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Construction Loan Disbursement Agreement

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CONSTRUCTION LOAN DISBURSEMENT AGREEMENT

Order No.

THIS AGREEMENT, made and entered into as of the ____ day of __________________, ______, by and

between _________________________________________________________________ (“Lender”),

Fidelity National Title Insurance Company

(the “Escrowee”),

________________________________________________________________________

(“Owner”),

and ___________________________________________________________________ (“Contractor”);

WITNESSETH:

WHEREAS, the Lender has entered into an agreement to make a construction loan with owner in

the principal sum of $__________________________________________________________________

to be secured by a mortgage upon the premises described in Exhibit A attached hereto; and

WHEREAS, Lender contemplates that there will be approximately _____ disbursements pursuant

to said loan; and

WHEREAS, Lender will make or has made application to Escrowee for issuance of Escrowee’s

ALTA mortgage policy insuring the mortgage. When the mortgage, in recordable form, is in Escrowee’s

hands, same will be recorded promptly or per instructions. Thereafter, Escrowee will disburse the loan

proceeds in accordance with the terms of this Agreement.

WHEREAS, Lender desires that Escrowee serve as disbursing agent, and Escrowee desires so to

serve, but only upon the terms and conditions hereinafter set forth;

NOW, THEREFORE, in consideration of the covenants and commitments herein contained, the

parties agree as follows:

1. From time to time, Lender will deposit funds with Escrowee, and Escrowee shall disburse the

funds so deposited in accordance with the terms of this agreement (i) to pay the costs of construction of

the improvement to be erected on the above-described premises, and, where authorized, to pay

nonconstruction items approved by the owner and lender, and (ii) to obtain partial and/or final lien

waivers and releases and satisfactions of liens and other encumbrances, if any, pursuant to the sworn

statements of amounts due approved by the owner and lender. The inspector/architect is

_____________________________________________________________ and the general contractor is

____________________________________________________________________________________.

Construction Loan Disbursement Agreement

Page 1

Construction Loan Disbursement Agreement

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