Laserfiche WebLink
• Loan to borrower and the request is made that <br /> the Member Funds be transferred by wire to <br /> at <br /> (title company or closing agent) for the <br /> account of MCCF on the day of <br /> , 200 <br /> (iii) MCCF has received a commitment for the sale <br /> of the Development Loan to <br /> ("Loan Purchaser"), <br /> at a sale price of $ payable by <br /> wire transfer as of the same day Member <br /> Funds are transferred pursuant to this request. <br /> In the event the principal amount of the <br /> Development Loan exceeds the advance <br /> requested by MCCF pursuant to this <br /> Agreement, such difference will be funded <br /> from other sources. <br /> (iv) The Member Funds advanced to MCCF will <br /> not be irrevocably advanced by MCCF to fund <br /> the Development Loan until MCCF has <br /> • confirmed with Escrow Agent that Escrow <br /> Agent has received a wire transfer from Loan <br /> Purchaser in an amount equal to the amount <br /> advanced by Escrow Agent to the title <br /> company or closing agent with respect to such <br /> Development Loan pursuant to 5(b)(i)and(ii) <br /> of this Agreement. <br /> (c) Reimbursement of Member Funds. Funds received by <br /> Escrow Agent from a Loan Purchaser or directly or indirectly <br /> from MCCF with respect to the closing or sale of a <br /> Development Loan funded from the Loan Fund shall be <br /> deposited in the Loan Fund and deemed a reimbursement of <br /> Member Funds previously advanced. <br /> (d) Refund of Member Funds. A Member shall receive a refund <br /> of their deposit balance in the Loan Fund upon 30 days <br /> advance written notice to MCCF and Escrow Agent <br /> specifying the amount of refund which the Member wishes to <br /> receive. This notice may be given at any time after the third <br /> anniversary date of the first deposit to the Loan Fund made by <br /> • the Member. In the event the requested refund by a Member <br /> would reduce the deposit balance in the Loan Fund by the <br /> 3 <br />