The Simple Construction Loan Agreement is essential for financing construction projects in the Philippines, providing a legally compliant framework for both lenders and borrowers. This document is typically used when a borrower requires financing for new construction, renovation, or development projects, with loan disbursement usually tied to construction milestones. The agreement incorporates key requirements from Philippine banking regulations, construction laws, and consumer protection legislation, ensuring comprehensive coverage of lending terms, construction specifications, and security arrangements. It's particularly suited for straightforward construction projects where a single lender provides financing to a borrower, as opposed to more complex syndicated lending arrangements. The document addresses essential elements including loan terms, construction requirements, monitoring provisions, and security arrangements, while maintaining compliance with Philippine legal requirements.
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1. Parties: Identifies and defines the Lender and Borrower with their complete legal names, addresses, and registration details
2. Background: Describes the context of the loan, including the construction project's basic details and the parties' intentions
3. Definitions: Defines key terms used throughout the agreement for clarity and consistency
4. Loan Amount and Purpose: Specifies the total loan amount and confirms its exclusive use for the construction project
5. Interest Rate and Fees: Details the interest rate, calculation method, and any applicable fees
6. Disbursement of Loan: Outlines the conditions and process for loan disbursement, typically in tranches based on construction progress
7. Repayment Terms: Specifies the repayment schedule, payment methods, and consequences of default
8. Security and Collateral: Details the assets or guarantees securing the loan
9. Representations and Warranties: Lists the legal assertions made by the Borrower regarding their capacity and the project
10. Borrower's Covenants: Sets out the Borrower's ongoing obligations regarding the construction project and loan
11. Construction Requirements: Specifies construction standards, timelines, and completion requirements
12. Monitoring and Inspection Rights: Establishes the Lender's rights to monitor construction progress and inspect the project
13. Events of Default: Lists circumstances constituting default and their consequences
14. Remedies: Outlines the Lender's rights and remedies in case of default
15. Governing Law and Jurisdiction: Specifies Philippine law as governing law and determines jurisdiction for disputes
16. Notices: Details how formal communications between parties should be made
17. Miscellaneous: Includes standard boilerplate provisions such as amendments, severability, and entire agreement
1. Insurance Requirements: Detailed insurance obligations - include when specific insurance coverage is required beyond standard construction insurance
2. Environmental Compliance: Environmental obligations and warranties - include for projects with significant environmental impact
3. Force Majeure: Provisions for unforeseen circumstances - particularly relevant for longer-term construction projects
4. Assignment and Transferability: Rules for transferring loan obligations - include when transfer rights are important to either party
5. Contractor Requirements: Specific requirements for contractors - include when the lender wants control over contractor selection
6. Cost Overrun Provisions: Handling of construction cost overruns - include for larger or complex projects
7. Step-In Rights: Lender's rights to take over project - include for higher-value loans or critical projects
1. Schedule 1 - Project Details: Detailed description of the construction project, including plans and specifications
2. Schedule 2 - Disbursement Schedule: Detailed breakdown of loan disbursement tranches and corresponding construction milestones
3. Schedule 3 - Required Permits and Licenses: List of all required regulatory approvals and their status
4. Schedule 4 - Form of Drawdown Notice: Template for requesting loan disbursements
5. Schedule 5 - Security Documents: List and copies of all security documents
6. Schedule 6 - Construction Timeline: Detailed project timeline with milestones and completion dates
7. Schedule 7 - Insurance Requirements: Detailed list of required insurance policies and coverage amounts
8. Appendix A - Property Documents: Copies of property titles, permits, and related documents
9. Appendix B - Construction Budget: Detailed construction budget and cost breakdown
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Construction and Engineering
Real Estate Development
Infrastructure
Commercial Property
Residential Property
Industrial Development
Hospitality
Retail Development
Healthcare Facilities
Relevant Teams
Legal
Credit Risk
Compliance
Construction Management
Project Finance
Real Estate
Corporate Banking
Project Management
Contract Administration
Risk Assessment
Property Development
Financial Control
Relevant Roles
Loan Officer
Credit Risk Manager
Construction Project Manager
Legal Counsel
Banking Compliance Officer
Property Developer
Construction Manager
Contract Administrator
Financial Controller
Real Estate Manager
Construction Finance Specialist
Credit Analyst
Chief Financial Officer
Project Finance Manager
Risk Assessment Officer
Construction Site Supervisor
Development Director
Bank Branch Manager
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