Common use of Using Loan Proceeds Clause in Contracts

Using Loan Proceeds. The Borrower shall use the Loan proceeds solely to pay, or to reimburse the Borrower for paying, costs and expenses shown on the Budget and the Sworn Construction Cost Statement approved by the Lender, and incurred by the Borrower in connection with the development of the Land, the construction of the Improvements on the Land and the equipping of the Improvements, together with other expenses set forth on the Sworn Construction Cost Statement approved by the Lender together with the Loan and Carrying charges and such incidental costs and expenses relating thereto as may be approved from time to time in writing by the Lender. The Borrower shall take all steps reasonably necessary to require similar use of Loan proceeds by its contractors and subcontractors. The Borrower shall comply with the limitations on all Advances as set out in Article III.