The Building Loan Agreement is a crucial document used in construction financing transactions across Canada, combining elements of both banking and construction law. It is typically employed when a property developer or owner requires financing for new construction, renovation, or development projects. The agreement details the relationship between the lender and borrower, specifying how and when funds will be advanced based on construction progress, what security is required, and how the project will be monitored. It must comply with federal banking regulations and provincial construction and property laws, making it essential to tailor the agreement to the specific province where the project is located. The document typically includes comprehensive provisions for construction monitoring, cost control, and risk management, reflecting the complex nature of construction financing in the Canadian market.
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1. Parties: Identifies the lender and borrower with full legal names and addresses
2. Background: Describes the construction project, purpose of the loan, and property details
3. Definitions: Defines key terms used throughout the agreement
4. Loan Amount and Terms: Specifies the total loan amount, interest rate, term, and repayment conditions
5. Construction Project Requirements: Details the approved construction plans, timeline, and completion requirements
6. Conditions Precedent: Lists conditions that must be met before loan disbursement
7. Draw Down Procedures: Specifies the process and requirements for accessing loan funds in stages
8. Security: Details the collateral and security arrangements for the loan
9. Representations and Warranties: Statements of fact and assurances from the borrower
10. Covenants: Ongoing obligations of the borrower during the loan term
11. Monitoring and Inspection Rights: Lender's rights to monitor construction progress and inspect the property
12. Events of Default: Defines circumstances constituting default and consequences
13. Remedies: Lender's rights and remedies in case of default
14. General Provisions: Standard clauses including notices, amendments, governing law, etc.
1. Insurance Requirements: Detailed insurance requirements - included when not covered in covenants or separate schedule
2. Environmental Compliance: Specific environmental obligations - included for projects with significant environmental impact
3. Cost Overrun Provisions: Procedures for handling cost overruns - included for larger construction projects
4. Multiple Borrower Provisions: Joint and several liability terms - included when there are multiple borrowers
5. Guarantor Provisions: Terms relating to guarantors - included when third-party guarantees are required
6. Assignment and Syndication: Terms for loan participation or syndication - included for larger loans that may be syndicated
1. Schedule A - Property Description: Legal description of the property and site plans
2. Schedule B - Construction Budget: Detailed project budget and cost breakdown
3. Schedule C - Construction Schedule: Timeline of construction milestones and completion dates
4. Schedule D - Draw Request Forms: Standard forms for requesting loan advances
5. Schedule E - Required Insurance: Specific insurance requirements and minimum coverage amounts
6. Schedule F - Required Permits: List of required permits and approvals
7. Appendix 1 - Construction Plans: Approved architectural and engineering plans
8. Appendix 2 - Project Specifications: Detailed construction specifications and materials
Relevant legal definitions
Advance
Applicable Laws
Approved Budget
Architect
Architect's Certificate
As-Built Drawings
Borrower
Building Contract
Building Contractor
Building Permits
Business Day
Certificate of Completion
Change Order
Completion Date
Construction Costs
Construction Documents
Construction Liens
Construction Period
Construction Schedule
Cost Overruns
Default Rate
Draw Request
Environmental Laws
Event of Default
Final Completion
Force Majeure
Governmental Authority
Guarantor
Holdback
Independent Engineer
Interest Rate
Lender
Loan
Loan Amount
Loan Documents
Material Adverse Change
Maturity Date
Mortgage
Payment Date
Permitted Encumbrances
Plans and Specifications
Project
Project Costs
Property
Quantity Surveyor
Required Permits
Security
Security Interest
Substantial Completion
Title Insurance Policy
Work
Applicable Laws
Approved Budget
Architect
Architect's Certificate
As-Built Drawings
Borrower
Building Contract
Building Contractor
Building Permits
Business Day
Certificate of Completion
Change Order
Completion Date
Construction Costs
Construction Documents
Construction Liens
Construction Period
Construction Schedule
Cost Overruns
Default Rate
Draw Request
Environmental Laws
Event of Default
Final Completion
Force Majeure
Governmental Authority
Guarantor
Holdback
Independent Engineer
Interest Rate
Lender
Loan
Loan Amount
Loan Documents
Material Adverse Change
Maturity Date
Mortgage
Payment Date
Permitted Encumbrances
Plans and Specifications
Project
Project Costs
Property
Quantity Surveyor
Required Permits
Security
Security Interest
Substantial Completion
Title Insurance Policy
Work
Clauses
Loan Amount and Terms
Interest Rate
Repayment
Security
Construction Requirements
Draw Down
Conditions Precedent
Representations and Warranties
Covenants
Events of Default
Remedies
Insurance
Environmental Compliance
Construction Schedule
Project Monitoring
Cost Control
Change Orders
Completion Requirements
Property Rights
Title and Ownership
Lien Rights
Assignment
Force Majeure
Notice
Governing Law
Dispute Resolution
Indemnification
Confidentiality
Amendment
Severability
Entire Agreement
Further Assurance
Construction Standards
Compliance with Laws
Health and Safety
Permits and Approvals
Site Access
Holdback
Default Interest
Acceleration
Construction Warranties
Cost Overruns
Project Inspection
Reporting Requirements
Interest Rate
Repayment
Security
Construction Requirements
Draw Down
Conditions Precedent
Representations and Warranties
Covenants
Events of Default
Remedies
Insurance
Environmental Compliance
Construction Schedule
Project Monitoring
Cost Control
Change Orders
Completion Requirements
Property Rights
Title and Ownership
Lien Rights
Assignment
Force Majeure
Notice
Governing Law
Dispute Resolution
Indemnification
Confidentiality
Amendment
Severability
Entire Agreement
Further Assurance
Construction Standards
Compliance with Laws
Health and Safety
Permits and Approvals
Site Access
Holdback
Default Interest
Acceleration
Construction Warranties
Cost Overruns
Project Inspection
Reporting Requirements
Relevant Industries
Banking & Financial Services
Construction
Real Estate Development
Commercial Property
Residential Property
Infrastructure Development
Architecture & Design
Engineering Services
Relevant Teams
Legal
Finance
Risk Management
Commercial Lending
Real Estate
Construction Management
Credit
Compliance
Property Development
Project Management
Relevant Roles
Chief Financial Officer
Construction Finance Manager
Real Estate Development Director
Construction Project Manager
Legal Counsel
Risk Manager
Commercial Lending Officer
Property Development Manager
Construction Loan Officer
Credit Risk Officer
Real Estate Finance Manager
Development Director
Senior Construction Manager
Banking Relationship Manager
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