City Loan i. Commencing on June 1, 2017, and on June 1 of each year thereafter during the Term, Borrower shall make a loan payment in an amount equal to the sum of (1) the City Loan Prorata Percentage of the Lenders' Share of Residual Receipts, and (2) the City Additional Prorata Share multiplied by Borrower's Shared Portion of Residual Receipts (each such payment, an "Annual City Loan Payment"). A numerical example of the methodology to be used to calculate the Annual City Loan Payment is shown in Exhibit B attached hereto. In the event of a conflict between the text of this Section 2(b) and Exhibit B, the text of this Section 2(b) will prevail. The City shall apply all Annual City Loan Payments to the Combined City Loan as follows: (1) first, to accrued interest, and (2) second, to principal for the City Loan.
ii. Borrower shall repay the City Loan pursuant to the terms of the City Loan Agreement and the City Notes. In the event of any conflict between the repayment terms of the City Loan Agreement and this Agreement, the provisions of this Agreement apply. The City may not consent to any amendment or waiver of the terms of the City Loan Agreement or the City Notes, if such amendment or waiver could reasonably be deemed to materially adversely affect the County, without the County's prior written approval, which the County may withhold in its sole discretion.
City Loan i. Commencing on June 1, 2020, and on June 1 of each year thereafter during the Term, Borrower shall make a loan payment to the City in an amount equal to the City Loan Prorata Percentage of the Lenders' Share of Residual Receipts (each such payment, an "Annual City Loan Payment"). A numerical example of the methodology to be used to calculate the Annual City Loan Payment is shown in Exhibit B attached hereto. In the event of a conflict between the text of this Section 2(b) and Exhibit B, the text of this Section 2(b) will prevail. The City shall apply all Annual City Loan Payments to the Restructured City Loan as follows:
(1) first, to accrued interest, and (2) second, to principal for the City Loan.
ii. Borrower shall repay the City Loan pursuant to the terms of the City Loan Agreement and the City Note. In the event of any conflict between the repayment terms of the City Loan Agreement and this Agreement, the provisions of this Agreement apply. The City may not consent to any amendment or waiver of the terms of the City Loan Agreement or the City Note, if such amendment or waiver could reasonably be deemed to materially adversely affect the County, without the County's prior written approval, which the County may withhold in its sole discretion.
City Loan. In accordance with and subject to the terms and conditions of this Agreement, including the Method of Financing (Attachment No. 3), the City agrees to lend to Developer, and Developer agrees to borrow from the City, the City Loan, as described in the Method of Financing (Attachment No. 3), an amount not to exceed FIVE MILLION DOLLARS ($5,000,000), including any City Predevelopment Loan proceeds disbursed to
City Loan. A loan from the City (the “City Loan”) in the original principal aggregate amount of up to $17,160,000, of which ten percent (10%) is to be retained until completion of Initial Lease Up, subject to the following:
(1) The City’s obligation to provide the City Loan is wholly contingent on approval by the California Department of Finance of the expenditures for the City Loan in the applicable ROPS as set forth in Section 214 of the DDA.
(2) The City Loan proceeds shall be used to pay Acquisition and Development Costs identified in the Project Budget (Attachment No. 7 to the DDA), including Eligible Predevelopment Costs, in accordance with Section 214 of the DDA; provided, however, that no portion of the City Loan may be used to pay for construction of the Improvements within the Retail Space.
(3) The City Loan term shall commence upon Closing, subject to satisfaction of those conditions precedent to Closing set forth herein at Section 7, below.
(4) The City Loan shall be secured by the City Deed of Trust (Attachment Nos. 9 and 9A to the DDA); an Assignment of Rents (Attachment No. 10 to the DDA; an Assignment of Agreements (Attachment No. 11 to the DDA); and a UCC-1 Financing Statement (“UCC-1”) (Attachment No. 13 to the DDA) (collectively referenced herein as “Security Instruments”). The Security Instruments shall be in second priority, subordinate only to the City-approved Senior Lender security instruments.
City Loan. In accordance with HOME Regulations, 24 CFR Part 92, the City agrees to loan to the Developer the amount of Five Hundred Forty Two Thousand, Seven Hundred and Two dollars ($542,702) (the “City Loan”) for the acquisition of the Property. The Loan subject to the terms and conditions set forth in this Agreement, and subject further to the terms and conditions set forth within the documents and instruments executed by the Developer in connection with this transaction, including the notes and deed of trust attached hereto as Exhibit “B-1” and Exhibit “B-2” and “C” and the “Regulatory Agreement,” in substantially the form set forth in Exhibit D and subject to the Master Loan Agreement. No interest shall accrue on the City Note, the term of which shall be fifty-five years from the date the Promissory Note is executed (the "Note Term"). Developer shall have no obligation to repay the City Loan or Promissory Note, or make any installment payments thereon, unless and until Developer commits a material default of this Agreement, the Promissory Note, Deed of Trust, or Regulatory Agreement, and fails to cure said default within the time periods provided in those documents, if any. Upon the occurrence of any uncured material default by the Developer, the City Loan shall be immediately repaid to the City. At the end of the Note Term, provided Developer has not committed or caused the occurrence of a material default of this Agreement, the Promissory Note, Deed of Trust, or the Regulatory Agreement, the City Loan shall be forgiven in its entirety and the City shall, upon the request by Developer, execute and record a partial reconveyance deed removing the portion of the deed of trust attributable to the City Loan from title. The City Loan shall be disbursed to or on behalf of the Developer for the remaining portion of the cost of the acquisition of the Property. The City Loan shall be disbursed to or on behalf of the Developer for the acquisition of the Property, and other related expenses (escrow, title insurance, taxes, closing costs) upon the satisfaction of the conditions set forth in Section 104 hereof. The City Loan shall be used to fund Five Hundred Forty Two Thousand, Seven Hundred and Two dollars ($542,702) , towards the acquisition of the Property.
City Loan. In accordance with HOME Regulations, 24 CFR Part 92, the City agrees to loan to the Developer the amount of Three Hundred Eighty Nine Thousand, Four Hundred and Seventy dollars ($389,470) (the “City Loan”) for the development of the Property. The City Loan is subject to the terms and conditions set forth in this Agreement, and subject further to the terms and conditions set forth within the documents and instruments executed by the Developer in connection with this transaction, including the notes and deed of trust attached hereto as Exhibit B-1 and Exhibit
City Loan. Borrower shall have obtained and received one hundred percent (100%) of the proceeds of the City Loan, all of which shall have been disbursed to pay Project Costs shown on the Disbursement Budget, and delivered evidence satisfactory to Bondowner Representative thereof.
City Loan. City will make a construction/permanent loan to the Developer for the Phase A Project in the amount of $7,100,000 (“City Loan”). The City Loan will accrue interest at 3% per annum, unless the County of Alameda and California Department of Housing Community Development each reduce their loan interest rate to below 3% per annum, in which case the City Loan will accrue interest at the same per annum rate set by the California Department of Housing Community Development for the Phase A Project. The term of the City Loan will be the earlier of (i) the fifty-seventh (57th) anniversary of the City Loan origination date, or (ii) the fifty-fifth (55th) anniversary of the date that City issues a Certificate of Occupancy for the Phase A Project. The City Loan will be repaid through Developer’s payment of a mutually determined percentage of the residual receipts of the completed Phase A Project. The Phase A Project residual receipts will be allocated on a pro rata basis between the City Loan, the County Loan and other governmental loans to the Phase A Project which are to be paid through residual receipts. The terms of the City Loan will be set forth in a Promissory Note to be provided by Developer to City at the financial closing for the Phase A Project. The City Loan Promissory Note will be secured by a Deed of Trust to be recorded against the Developer’s ground leasehold interest in the Property. The Regulatory Agreement will also be recorded against the ground leasehold interest in the Property. The City Loan will be nonrecourse, and will be subordinate to the primary construction and permanent loan for the Phase A Project. The City Loan will be disbursed at the construction loan closing, contingent on Developer receipt of building permits and all other required City approvals for the Phase A Project, closing of all other construction financing, and other standard conditions. City and Developer shall enter into a mutually acceptable Affordable Housing Loan Agreement which sets forth the terms and conditions of the City Loan, and attaches the form of the Promissory Note, Deed of Trust and Regulatory Agreement for the Phase A Project.
City Loan i. Commencing on April 1, 2018, and on April 1 of each year thereafter during the Term, Borrower shall make a loan payment in an amount equal to the City Loan Prorata Percentage of the Lenders' Share of Residual Receipts (each such payment, an "Annual City Loan Payment"). The City shall apply all Annual City Loan Payments as follows:
(1) first, to accrued interest, and (2) second, to principal for the City Loan.
ii. Borrower shall repay the City Loan pursuant to the terms of the City Loan Agreement and the City Note. In the event of any conflict between the repayment terms of the City Loan Agreement and this Agreement, the provisions of this Agreement apply. The City may not consent to any amendment or waiver of the terms of the City Loan Agreement or the City Note, if such amendment or waiver could reasonably be deemed to materially adversely affect the County, without the County's prior written approval, which the County may withhold in its sole discretion.
City Loan i. Commencing on June 1, 2025, and on June 1 of each year thereafter during the Term, Borrower shall make a loan payment to the City in an amount equal to the sum of (1) the City Loan Prorata Percentage of the Lenders' Share of Residual Receipts and (2) the City Additional Prorata Percentage of the Local Lender's Share of Residual Receipts (each such payment, an "Annual City Loan Payment"). The City shall apply all Annual City Loan Payments to the City Loan as follows: (1) first, to accrued interest, and (2) second, to principal for the City Loan.
ii. Borrower shall repay the City Loan pursuant to the terms of the City Note. In the event of any conflict between the repayment terms of the City Note and this Agreement, the provisions of this Agreement apply. The City may not consent to any amendment or waiver of the terms of the City Note, if such amendment or waiver could reasonably be deemed to materially adversely affect the County, without the County's prior written approval, which the County may withhold in its sole discretion.
