Acquisition and construction cost reimbursement loan agreement is a legal arrangement between a borrower and a financial institution wherein the institution undertakes to reimburse the cost of acquiring and constructing a property on the occurrence of a specific event.
For example a house owner enters into an Acquisition and construction cost reimbursement loan agreement with a bank and when he acquires and completes a specific percentage of construction as specified in the agreement the cost is refunded to the owner in form of a loan repayable in form of installments over a longer duration. Such an agreement contains all the specific clauses with respect to the loan amount sanctioned, the stages in which the loan would be reimbursed, the time period in which the construction is to be completed, and the interest rates, rights of the parties, the repayment plan, scope of amendments and an effective dispute resolution mechanism.
ACQUISITION AND CONSTRUCTION COST REIMBURSEMENT LOAN AGREEMENT
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