![]() ![]() The terms and conditions of the Note and Related Documents are incorporated herein by reference. Repayment of the Note is or will be secured from time to time by various Security Instruments and/or Guaranties. To evidence Borrowers obligation to repay the Loan upon the terms and conditions agreed upon, together with all renewals of, extensions of, modifications of, increases in, refinancings of, consolidations of, and substitutions for that The word Note as used in this Agreement means the promissory note payable to the order of Lender for the Loan Amount that Borrower has executed or will execute Relating to loan-to-value ratios, advance rates, acquisition costs, and costs necessary to complete the Project according to the Plans and Specifications. However, the Loan Amount and each Advance shall be subject at all times to the maximum limits and conditions set forth in this Agreement or in any of the Related Documents, including, without limitation, any limits The Loan Amount shall be in an amount not to exceed Lender has no obligation to make an Advance if that Advance, when aggregated with all prior Advances, exceeds the Loan Amount, even if Borrower has repaid all or a portion of an Advance. The words Loan Amount mean the total amount of The word Loan as used in this Agreement means the construction loan contemplated by this Agreement. THE LOAN, NOTE, PROJECT, PROJECT PROPERTY, AND REAL PROPERTY. Terms used in the singular shall include the plural, and words and terms used in the plural shall include the singular, as the context may require. Will and shall are used interchangeably in this Agreement both denote an obligation. All references to dollar amounts shall mean amounts in lawful money of the United States of America. Accounting words and terms not otherwise defined in this Agreement shall have the meanings given to them in accordance with generally accepted accounting principles ( GAAP) as in effect on theĭate of this Agreement. Words and terms not otherwise defined in the body of this Agreement or in the section of this Agreement entitled Definitions shall have the meanings given to such words and Terms have the meanings given to them in this Agreement. ![]() Shall be and remain subject to the terms and conditions of this Agreement and the Related Documents. ![]() Granting, renewing, or extending the construction loan that is the subject of this Agreement, Lender is relying upon Borrowers representations, warranties, and agreements as set forth in this Agreement and (ii) the construction loan Borrower understands and agrees that (i) in Lender is willing to make a construction loan to Borrower, but only under the terms and conditions specified in this Agreement and in the Related Documents. Box 26592, Raleigh, North Carolina 27611-6592.Īpplied to Lender for a construction loan. Forest Hillīlvd., Suite 1307, Wellington, Florida, 33414, and FIRST-CITIZENS BANK & TRUST COMPANY, a North Carolina banking corporation ( Lender), whose address for notice purposes is First-Citizens Bank & TrustĬompany, ATTN: Loan Servicing Department DAC20, P.O. ( Agreement) is dated as June 26, 2013, by and between GGT PATTERSON PLACE NC VENTURE, LLC, a Delaware limited liability company ( Borrower), whose address for notice purposes is 12765 W. Name and Address in Which Account will be Booked: ![]()
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