Agency Predevelopment Loan Sample Clauses

Agency Predevelopment Loan. Agency hereby agrees to loan to Owner and Owner hereby agrees to borrow from Agency a predevelopment loan (the “Agency Predevelopment Loan”) pursuant to the terms and conditions contained herein. Agency shall make the Agency Predevelopment Loan to Owner from available funds as reasonably determined to be available by the Agency. The Agency Predevelopment Loan proceeds shall be used solely to reimburse the Owner for up to seventy- five percent (75%) of Eligible Predevelopment Costs, not to exceed a total disbursement of One Million Nine Hundred and Fifty Thousand Dollars ($1,950,000.00). The Agency Predevelopment Loan shall be evidenced by and subject to the terms and conditions set forth in the Agency Predevelopment Loan Note (Attachment No. 8A) and secured by that certain Assignment of Plans (Attachment No. 11) attached hereto and incorporated by this reference, provided however, in the event such Agency Predevelopment Loan amount exceeds $1,000,000, the balance of the Agency Predevelopment Loan amount in excess of $1,000,000 shall also be secured by a Guaranty Agreement substantially conforming in form and substance to that certain Predevelopment Loan Guaranty Agreement (Attachment No. 29) attached hereto and incorporated herein by this reference. The funds to be advanced pursuant to the Agency Predevelopment Loan Note shall be withdrawn from the Agency’s Low and Moderate Income Housing Fund.
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