"Construction Loan Agreements and Variations" is a American Lawyer Media form. This form is to be used as a construction loan agreement.
Florida Construction Loan Agreements and Variations
Category:
State:
Multi-State
Control #:
US-CLA198
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Word;
PDF;
Rich Text
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FAQ
Loan agreements typically include covenants, value of collateral involved, guarantees, interest rate terms and the duration over which it must be repaid. Default terms should be clearly detailed to avoid confusion or potential legal court action.
Three principal types exist: limitation clauses, exclusion clauses, and indemnity clauses. What is an exclusion clause? An exclusion clause is a type of exemption clause included in contracts to limit a party's liability.
Elements of loan structure include loan-to-value (LTV), interest rate, amortization period, and collateral security requirements.
A major feature of a construction loan is that the total approved loan amount is not usually given to the borrower right away, in one lump sum. Instead, the construction loan operates more like a line of credit from which the borrower can access funds as needed at various stages of the construction project.
Common Contract Clauses Severability Clause. This clause dictates if any of the provisions in the contract are illegal, invalid, or enforceable. ... Governing/Jurisdiction Clause. ... Force Majeure Clause. ... Limitations on Liability Clause. ... Confidentiality Clause. ... Damages Clause.
In construc on lending, a Carry Guaranty is a standard and typical requirement whereby a Guarantor will guaranty the payment by Borrower of all costs incurred in connec on with the opera on, maintenance and management of the Property (or some subset of the same) for the term of the Loan (or, if the Property is opera ng ...
Categorizing loan agreements by type of facility usually results in two primary categories: term loans, which are repaid in set installments over the term, or. revolving loans (or overdrafts) where up to a maximum amount can be withdrawn at any time, and interest is paid from month to month on the drawn amount.
Understanding the Important Clauses in a Loan Agreement #1: Fluctuation Of Interest Rates Clause: ... #2: 'Default' Definition Clause: ... #3: Security Cover Clause: ... #4: Disbursement Clause: ... #5: Force Majeure Clause: ... #6: Reset Clause: ... #7: Prepayment Clause: ... #8: Other Balances Set Off Clause: