A(n)__________ is an agreement by a lender to replace a construction loan with a permanent loan,usually after certain conditions,such as the timely completion of the project,have been met.
A) substitution agreement
B) interim agreement
C) development commitment
D) take-out commitment

Question

Quizplus · Accepted Answer

A take-out commitment is an agreement by a lender to provide a permanent loan once the conditions, such as completion of the project, have been met, replacing the construction loan.

A(n)__________ Is an Agreement by a Lender to Replace a Construction