(1) The Authority may, in its discretion with respect to any loan, make progress payments of the loan (hereinafter called “progress advances”) as construction of the premises proceeds.
(2) Progress advance shall not be made unless the Authority is satisfied that the full value of the required borrower's equity has gone into the construction or in the purchase of land.
(3) Progress advance, or aggregate of any number of progress advances shall not exceed an amount which, when added to the full value of the borrower's equity, equals 75% of the value of the stage of construction reached at the date of application for such progress advance, as determined by the Authority.
(4) Progress advance shall not be made unless the Authority is satisfied that the borrower has, from any previous advance made, or from his or her borrower's equity, discharged his or her obligations with respect to labour and materials, at least in such proportion as the amount of such equity and progress advances made bears relation to the approved loan.
(5) Progress advance shall not be made unless the Authority has been satisfied with matters pertaining to land title and completion of required documents securing the loan, or any part thereof advanced as progress advances.