Partial Release Fee Details

Summary

The Partial Release Fee for the Office Component is calculated as 125% of the adjusted loan amount allocated to the Office and Retail Components. This fee is outlined in the Partial Release section of the Construction Loan Agreement. Upon permanent loan conversion, any unadvanced loan amounts may be reduced, except for the TI/LC Allocation. The lender is not obligated to advance amounts removed due to loan curtailment. For specific calculations, refer to the loan agreement and consult with a legal professional if needed.

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To calculate the Partial Release Payment for the Office Component:
*. Determine the sum of the Loan Amount allocable to the Office Component and Retail Component.
*. Adjust the Loan Amount as per Section *.*(j) of the agreement.
*. Multiply the adjusted Loan Amount by *%.
Do you have the exact Loan Amount figures for these components?
The adjusted loan amount would be $*,*,*
Thank you for providing detailed information. To calculate the Partial Release Payment for the Office Component:
*. **Adjusted Loan Amount**: $*,*,*
*. **Partial Release Payment Calculation**: *% of $*,*,*
Let me know if you have any other questions or need further assistance!
What would it be with this "Permanent Loan Conversion; Loan Curtailment. Upon achieving the Permanent Loan Conversion Date, the Loan shall be categorized by Lender as a permanent loan. To the extent that there are then any unadvanced and available portions of the Loan Amount remaining (the “Remaining Loan Proceeds”), then Lender may, in its sole discretion, declare that all or a part of any Remaining Loan Proceeds are no longer available for Advance hereunder, whereupon the Loan Amount shall be deemed reduced and the Budget revised accordingly (as Lender may designate) (any such reduction, a “Loan CONSTRUCTION LOAN AGREEMENT - Page * Echo Street, Atlanta, Georgia Curtailment”); provided, however, no part of the unfunded balance of the TI/LC Allocation shall be subject to Loan Curtailment. From and after a Loan Curtailment, Lender shall have no obligation to Advance any amounts which have been removed from the Budget by virtue of such Loan Curtailment."
Hello! Based on the provided text, here's a summary of the "Permanent Loan Conversion; Loan Curtailment" clause:
- Upon converting to a permanent loan, remaining unadvanced loan amounts may be declared unavailable by the lender.
- This reduces the loan amount and revises the budget.
- The TI/LC Allocation balance is not subject to curtailment.
- Post-curtailment, the lender has no obligation to advance removed amounts.
Do you have any specific questions or need further assistance with this clause?
In a construction loan documents, which document lays out the partial release fee?
In construction loan documents, the Partial Release Fee is typically detailed in the "Partial Release" section of the Construction Loan Agreement. This section outlines the terms, conditions, and calculations related to the partial release of a portion of the mortgaged property from the loan.
Would you like more detailed information on a specific aspect of the Partial Release Fee?