Borrower's Obligation. This Note evidences Borrower's obligation to repay Holder the principal amount of Dollars ($ ) with interest for the funds loaned to Borrower by Holder pursuant to the Loan Agreement.
Borrower's Obligation. This Note evidences Xxxxxxxx's obligation to repay Holder the principal amount of One Million Four Hundred Twelve Thousand Eight Hundred Twenty-Seven Dollars ($1,412,827) with interest for the funds loaned to Borrower by Holder pursuant to the Loan Agreement.
Borrower's Obligation. This promissory note (the "Note") evidences Xxxxxxxx's obligation to repay Holder the principal amount of Six Hundred Twenty-Five Thousand Dollars ($625,000) with interest for the funds loaned to Borrower by Xxxxxx to finance the rehabilitation of the Development pursuant to the Development Loan Agreement.
Borrower's Obligation. If any damage to, loss, or destruction of the Property occurs (“Damage”), (A) Borrower shall promptly notify Administrative Agent (to the extent such Damage is in excess of $50,000) and take all necessary steps to preserve any undamaged part of the Property and (B) subject to Administrative Agent’s making Net Proceeds available for Restoration, but regardless of whether any proceeds are sufficient, Borrower shall promptly commence and diligently pursue to completion the restoration, replacement, and rebuilding of the Property as nearly as possible to its value and condition immediately prior to the Damage in accordance with plans and specifications approved by Administrative Agent (“Restoration”); provided, however, such plans and specifications shall not require Administrative Agent’s prior approval so long as such Restoration is in material accordance with the original plans and specifications for the Property. With respect to any Restoration, Borrower shall comply with other reasonable requirements established by Administrative Agent to preserve the security of the Security Instrument.
Borrower's Obligation with Respect to Exclusion of Interest Paid on the Bonds. Except to the extent caused by the actions or omissions of Issuer, the Borrower will not take any action, omit to take any action or permit the taking or omission of any action within its control (including, without limitation, making or permitting any use of the proceeds of the Bonds) if taking or omitting to take such action would cause the interest on the Bonds to be included in the gross income of the recipients thereof (other than the income of a "substantial user" of the Project or a "related person" with the meaning of section 147(a) of the Code) for federal income tax purposes. Toward that end, the Borrower covenants that it will comply with all provisions of the Tax Certificate. This provision shall control in case of conflict or ambiguity with any other provision of this Agreement. In furtherance thereof, the Borrower covenants as follows:
(a) that the Borrower will not cause the Bonds to be treated as "federally guaranteed" obligations for purposes of section 149 of the Code, as may be modified in any applicable rules, rulings, policies, procedures, regulations or other official statements promulgated or proposed by the Department of the Treasury or the Internal Revenue Service with respect to the "federally guaranteed" obligations described in section 149 of the Code. For purposes of this paragraph, the Bonds shall be treated as "federally guaranteed" if (i) all or any portion of the principal or interest is or will be guaranteed directly or indirectly by the United States of America or any agency or instrumentality thereof, or (ii) a significant portion of the proceeds of the Bonds will be (A) used in making loans the payment of principal or interest with respect to which is to be guaranteed in whole or in part by the United States of America or any agency or instrumentality thereof, or (B) invested directly or indirectly in federally insured deposits or accounts, and (iii) such guarantee is not described in section 149(b) of the Code;
(b) that the costs of issuing the Bonds which are financed with proceeds of the Bonds, if any, will not exceed an amount equal to 2 percent of the proceeds received from the sale of the Bonds; and
(c) that the Project will not be operated for a prohibited use under Section 147(e) of the Code and Section 144(c)(6)(B) (including no residential rental property) of the Code, that equipment or fixtures that are a part of the Project will not be moved out of the...
Borrower's Obligation. This Note evidences Borrower's obligation to repay Holder the principal amount of Thousand Dollars ($ ) with interest for the funds loaned to Borrower, Church Lane Housing Corporation and Rubicon Programs, Inc. by Holder to finance the acquisition of the Property and the construction and rehabilitation of the Development in accordance with the Amended and Restated CDBG and HOME Loan Agreement of even date herewith between Borrower and Holder (the "Loan Agreement").
Borrower's Obligation. This Note evidences Borrower's obligation to repay Holder the principal amount of Two Million Dollars ($2,000,000) with interest for the funds loaned to Borrower by Holder to finance the construction of the Development pursuant to the CDBG Loan Agreement between Borrower and Holder of even date herewith (the "Loan Agreement").
Borrower's Obligation. This Note evidences Borrower's obligation to repay Holder the principal amount of Six Hundred Thousand Dollars ($600,000) with interest, for the funds loaned to Borrower by Holder to finance the Rehabilitation pursuant to the Loan Agreement.
Borrower's Obligation. If any Damage or a Taking occurs, then Borrower shall promptly (A) notify Lender of the Damage and take all necessary steps to preserve the Collateral, (B) at Borrower’s expense (1) diligently prosecute any Taking proceedings, (2) consult and cooperate with Lender in handling the Taking proceedings, and (C) subject to Sections 4.1 (o)( ii) - (iv) below and regardless of whether the Net Proceeds are, or Award is, sufficient, commence and diligently (but, unless Lender approves otherwise in writing, no later than 90 days after the Damage occurs) complete the Restoration. Borrower shall comply with Lender’s reasonable requirements to preserve the Collateral. Borrower may not settle any Taking proceedings without Lender’s prior written consent. Lender may (but is not obligated to) participate in all Taking proceedings. Borrower shall sign and deliver all instruments Lender requests in connection with Lender’s participation in any Taking proceeding. All of Lender’s reasonable costs in any Taking proceeding are Additional Costs.
Borrower's Obligation. This promissory note (the "Note") evidences Borrower's obligation to repay Holder the principal amount of Two Million Six Hundred Thirty-Six Thousand Two Hundred Eighty Dollars ($2,636,280) with interest for the funds loaned to Borrower by Holder to finance the rehabilitation of the Development pursuant to the Development Loan Agreement.
