Common use of Final Advance Clause in Contracts

Final Advance. Prior to making the final Advance with respect to any Section of the Property, the conditions set forth in Section 7.1 above and Section 7.3 below (as applicable) and the following conditions shall have been satisfied, as determined by Lender: (a) Consultant shall have determined that the Improvements have been completed in accordance with the Plans and the Construction Contract. (b) If required by Lender, Lender shall have received a copy of the final certificate of approval of the Improvements (or its equivalent as determined by Lender) issued by the appropriate Governmental Authority. (c) Lender shall have received (A) such endorsements to the Title Policy as Lender may require which shall insure that the Improvements have been completed free of all mechanic’s and materialmen’s liens or claims thereof, or (B) such additional title policies with endorsements as Lender may require, with a liability limit of not less than the principal amount of the Loan, issued by Title Company, with coverage and in form satisfactory to Lender, insuring Lender’s interest under the Security Instrument as a first lien on the Property, excepting only such items as shall have been approved in writing by Lender. (d) The final Advance shall consist of the payment of any monies retained from progress payments or disbursements as set forth in this Agreement. (e) Lender shall have received a copy of the certificate of occupancy for the Property and a certificate of substantial completion from the Contractor. (f) At Lender’s discretion, Lender shall have received an as-built ALTA survey of the Property.

Final Advance. Prior to making the final Advance with respect to any Section of the Property, the conditions set forth in Section 7.1 above and Section 7.3 below (as applicable) and the following conditions shall have been satisfied, as determined by Lender: (a) Consultant shall have determined that the Improvements have been completed in accordance with the Plans and the Construction Contract. (b) If required by Lender, Lender shall have received a copy of the final certificate of approval of the Improvements (or its equivalent as determined by Lender) issued by the appropriate Governmental Authority. (c) Lender shall have received (A) such endorsements to the Title Policy as Lender may require which shall insure that the Improvements have been completed free of all mechanic’s and materialmen’s liens or claims thereof, or (B) such additional title policies with endorsements as Lender may require, with a liability limit of not less than the principal amount of the Loan, issued by Title Companytitle company, with coverage and in form satisfactory to Lender, insuring Lender’s interest under the Security Instrument as a first lien on the Property, excepting only such items as shall have been approved in writing by Lender. (d) The final Advance shall consist of the payment of any monies retained from progress payments or disbursements as set forth in this Agreement. (e) Lender shall have received a copy of the certificate of occupancy for the Property and a certificate of substantial completion from the Contractor. (f) At Lender’s discretion, Lender shall have received an as-built ALTA survey of the Property.