Ground Up Max Construction
When entering a Construction Loan for Ground Up Max Construction the customer is able to also enter information for the general contractor, architect and engineer:
If name of the specific contractor etc is not yet available at time of ordering docs, you can select to fill it out later and blank lines will flow into the documents:
If you choose to enter the respective contractor data then follow along for the fields to complete:
For Ground Up Max Construction Loan Documents, the below assignments of contracts will pull into your loan document order and are affected by the user's data input:
The contractor informations flow into the Exhibit B "Construction-Related Defined Terms" of the Loan Agreement:
Leaving the details for the Architect blank versus entering it will affect the Assignment of Architect's Contract, Plans and Specifications:
:
Leaving the details for the General Contractor blank versus entering it will affect the Assignment of Construction Contract:
Leaving the details for the Engineer blank versus entering it will affect the Assignment of Engineering Contract,Plans and Specifications:
Fix'n Flip Loans
For Fix'n Flip Loans, which can be selected by toggeling to "yes" under Repair Agreement, the user can select to turn "Omnibus Assignment of Agreements, etc. (Including General Contract, Architect’s Plans & Specs, and/or Engineer’s Plans & Specs)?" on or off:
"Omnibus Assignment of Agreements, etc. (Including General Contract, Architect’s Plans & Specs, and/or Engineer’s Plans & Specs)?" turned off:
versus
"Omnibus Assignment of Agreements, etc. (Including General Contract, Architect’s Plans & Specs, and/or Engineer’s Plans & Specs)?" turned on:
Selecting to turn on the Omnibus Assignment of Agreements pulls in the below document:
The Omnibus Assignment further states that the borrower is giving the lender backup control over all the important paperwork and rights tied to a construction project as security for a construction loan. That entails Contracts with the architect, contractor, and engineer, Construction plans and specifications, Permits, licenses, approvals, and warranties, and Any other agreements related to building the project.
Further references will be in the Loan Agreement:
Please see linke for sample of the ASSIGNMENT OF AGREEMENTS, PERMITS, LICENSES AND APPROVALS here: Omnibus Assignment of Agreements, Permits, Licenses.