Agency Loan Sample Clauses

Agency LoanIn accordance with and subject to the terms and conditions of this Agreement, including the Method of Financing, the Agency agrees to lend to Owner, and Owner agrees to borrow from the Agency, the Agency Loan, contingent upon certification from the City Comptroller that funds are available to the Agency to fund the Agency Loan. At or prior to the Construction Closing, the Parties shall execute and deliver such instruments and documents as may be necessary to evidence and secure the Agency Loan, consistent with the terms of this Agreement, the Disbursement Agreement and the Method of Financing, and each in a form that is acceptable to the Agency Executive Director. The Agency Loan shall be used to pay a portion of the Rehabilitation Costs (which includes the acquisition of the Leasehold) as set forth in the Method of Financing and shall be disbursed pursuant to the Disbursement Agreement commencing on the Construction Closing Date.
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Agency LoanIn accordance with and subject to all the terms, covenants, and conditions of this Agreement, the Agency agrees to provide the Agency Loan for the costs of Public Improvements in an amount not to exceed One Hundred Thousand Dollars($100,000) in consideration for Developer’s agreement to construct Public Improvements in excess of what is required by the City for projects of similar size and scope and as described in the Scope of Development. The Agency Loan shall only be used to pay for qualified construction costs of the Public Improvements as determined by the Agency Executive director.
Agency LoanThe term “Agency Loan” refers to the loan to be made by Landlord to Tenant under the DDA, evidenced by the Agency Note.
Agency LoanThe Agency agrees to loan to the Developer and the Developer hereby agrees to borrow from the Agency the amount of Seven Hundred Sixty-Six Thousand, One Hundred Dollars ($766,100.00) (the “Agency Loan”), subject to the terms and conditions set forth in this Agreement, the Loan Agreement, as amended, and the promissory notes attached hereto as Exhibit B, and amended deed of trust in substantially the form set forth as Exhibit C, and the Totals $766,100
Agency LoanThe County Redevelopment Agency made a loan of Two Hundred Fifty Thousand Dollars ($250,000) in Housing Funds to RCD on April 3, 1993, and increased on October 28, 1993 to Four Hundred Forty Thousand Dollars ($440,000) (the "Original Xxxxxx Null Agency Loan"), as assigned to the Xxxxxx Null Seller. The Original Xxxxxx Null Agency Loan was evidenced by that certain Loan Agreement dated April 3, 1993, between RCD and the County Redevelopment Agency as amended by that certain First Amendment to Agency Loan Agreement dated October 28, 1993, increasing the loan to Four Hundred Forty Thousand Dollars ($440,000) (the "Original Xxxxxx Null Agency Loan Agreement"). The Original Xxxxxx Null Agency Loan was evidenced by that certain Promissory Note executed by RCD for the benefit of the Agency dated April 3, 1993 (the "Original Xxxxxx Null Agency Note"). The Original Xxxxxx Null Agency Loan was secured against the Xxxxxx Null Property by a Deed of Trust and Security Agreement dated July 26, 1994, executed by the Xxxxxx Null Seller and recorded in the Official Records on August 1, 1994, as Instrument No. 94-194935 (the "Original Xxxxxx Null Agency Deed of Trust"). In connection with the Original Xxxxxx Null Agency Loan, RCD and the County entered into a Regulatory Agreement and Declaration of Restrictive Covenants dated October 28, 1993, recorded in the Official Records against the Xxxxxx Null Property on November 10, 1993, as Instrument No. 93-318552 as amended by a First Amendment to Regulatory Agreement between the County and the Xxxxxx Null Seller dated July 26, 1994, and recorded in the Official Records against the Xxxxxx Null Property, as Instrument No. 94-194934 (the "Original Xxxxxx Null Agency Regulatory Agreement").
Agency Loan. The Agency will provide a deferred-payment, low-interest loan to Developer in the maximum amount of Two Million Three Hundred Thousand Dollars ($2,300,000) (the “Loan”) to support development of the affordable rental units. The proceeds of the Loan will be used solely to pay the City’s impact fees assessed for the Project. The City agrees that Developer may defer payment of impact fees for the Project until the later of (i) the date of issuance of a final certificate of occupancy for the Project, or (ii) the closing of the conventional permanent loan for the Project, but in no event later than twenty- four (24) months following issuance of the final certificate of occupancy for the Project, and City further agrees that if all conditions to disbursement of the Loan proceeds are satisfied, but Agency fails to fully fund the Loan, Developer’s obligation to pay impact fees will be reduced by the amount that Agency fails to fund.
Agency LoanThe Agency Loan in the original principal aggregate amount not to exceed $781,073 will be used to finance a portion of the Rehabilitation Costs, subject to the following: (1) The Agency Loan proceeds shall be used solely for the purpose of paying a portion of the Rehabilitation Costs attributable to the acquisition and rehabilitation of the Affordable Units and the development and construction of the Community Center that will exclusively serve and benefit occupants of the Affordable Units, as identified in the Project Budget (Attachment No. 7 to the OPA). (2) Upon satisfaction of the conditions precedent to the Construction
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Agency LoanAgency shall loan to Owner the Agency Loan subject to the conditions and restrictions set forth herein and those set forth in the Promissory Note, Agency Deed of Trust, and the Buyer Disclosure Statement. Owner shall execute, as maker, and deliver to Agency the Promissory Note in favor of Agency, as holder, in the principal amount of the Agency Loan (the “Note Amount”). Owner shall also execute and deliver to Agency the Agency Deed of Trust and the Buyer Disclosure Statement in the form as distributed to Owner prior to receiving the Agency Loan. The Agency Loan shall be used only for the purchase of the Property.
Agency Loan. Agency hereby agrees to loan to Developer and Developer hereby agrees to borrow from Agency an amount not to exceed Five Hundred Thirty Thousand Dollars ($530,000) (“Agency Loan”), subject to the terms and conditions set forth in this Agreement, and subject further to the terms and conditions set forth within the Project Documents, including the Agency Loan Note, the Agency Loan Deed of Trust, and the Regulatory Agreement. The Agency Loan shall be evidenced by the Agency Loan Note and secured by the Agency Loan Deed of Trust and the Security Agreement.
Agency LoanA loan from the Agency (the “Agency Loan”) in the original principal aggregate amount of up to NINE MILLION TWO HUNDRED AND FIFTY FIVE THOUSAND DOLLARS ($9,255,000), of which twenty percent (20%) is to be retained until the issuance of a certificate of occupancy by the City for the Improvements (at which time 10% is released) and Conversion (at which time the remaining 10% is released) respectively, subject to the following: (1) The Agency Loan proceeds shall be used to pay Family Development Costs identified in the Project Budget (Attachment No. 7 to the OPA), including Eligible Predevelopment Costs, in accordance with Section 110 of the OPA; provided, however, that no portion of the Agency Loan may be used to pay for construction of the Improvements within the Retail Space, the Child Care Facility or the Affordable Senior Housing Units. (2) The Agency Loan shall close on the Closing Date, subject to satisfaction of those conditions precedent to Closing set forth herein at Section 7, below and in Section 207 of the OPA. (3) The Agency Loan shall be secured by the Agency Deed of Trust (Attachment No. 9 to the OPA); an Assignment of Rents (Attachment No. 10 to the OPA); an Assignment of Agreements (Attachment No. 11 to the OPA); and a UCC-1 Financing Statement (“UCC-1”) (Attachment No. 13 to the OPA) (collectively referenced herein as “Security Instruments”). The Security Instruments shall be in second priority, subordinate only to the Agency-approved Senior Lender security instruments. (4) The outstanding balance of the Agency Loan shall bear simple interest at the rate of three percent (3.0%) per annum. 1 The total construction costs set forth herein include construction cost for 86 loft/retail parking spaces (73 of which are located in the Parking Garage with the balance provided at street level) and 28 retail parking spaces (17 of which are located in the Parking Garage with the balance provided at street level). Construction Costs for these spaces will be funded by sources other than the Agency Loan. (5) The Agency Loan shall be repaid to the extent of the Agency's share of the residual receipts, as set forth in the Agency Loan Note (Attachment No. 8B to the OPA) and shall be subject to a principal reduction in the event ofCost Savings” (defined below) and/or “Additional Proceeds” (defined below). (A) The payments received by the Agency as residual receipts shall be applied as they are received to the outstanding balance of principal and interest of ...
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