Extract to table

We note here that the bifurcation will require the preparation and filing of separate building loan and project loan agreements and mortgages, and that the allocation of loan proceeds between the two tranches must be carefully coordinated with the project budget and the construction draw schedule

" A "building loan contract" is defined as a contract "whereby one party agrees to make advances to another for the purpose of improving real property and the other party agrees to use such advances for such purpose

All construction contracts, including the Cobalt GMP Contract and all subcontracts entered into by Cobalt, must comply with the Lien Law trust fund provisions set forth in Article 3-A, as discussed in Section VII

The Building Loan Agreement must be filed with the New York County Clerk (which serves as the filing office for real property in Manhattan) prior to the first advance of building loan funds

Both mortgages must be recorded simultaneously with the New York County Clerk

The allocation must be performed with care, as errors in either direction carry significant risks: • Over-allocation to the building loan bucket (i