Borrowers Equity

Borrowers Equity. The sum of $5,677,204, inclusive of proceeds of the Subordinate Loan.

Borrowers Equity. Shall mean the capital infusion contributed or to be contributed by Borrower into the Project in the form of cash or Subordinated Debt prior to any Advance under the Project Loan which shall be in the amount not less than if Project Costs are equal to or less than the appraised value as stated in the approved Appraisal, twenty-five percent (25%) of the Project Costs up to the appraised value of the Real Property plus 100% Project Costs in excess of the appraised value of the Real Property. In... addition to the Borrower's Equity requirement, the Borrower is obligated to fund cost overruns as provided in Section 4.5 below. View More

Borrowers Equity. Shall mean the sum of $8,568,041, inclusive of proceeds of the Subordinate Loan, but excluding amounts paid to acquire a 51% interest in Ground Lessor.