Building Loan Contract - New York

BUILDING LOAN CONTRACT
Date
The parties agree as follows:
Lender:
Address:
Borrower:
Address:
The word “Borrower” used in this Contract includes all borrowers,
1. Lender agrees to Lend to Borrower the sum of Dollars
($ ).
The purpose of the Loan is to pay for Improvements on the Property of the Borrower.
Borrower agrees to pay interest on money advanced at % per year from the date of the
advance, in equal monthly installments of $ , until
20 , when the entire amount is due.
2. The Property is more particularly described in the deed from
, as grantor
to , as grantee,
dated and recorded .
3. Borrower agrees to complete the Improvements described below. Borrower shall file Plans
and Specifications with the government departments having authority and shall obtain all
necessary approvals and building permits. The Plans and Specifications shall be approved by
Lender in writing. No changes shall be made without Lender’s written consent. All the
above shall be accomplished before payment of the first installment. The Improvements are
described as follows:
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