City Loan. Subject to the receipt of HUD approval, the City agrees to loan to the Developer and the Developer hereby agrees to borrow from the City the amount of Six Hundred Eighty Thousand Dollars ($680,000.00) (the “City 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 note and deed of trust attached hereto as Exhibit “B” 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 City Loan Promissory Note is executed (the "Note Term"). Developer shall have no obligation to repay the City Loan or City Loan Promissory Note, or make any installment payments thereon, unless and until Developer commits a material default of this Agreement, the City Loan Promissory Note, City Loan 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 City Loan 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 (a) the remaining portion of the cost of the acquisition of the Property and (b) the cost of the Rehabilitation of the Property. If there are any remaining proceeds of the City Loan after the completion of the Rehabilitation, such proceeds shall be paid to the Agency in repayment of a portion of the Agency Loan. The City Loan shall be disbursed to or on behalf of the Developer upon the satisfaction of the conditions set forth in Section 104 hereof. The City Loan shall be junior in priority to and subordinate to the Agency Loan.
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.
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:
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 SEVENTEEN MILLION ONE HUNDRED SIXTY THOUSAND DOLLARS ($17,160,000), including any City Predevelopment Loan proceeds disbursed to Developer for
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 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 Restructured City Loan as follows: (1) first, to accrued interest, and (2) second, to principal for the City Loan.
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 i. Commencing on May 15, 2025, and on May 15 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 result obtained by multiplying the City Additional Prorata Share by the Local Lenders' 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, if any, and (2) second, to principal for the City Loan.
City Loan. (1) Subject to satisfaction of the conditions set forth in this Article III, the City agrees to loan the Developer the proceeds of the MIF Loan, the County Loan and the Western Minnesota RLF Loan in an amount not to exceed $700,000 to be used to pay a portion of the costs of the Equipment (the “Loan”).
City Loan. (A) Separate from the City Contribution and the conveyance of the City Parcels, the City shall lend to ArenaCo an amount equal to the sum of all application, impact, permit and other fees that ArenaCo must pay to the City or to other governmental or quasi‐governmental entities for the design, development and construction of the Arena, up to a maximum amount of $12,000,000.
