The Building Loan Contract serves as the primary financing instrument for construction projects in the United States. This document is essential when a developer or property owner requires funding for new construction, renovation, or improvement projects. The contract typically includes detailed provisions for loan disbursement schedules, construction milestones, security arrangements, and compliance requirements. It must adhere to both federal regulations (such as TILA and RESPA) and state-specific construction lending laws. The Building Loan Contract is particularly crucial for protecting both lender and borrower interests throughout the construction process.
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1. Parties: Identification of lender and borrower with full legal details
2. Background: Purpose of loan and project description
3. Definitions: Key terms used throughout the agreement
4. Loan Amount and Terms: Principal amount, interest rate, and repayment terms
5. Disbursement Schedule: Terms and conditions for loan disbursements
6. Security: Collateral and security arrangements
7. Conditions Precedent: Requirements before loan becomes effective
8. Representations and Warranties: Statements of fact by borrower
9. Covenants: Ongoing obligations of the borrower
1. Cost Overrun Provisions: Additional terms governing handling of expenses exceeding initial budget - recommended for larger construction projects with complex budgets
2. Environmental Provisions: Environmental compliance requirements and obligations - recommended when project involves environmental risks
3. Insurance Requirements: Detailed insurance coverage requirements and minimum coverage amounts - recommended for projects requiring specialized insurance
1. Schedule A - Property Description: Legal description of construction property
2. Schedule B - Construction Budget: Detailed project cost breakdown
3. Schedule C - Construction Timeline: Project milestones and completion dates
4. Schedule D - Draw Request Forms: Templates for requesting loan disbursements
5. Schedule E - Required Permits: List of necessary permits and approvals
6. Schedule F - Construction Plans: Approved architectural and engineering plans
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