Borrower's Equity Contribution

Borrower's Equity Contribution. Shall mean an amount equal to the difference between (x) the amount payable by Borrower under the Purchase Agreement on the date of closing of the purchase and sale of the Property (as set forth in Section 2(iii) of the Purchase Agreement), together with all additional amounts to be paid by Borrower in order to close the transactions contemplated by the Purchase Agreement minus (y) the Initial Advance.

Borrower's Equity Contribution. Eighteen Million Nine Hundred Twenty-Eight Thousand Six Hundred Ninety-One and 00/100 Dollars consisting of: (A) cash in the amount of Sixteen Million Four Hundred Twenty-Eight Thousand Six Hundred Ninety-One and 00/100 Dollars ($16,428,691.00), and (B) tax increment financing from the City of Madison in the amount of Two Million Five Hundred Thousand and 00/100 Dollars ($2,500,000.00) (the "TIF Funds"). Lender acknowledges that the TIF Funds will not be available until after disbursement of... certain of the proceeds of the Construction Loan. View More