The Simple Construction Loan Agreement is essential for construction projects in New Zealand where staged financing is required. This document is typically used when a borrower needs funding to construct residential or commercial buildings, with the loan being released in installments as construction progresses. The agreement combines elements of traditional lending with construction-specific requirements, ensuring compliance with New Zealand's financial and construction regulations. It includes detailed provisions for drawdown conditions, construction milestones, monitoring requirements, and security arrangements. The document is particularly relevant for projects where the lender needs to maintain oversight of the construction process while protecting their security interest in the property.
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1. Parties: Identifies the lender, borrower, and any guarantors
2. Background: Sets out the context of the loan and construction project
3. Definitions: Defines key terms used throughout the agreement
4. Loan Details: Specifies loan amount, interest rate, term, and repayment structure
5. Construction Requirements: Outlines construction milestones, requirements, and conditions for drawdowns
6. Drawdown Conditions: Specifies conditions that must be met before each loan disbursement
7. Security Arrangements: Details the security provided for the loan, including property mortgage
8. Borrower's Covenants: Lists borrower's obligations regarding construction and loan compliance
9. Construction Monitoring: Describes how construction progress will be monitored and verified
10. Events of Default: Defines circumstances constituting default and consequences
11. Representations and Warranties: States the borrower's declarations regarding their situation and project
12. General Provisions: Contains standard contract clauses including notices, amendments, and governing law
1. Guarantees: Required when there are third-party guarantors for the loan
2. Insurance Requirements: Detailed insurance obligations beyond standard requirements
3. Cost Overrun Facility: Included when providing additional funding for potential cost overruns
4. Environmental Compliance: Required for projects with significant environmental considerations
5. Quantity Surveyor Appointments: Included when independent quantity surveyor oversight is required
6. Project Manager Requirements: Used when a project manager must be appointed
7. Subdivision Provisions: Required when the construction involves subdivision of land
1. Schedule 1 - Property Details: Legal description and details of the construction property
2. Schedule 2 - Construction Budget: Detailed breakdown of construction costs and funding allocation
3. Schedule 3 - Drawdown Schedule: Timeline and conditions for progressive payments
4. Schedule 4 - Construction Timeline: Key construction milestones and completion dates
5. Schedule 5 - Required Insurances: List of required insurance policies and coverage amounts
6. Appendix A - Construction Plans: Approved architectural and construction plans
7. Appendix B - Council Approvals: Copies of building consents and permits
8. Appendix C - Construction Contract: Copy of the executed construction contract
9. Appendix D - Quantity Surveyor Reports: Template for progress reports and certificates
Relevant legal definitions
Clauses
Relevant Industries
Banking & Finance
Construction & Engineering
Real Estate & Property
Legal Services
Property Development
Insurance
Building & Construction Materials
Architecture & Design
Relevant Teams
Legal
Credit Risk
Commercial Banking
Construction Finance
Property Finance
Compliance
Risk Management
Project Management
Construction Management
Document Management
Relevant Roles
Loan Officer
Credit Manager
Construction Manager
Property Developer
Project Manager
Legal Counsel
Risk Manager
Quantity Surveyor
Commercial Banking Manager
Construction Finance Specialist
Compliance Officer
Development Manager
Senior Credit Analyst
Construction Legal Advisor
Property Finance Manager
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