The Building Loan Agreement is a crucial document used in the Philippines when financing new construction projects or major renovations. It serves as the primary agreement between a financial institution and a borrower, incorporating specific provisions required under Philippine banking and construction laws. This agreement is particularly important as it not only covers standard loan terms but also includes specific construction-related requirements, progress monitoring, and disbursement conditions. The document must comply with regulations from the Bangko Sentral ng Pilipinas (BSP), the National Building Code, and relevant local government requirements. It's commonly used for both commercial and residential developments, requiring careful consideration of security arrangements, construction timelines, and technical specifications.
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1. Parties: Identification of the Lender and the Borrower with complete details
2. Background: Context of the agreement, including property details and purpose of the loan
3. Definitions: Definitions of key terms used throughout the agreement
4. Loan Amount and Purpose: Specification of the loan amount, purpose, and drawdown conditions
5. Interest Rate and Fees: Details of interest rate, calculation method, and applicable fees
6. Disbursement of Loan: Schedule and conditions for loan disbursement based on construction progress
7. Repayment Terms: Payment schedule, method of payment, and prepayment provisions
8. Security and Collateral: Details of mortgages, guarantees, or other security arrangements
9. Construction Requirements: Specifications for construction timeline, standards, and completion requirements
10. Representations and Warranties: Standard declarations by the borrower regarding their capacity and the project
11. Covenants: Ongoing obligations of the borrower during construction and loan term
12. Events of Default: Circumstances constituting default and consequences
13. Remedies: Lender's rights and remedies upon default
14. General Provisions: Standard clauses including notices, amendments, and governing law
1. Insurance Requirements: Detailed insurance obligations - required if not covered in covenants or separate schedule
2. Environmental Compliance: Environmental requirements and warranties - needed for projects with potential environmental impact
3. Construction Monitor: Appointment and duties of construction monitor - required for larger projects
4. Cost Overrun Provisions: Handling of construction cost overruns - recommended for complex projects
5. Assignment and Transfer: Rights to assign or transfer the loan - needed if transferability is contemplated
6. Multiple Borrowers: Joint and several liability provisions - required when there are multiple borrowers
7. Force Majeure: Provisions for unforeseen circumstances affecting construction - recommended for longer-term projects
1. Schedule A - Property Description: Detailed legal description of the property and building plans
2. Schedule B - Construction Schedule: Detailed timeline for construction phases and completion dates
3. Schedule C - Drawdown Schedule: Specific conditions and documentation required for each loan disbursement
4. Schedule D - Construction Budget: Detailed breakdown of construction costs and allocation of loan proceeds
5. Schedule E - Required Permits and Approvals: List of required governmental and regulatory approvals
6. Schedule F - Form of Progress Certificate: Template for construction progress certification
7. Schedule G - Security Documents: Forms of security documents and guarantees
8. Appendix 1 - Building Plans and Specifications: Detailed architectural and engineering plans
9. Appendix 2 - Insurance Requirements: Detailed specifications of required insurance coverage
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Real Estate Development
Construction
Property Development
Infrastructure
Commercial Real Estate
Residential Real Estate
Architecture & Engineering
Insurance
Relevant Teams
Legal
Compliance
Credit Risk
Corporate Banking
Real Estate Finance
Project Management
Construction Management
Property Development
Financial Control
Risk Assessment
Corporate Finance
Facilities Management
Relevant Roles
Bank Manager
Loan Officer
Credit Risk Manager
Construction Manager
Project Manager
Real Estate Developer
Legal Counsel
Compliance Officer
Chief Financial Officer
Property Development Manager
Construction Site Supervisor
Quantity Surveyor
Architect
Civil Engineer
Financial Controller
Risk Assessment Officer
Corporate Banking Manager
Real Estate Finance Manager
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