The Construction Loan Promissory Note is a crucial document in New Zealand's construction financing landscape, designed to facilitate funded construction projects while protecting the interests of both lenders and borrowers. It is typically used when a property developer or owner requires staged funding for a construction project, with draw-downs linked to specific construction milestones. The document must comply with New Zealand's financial and construction regulations, including the Credit Contracts and Consumer Finance Act 2003, Property Law Act 2007, and Construction Contracts Act 2002. It includes essential details about loan terms, construction requirements, security arrangements, and project monitoring mechanisms, making it a fundamental tool for managing construction finance risks and obligations.
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1. Parties: Identification of the lender and borrower with full legal names and addresses
2. Background: Context of the loan, including the construction project details and purpose of the funding
3. Definitions: Key terms used throughout the document, including construction-specific terminology
4. Loan Amount and Purpose: Specification of the total loan amount and its designated use for construction
5. Interest Rate and Calculations: Details of the interest rate, calculation method, and frequency of interest charges
6. Draw Down Provisions: Terms and conditions for accessing the loan funds, including construction milestone requirements
7. Repayment Terms: Schedule of repayments, including during construction phase and after completion
8. Security: Details of any security provided for the loan, including property charges
9. Construction Requirements: Specific conditions related to the construction project, including timelines and standards
10. Events of Default: Circumstances constituting default and consequences
11. Representations and Warranties: Borrower's confirmations regarding their capacity and the construction project
12. General Provisions: Standard clauses including notices, amendments, and governing law
1. Insurance Requirements: Required when specific insurance coverage needs to be maintained for the construction project
2. Guarantor Provisions: Included when there is a guarantor for the loan
3. Construction Budget Requirements: Used when specific budget monitoring and reporting is required
4. Environmental Compliance: Required for projects with specific environmental considerations or requirements
5. Cost Overrun Provisions: Included when addressing potential construction cost overruns
6. Contractor Requirements: Used when specific conditions apply to the choice or management of contractors
1. Schedule 1 - Loan Details: Detailed breakdown of loan amount, interest rates, and fee structure
2. Schedule 2 - Draw Down Schedule: Detailed timeline and conditions for loan draw downs linked to construction milestones
3. Schedule 3 - Construction Milestones: Specific construction targets and completion dates
4. Schedule 4 - Required Documentation: List of documents required for draw downs and project monitoring
5. Schedule 5 - Property Details: Legal description and details of the construction property
6. Appendix A - Construction Plans: Reference to approved construction plans and specifications
7. Appendix B - Budget Breakdown: Detailed construction budget and cost allocations
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Construction
Real Estate Development
Property Investment
Infrastructure Development
Commercial Real Estate
Residential Development
Relevant Teams
Legal
Finance
Credit Risk
Property Development
Construction Management
Compliance
Real Estate
Project Management
Loan Operations
Relevant Roles
Chief Financial Officer
Construction Finance Manager
Property Development Manager
Legal Counsel
Construction Project Manager
Loan Officer
Credit Risk Manager
Development Director
Construction Loan Specialist
Property Finance Manager
Compliance Officer
Real Estate Development Manager
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