The Building Loan Agreement is essential for construction and development projects requiring external financing in England and Wales. It establishes the framework for construction financing, protecting both lender and borrower interests through detailed provisions on funding, construction obligations, and security arrangements. The agreement is particularly relevant for new developments, major renovations, and commercial construction projects, incorporating specific requirements under English law for construction financing and development regulations. It typically includes provisions for staged drawdowns linked to construction milestones, cost monitoring, and completion guarantees.
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1. Parties: Identifies and defines the lender and borrower
2. Background: Sets out the context and purpose of the loan
3. Definitions: Defines key terms used throughout the agreement
4. Loan Amount and Purpose: Specifies the loan amount and permitted use
5. Drawdown Conditions: Conditions precedent for loan disbursement
6. Interest and Repayment: Interest calculation and repayment terms
7. Security: Details of security arrangements
8. Borrower Covenants: Ongoing obligations of the borrower
9. Representations and Warranties: Standard representations and warranties from the borrower
10. Events of Default: Circumstances constituting default and consequences
11. Boilerplate Provisions: Standard contract terms including notices, amendments, and governing law
1. Cost Overrun Provisions: Additional funding arrangements if project costs exceed estimates - used for larger construction projects
2. Multiple Drawdown Provisions: Terms for staged release of funds - used when loan is disbursed in phases
3. Developer Obligations: Specific obligations for property developers - used when borrower is a developer
4. Insurance Requirements: Specific insurance obligations - used for higher-value developments
5. Environmental Provisions: Environmental obligations and warranties - used for developments on sensitive sites
1. Property Schedule: Details of the property being developed
2. Development Schedule: Construction timeline and milestones
3. Drawdown Schedule: Timeline and conditions for staged payments
4. Form of Drawdown Notice: Template for requesting loan disbursements
5. Cost Schedule: Detailed breakdown of project costs
6. Form of Architect's Certificate: Template for architect's certification of works completed
7. Required Insurance Schedule: Details of required insurance coverage
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