The Construction Loan Extension Agreement is utilized when a borrower requires additional time to complete a construction project and repay the loan beyond the original term. This document becomes necessary when construction delays, market conditions, or other circumstances necessitate an extension of the original loan facility. The agreement, governed by Indian law, must comply with the Banking Regulation Act, 1949, and related banking guidelines, while also addressing construction-specific requirements under various Indian construction and real estate laws. It typically includes updated construction milestones, revised repayment terms, and confirmation of existing security arrangements. The document is crucial for both lenders and borrowers to maintain legal compliance while accommodating project timeline changes and ensuring continued financing for the construction project.
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1. Parties: Identifies and defines the Lender, Borrower, and any Guarantors involved in the agreement
2. Background: Recitals explaining the original loan agreement, current status, and reason for extension
3. Definitions: Defines key terms used in the agreement, including references to terms from the original loan agreement
4. Extension of Loan Term: Specifies the new maturity date and any conditions attached to the extension
5. Loan Amount and Interest: Confirms the outstanding loan amount and any modifications to interest rates or terms
6. Repayment Terms: Details the modified repayment schedule, including any changes to installment amounts
7. Construction Milestones: Updated construction completion deadlines and milestone requirements
8. Security Continuation: Confirmation that existing security arrangements continue to apply
9. Representations and Warranties: Updated confirmations from the borrower about their status and project condition
10. Conditions Precedent: Requirements that must be met before the extension becomes effective
11. Fees and Costs: Details of any extension fees, processing charges, and responsibility for legal costs
12. Effect on Original Agreement: Clarifies which terms of the original agreement remain in force
13. Governing Law and Jurisdiction: Confirms the agreement is governed by Indian law and specifies jurisdiction for disputes
1. Additional Security: Include when new security is being added as part of the extension
2. Guarantor's Consent: Required when the original loan has guarantors who need to confirm their continued support
3. Insurance Requirements: Include when updating or modifying insurance requirements for the construction project
4. Modified Construction Specifications: Include when there are changes to the approved construction plans or specifications
5. Cost Overrun Provisions: Include when addressing additional funding needs for cost overruns
6. Step-In Rights: Include when adding or modifying lender's rights to take control of the project
7. Force Majeure Updates: Include when updating force majeure provisions based on recent experiences or requirements
1. Schedule 1 - Original Loan Agreement: Copy or summary of the original loan agreement being extended
2. Schedule 2 - Updated Repayment Schedule: Detailed schedule of revised payment dates and amounts
3. Schedule 3 - Modified Construction Timeline: Updated construction schedule with new milestone dates
4. Schedule 4 - Outstanding Loan Statement: Current loan balance and payment history
5. Schedule 5 - Security Details: List of all security arrangements continuing under the extension
6. Appendix A - Updated Construction Plans: If applicable, revised construction plans and specifications
7. Appendix B - Compliance Certificates: Required certificates and permits for continued construction
8. Appendix C - Insurance Certificates: Updated insurance documentation for the extended period
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Real Estate Development
Construction
Infrastructure
Commercial Property
Residential Property
Industrial Development
Urban Development
Project Finance
Relevant Teams
Legal
Finance
Credit Risk
Construction Management
Project Development
Loan Administration
Compliance
Property Development
Contract Administration
Real Estate
Relevant Roles
Chief Financial Officer
Project Finance Manager
Construction Project Manager
Real Estate Developer
Bank Relationship Manager
Credit Risk Manager
Legal Counsel
Loan Officer
Project Director
Development Manager
Construction Finance Specialist
Property Development Director
Risk Compliance Officer
Contract Administrator
Project Architect
Financial Controller
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