Agenda - 05-21-1991 - Laserfiche WebLink

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W 3. LOAN AMOUNT: Three Hundred Fifty Six Thousand Five Hundred ($356,500.00) Dollars. Of this amount, the loan allocations will be as follows: * Project Development- $352,000.00 * Professional Services- Surveyor 4,500.00 4. INTEREST RATE AND MATURITY: The mortgage documents shall be drawn "ON DEMAND" and provide for interest on the outstanding balance, payable on the first of the month at One (1.0 %) percent per annum floating above Central Carolina Bank's published prime interest rate. Such interest rate may be revised and restated from time to time, if, as and when changes in said prime rate occur, on a daily basis. An origination fee of one (1.0 %) percent will become due and payable on each disbursement made per item 7., Method of Disbursement, if and when such a disbursement is requested. The maturity date of this commitment shall be July 1, 1993. The ma- turity date may be revised or restated, at the Banks' option, but such revision or restatement must be in writing. 5. METHOD OF DISBURSEMENT: Of the $352,000.00 allocated for project development, there will be a total of only $32,000.00 allocated for disbursement for the con- struction and site improvements and certain soft costs of each re- sidence. Advances will be disbursed out of the loan revenue allocations in such a manner that the residence and site improvements will be com- pleted after full disbursement of this amount. 6. METHOD OF REPAYMENT: The repayment release amount will be paid at the time of closing of each permanent mortgage. Said repayment release will be subject to the Banks' review. The repayment amount is as follows: * Each Residence - $32,000.00 7. The attached Construction Loan Agreement, a copy of which will be signed at closing, becomes an integral part of this letter. The Borrower's signature at the bottom of this letter acknowledge receipt and an un- derstanding of the terms contained therein.