Commitment Letter & Agreement For Construction Loan
[date]
To: [name and address of loan applicant]
Re: [subject of loan commitment]
Sirs:
We have approved your application for a Loan on [description of property]. This is to be secured by the Mortgage on your fee interest in the property.
This Loan will be evidenced by your note. The terms and conditions of the Loan are as follows:
1. Amount. ---------- dollars ($----------) for land purchase ---------- dollars ($----------) for construction of condominium units.
2. Description of Property. [Description].
3. Improvements. [Number] condominium units and [other improvements, e.g., pools].
4. Mortgage. [Name of creditor] holds first lien upon the property.
5. Note. You must repay the Loan in [number] months at ---------- percent (----------%) interest.
6. Commitment Fee. This shall be ---------- dollars ($----------). ---------- dollars ($----------) shall be payable upon acceptance of this commitment; ---------- dollars ($----------) shall be payable at closing.
7. Expiration Date. [Date].
8. Closing Date. [Date].
9. Conditions to Closing. Furnish to us [number] days prior to closing date:
a. Title insurance binder;
b. Survey showing easements, rights-of-way, and other land rights;
c. Verification from utilities stating that water and electricity to the property will be available;
(Excerpt)
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