Architect's Certificate for Initial Advance (Construction Loan) | Practical Law

Architect's Certificate for Initial Advance (Construction Loan) | Practical Law

A Standard Document required by construction lenders as a condition precedent to funding the initial advance under a construction loan. In this certificate the architect certifies the adequacy of the architectural drawings and certain facts pertaining to the architect's agreement, the plans and specifications prepared by the architect, and the property including its zoning, access, use, and required governmental approvals and permits. This Standard Document contains drafting notes that discuss the scope of the architect's obligations under its contract with the property owner, the ramifications of exceeding the scope of its obligations, the owner's collateral assignment of the architect's contact to its lender and ownership and use of the plans and specifications.

Architect's Certificate for Initial Advance (Construction Loan)

Practical Law Standard Document w-002-8667 (Approx. 13 pages)

Architect's Certificate for Initial Advance (Construction Loan)

by Practical Law Real Estate
MaintainedUSA (National/Federal)
A Standard Document required by construction lenders as a condition precedent to funding the initial advance under a construction loan. In this certificate the architect certifies the adequacy of the architectural drawings and certain facts pertaining to the architect's agreement, the plans and specifications prepared by the architect, and the property including its zoning, access, use, and required governmental approvals and permits. This Standard Document contains drafting notes that discuss the scope of the architect's obligations under its contract with the property owner, the ramifications of exceeding the scope of its obligations, the owner's collateral assignment of the architect's contact to its lender and ownership and use of the plans and specifications.