Common use of Loan Closing Date Clause in Contracts

Loan Closing Date. The Loan must close no later than the “Loan Closing Date” as defined in the Award Letter and Loan Term Sheet (including any and all amendments) in Exhibit B of this Contract, but in no event later than three (3) months from the Effective Date of this Contract pursuant to Section 13.11(e) of the Multifamily Direct Loan Rule, unless Department, in its sole discretion, chooses to extend the Loan Closing Date in accordance with Section 13.12(1) of the Multifamily Direct Loan Rule. This Contract and all Department’s obligations hereunder may expire, in the Department’s discretion, if all conditions to the closing and initial funding, if applicable, are not satisfied by the Loan Closing Date.