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Construction Loan Agreement Example
This SERA CONSTRUCTION ACCORD, concluded on March 29, 2018 by and between STATE FARM LIFE INSURANCE COMPANY, Illinois Corporation (« State Farm »), and TRADEPORT DEVELOPMENT VI , LLC (« Borrower »), for a loan of up to fourteen million of two hundred and seven thousand five hundred and 00/100 dollars ($14,287,500.00). For a good and valuable consideration, the receipt and adequacy of which is recognized, the parties agree that a construction loan contract is a contract between a borrower and a lender. It explains the essential terms of the loan, for example. B the amount borrowed and the timing of the loan. An effective loan contract also includes commitments made by the borrower to the lender. For example, a lender wants the borrower to commit to completing the work in a timely manner, to obtaining the necessary authorizations and to obtaining specific insurance. This construction credit contract (this « contract ») will come into effect on July 9, 2013, among borrowers, lenders and contractors who are identified and whose addresses are listed below. This agreement relates to how the proceeds of the loan to the borrower are paid for the renovation and/or renovation of on-site improvements under the lender`s owner-occupied housing rehabilitation program. The score is provided by land pledges and improvements to the Lien Mechanic contract and the trust trust. This second amendment to the LOAN CONSTRUCTION ACCORD is part of this part of the January 26, 2015 construction loan agreement (loan, including all changes to the loan, and is executed as part of a loan or other financial arrangements between lenders and borrowers.