My point is that on a one time close, there is no "modification" at the time of conversion from the construction phase to the permanent. All terms for the construction and permanent phases of the loan are set within the loan agreement - otherwise, how could you possibly disclose the loan at the time of consummation for TIL and RESPA disclosures? If you want to build in those types of options into the note, then you probably need to be visiting with legal counsel for guidance.
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