Common use of No Advance Without Building Permit Clause in Contracts

No Advance Without Building Permit. The City will not make an initial advance of funds without the Borrower having first acquired the building permits necessary for the construction of the Improvements, or documentation from the City’s Inspections Department that no building permit is required. The City will allow for reimbursements of predevelopment “soft” costs before the issuance of a building permit to include: North Carolina Housing Finance Agency fees, pre- purchase of materials to meet the 10% carryover allocation expenditure requirement by the North Carolina Housing Finance Agency, architect, engineering, legal and other soft costs associated with the predevelopment of the Property. The services performed by the Borrower shall be effective with retroactive payment beginning September 4, 2014 and completed by December 31, 2016.