The Construction Loan Promissory Note is a specialized financial instrument used in Australian construction financing to document the terms and conditions of construction loans. This document is essential when a borrower requires staged funding for construction projects, combining standard promissory note elements with construction-specific provisions. It's particularly relevant for development projects requiring progressive payments based on construction milestones. The document must comply with Australian banking regulations, including the National Consumer Credit Protection Act 2009 and state-specific construction laws. It typically includes provisions for draw-downs, construction schedules, inspection requirements, and repayment terms, making it a crucial tool for managing construction financing risks and obligations.
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1. Parties: Identification of the lender and borrower, including full legal names and addresses
2. Background: Context of the construction loan, including purpose and property details
3. Definitions: Key terms used throughout the document, including construction-specific terminology
4. Promise to Pay: The fundamental promise to repay the loan amount, including the maximum principal amount
5. Interest Rate: Specification of interest rate, calculation method, and adjustment provisions
6. Construction Draw Provisions: Terms and conditions for construction progress payments and draw-down procedures
7. Payment Terms: Repayment schedule, payment amounts, and payment methods
8. Security: Reference to any security documentation and collateral
9. Construction Milestones: Key construction phases and corresponding funding releases
10. Representations and Warranties: Borrower's declarations regarding their capacity and the construction project
11. Events of Default: Circumstances constituting default and consequences
12. Remedies: Lender's rights and remedies upon default
13. Governing Law: Specification of Australian law as governing law
1. Construction Insurance: Required when specific insurance requirements need to be detailed separately
2. Builder Requirements: Include when specific builder qualifications or obligations need to be specified
3. Environmental Compliance: Required when the construction involves specific environmental considerations
4. Cost Overrun Provisions: Include when addressing potential construction cost overruns
5. Prepayment Terms: Include when early repayment options are available
6. Change Order Procedures: Required when establishing processes for construction plan modifications
7. Assignment Provisions: Include when the note may be assigned or transferred
1. Construction Budget: Detailed breakdown of construction costs and allocated funds
2. Draw Schedule: Timeline and conditions for construction progress payments
3. Payment Schedule: Amortization schedule and payment details
4. Property Details: Legal description and details of the construction property
5. Construction Timeline: Project milestones and completion deadlines
6. Required Documentation: List of documents required for draw requests
7. Approved Plans: Reference to approved construction plans and specifications
Relevant legal definitions
Clauses
Relevant Industries
Construction
Real Estate Development
Banking & Finance
Property Development
Commercial Real Estate
Residential Development
Infrastructure Development
Building & Construction
Relevant Teams
Legal
Commercial Lending
Construction Finance
Credit Risk
Property Development
Project Finance
Loan Operations
Construction Management
Document Management
Compliance
Relevant Roles
Construction Finance Manager
Property Development Manager
Commercial Lending Officer
Construction Loan Specialist
Legal Counsel
Credit Risk Manager
Project Finance Manager
Construction Project Manager
Loan Documentation Specialist
Banking Relationship Manager
Real Estate Finance Manager
Development Director
Construction Contract Administrator
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