction, (c) to the construction extent any such certificate is a condition of the New Improvements have been paid lawful use and occupancy of the improvements, a copy of the certificate or other document validly issued by the appropriate governmental authority allowing the occupancy of the improvements; (d) two copies of a final survey showing the “as built” conditions of the completed Project which survey shall be made in full a manner and scope similar to that described in Subsection 4.2 above, (with e) a current and updated appraisal showing an estimated value satisfactory to the exception Bank as set forth in Subsection 8.9, and (e) a final release of any claims liens from the Contractors and all subcontractors and materials suppliers (all of the foregoing being defined herein as “Completion of the Project”), and so long as the Borrower is not in default hereunder, the Bank shall advance to be paid with the Borrower the proceeds of the Note which have not theretofore been disbursed. If the conditions of this Section have not been fully satisfied, the Bank shall have no obligation to make the final Advance), including an affidavit of Contractor to the effect that all amounts due advance under the Construction Contract and, in addition, all amounts due under subcontracts, have been paid in full or will be paid in full with the proceeds of the final Advance; (c) Proof satisfactory to Lender that completion of the New Improvements and the readiness for occupancy of the New Improvements has been approved by every Governmental Authority having jurisdiction, and every Governmental Permit (including, without limitation, a certificate of occupancy) necessary to such occupancy has been issued; and (d) A current as-built Survey showing that all of the Improvements are properly in place and within the boundary lines of the PropertyLoan.

Final Advance. That portion of When the Loan retained by the Lender and not otherwise advanced during the course of construction shall, however, be advanced by the Lender Bank has determined to the Borrower upon receipt by the Lender of the following: (a) A written certification by its satisfaction that the Project Inspector and the Contractor that the New Improvements have has been fully and completely constructed substantially completed in material accordance with the Plans and Specifications (including all amendments and modifications thereof which have been approved by the Approved Budget Bank) in a good and any deviations from the Plans have no material negative impact upon the value of the Property, that direct connection has been made to all appropriate utility facilitiesworkmanlike manner and in conformity with good construction and engineering practice, and the Bank shall have received (a) a certificate to that the New Improvements are ready for occupancy, effect from its Supervisory Inspector, (b) Evidence evidence satisfactory to Lender and the Title Company Bank that all laborer’s work requiring inspection by governmental or regulatory authorities having or claiming jurisdiction has been duly inspected and materialmen’s claims for labor approved by such authorities and by any rating or materials rendered inspection organization, bureau, association or delivered in connection with office having or claiming jurisdiction, (c) to the construction extent any such certificate is a condition of the New Improvements have been paid lawful use and occupancy of the improvements, a copy of the Certificate of Occupancy validly issued by the appropriate governmental authority, (d) two copies of a final survey showing the "as built" conditions of the completed Project which survey shall be made in full a manner and scope similar to that described in Subsection 4.2 above, (with e) a current and updated appraisal showing an estimated value satisfactory to the exception Bank as set forth in Subsection 8.9, and (e) a final release of any claims liens from the Contractors and all subcontractors and materials suppliers (all of the foregoing being defined herein as "Completion of the Project"), and so long as the Borrower is not in default hereunder, the Bank shall advance to be paid with the Borrower the proceeds of the Note which have not theretofore been disbursed. If the conditions of this Section have not been fully satisfied, the Bank shall have no obligation to make the final Advance), including an affidavit of Contractor to the effect that all amounts due advance under the Construction Contract and, in addition, all amounts due under subcontracts, have been paid in full or will be paid in full with the proceeds of the final Advance; (c) Proof satisfactory to Lender that completion of the New Improvements and the readiness for occupancy of the New Improvements has been approved by every Governmental Authority having jurisdiction, and every Governmental Permit (including, without limitation, a certificate of occupancy) necessary to such occupancy has been issued; and (d) A current as-built Survey showing that all of the Improvements are properly in place and within the boundary lines of the PropertyLoan.