Name and address of Borrower’s counsel to be present at closing.
Name and address of Governmental Lender’s counsel.
Loan shall mean the extension of credit by Lender to Borrower in the form of Advances under this Agreement and disbursement of Loan Proceeds pursuant to the provisions of Article 3 below.
If at any time the Net Proceeds or the undisbursed balance thereof shall not, in the reasonable opinion of in consultation with the Casualty Consultant, be sufficient to pay in full the balance of the costs which are estimated by the Casualty Consultant to be incurred in connection with the completion of the Restoration, shall deposit the deficiency (the “Net Proceeds Deficiency”) with before any further disbursement of the Net Proceeds shall be made. The Net Proceeds Deficiency deposited with shall be held by and shall be disbursed for costs actually incurred in connection with the Restoration on the same conditions applicable to the disbursement of the Net Proceeds, and until so disbursed pursuant to this [Section 6.4(b)] shall constitute additional security for the Debt and other obligations under the Loan Documents.
Section # Legal Matters. At the time of the disbursement of each Advance, all legal matters necessary to preserve and perfect Lender’s security interest in the Collateral and Borrower’s obligation to repay the Loan shall be satisfactory to Lender and its counsel.
Section # Conditions to Each Advance. Without limiting the foregoing, at the time of each Advance under the Loan, Borrower shall have furnished such information to Lender as Lender shall reasonably request to evidence that # the proceeds of such Advance will be used for the purposes permitted hereunder, and # the use of the proceeds in such manner will not cause or bring about a Default or Potential Default hereunder.
If Borrowers maintain any disbursement account with Agent or any Affiliate of Agent, then presentation for payment of any Payment Item when there are insufficient funds to cover it shall be deemed to be a request for a Base Rate Loan on the date of such presentation, in the amount of the Payment Item. The proceeds of such Revolver Loan may be disbursed directly to the disbursement account.
“Disbursement Period” shall mean the period from the date of this Note to, but not including, the Amortization Commencement Date, during which the may advance funds to in accordance with the terms of this Note and/or a Loan Agreement, if applicable.
The proceeds of each Advance will be used by Borrower solely for the purposes specified in this Agreement.
including the date of the applicable Additional Advance, free and clear of all Liens except for Permitted Encumbrances. shall have been furnished with a notice of title continuation or an endorsement to the Title Insurance Policy issued to on the Closing Date, which continuation or endorsement shall increase the coverage of the Title Insurance Policy by the amount of the Initial Additional Advance through the pending disbursement clause (but not the overall policy amount which shall be for the full amount of the Building Loan), amend the effective date of the Title Insurance Policy to the date of the Initial Additional Advance, continue to insure the Lien of the Building Loan Mortgage subject to no Liens or encumbrances other than the Permitted Encumbrances and which shall state that since the last disbursement of the Loan there have been no changes in the state of title to the Property (other than Permitted Encumbrances) and that there are no additional survey exceptions not previously approved by . If the foundations of the Improvements have been set as of the date of the Initial Additional Advance, the shall also cause to be delivered to a boundary line Survey and inspection report of the Property dated within thirty (30) days after the foundations to the Improvements are set and prior to the date of the first advance of the Building Loan proceeds after the foundations are set, prepared in accordance with ’s survey requirements, certified by a land surveyor registered as such in the State in which the Property is located, which Survey shall be in form and substance satisfactory to .
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