City Loan i. Commencing on June 30, 2019, and on June 30 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) subject to Subsection (c) below, 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 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, 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 HOME Regulations, 24 CFR Part 92, the City agrees to loan to the Developer the amount of Five Hundred Ninety, Nineteen Thousand ($590,019) (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 attached hereto as Exhibit “B-1” and Exhibit “B-2”, and amended deed of trust in substantially the form set forth as Exhibit “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 Ninety, Nineteen Thousand ($590,019), towards the acquisition of the Property.
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 $11,600,000, of which ten percent (10%) is to be retained until Conversion, 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 No. 9 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. 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. In accordance with HOME Regulations, 24 CFR Part 92, the City agrees to loan to the Developer the amount of Four Hundred Fifty Two Thousand, Two Hundred and Thirty Four dollars ($452,234) (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. City agrees to provide a loan of funds to Borrower under the terms and conditions of the Loan Documents.
City Loan. City agrees to lend to the Borrower, and Borrower agrees to borrow from City, the City Loan. Concurrently with the execution of this Agreement, City and Borrower have executed and delivered the City Loan Documents.
City Loan. The City Loan in the original principal aggregate amount not to exceed $800,000 will be used to finance a portion of the Improvement Costs, subject to the following:
(1) The City Loan proceeds shall be used solely for the purpose of paying a portion of the Improvement Costs attributable to the acquisition and development of the Eligible Residential Units, as identified in the OPA and Project Budget (Attachment No. 7 to the OPA).
(2) Upon satisfaction of the conditions precedent to the Construction Closing set forth herein at Section 7 below, $720,000 of the City Loan (i.e., 90% of the maximum loan balance) shall be disbursed prior to and upon Completion as set forth in the disbursement schedule attached as Exhibit B to the Disbursement Agreement, and the balance of $80,000 (including the 10% “Retention” and portions of the City Loan to be paid upon Conversion and the approval of a final cost certification under the Disbursement Agreement) shall be disbursed upon completion of all conditions precedent as set forth in the Disbursement Agreement and Section 324 of the OPA.
(3) The term of the City Loan shall be fifty-five (55) years from the Occupancy Date (as defined in the City Note);
(4) The City Loan shall be secured by the following documents (collectively, the “Security Instruments”): the City Deed of Trust (Attachment No. 9 to the OPA); the Assignment of Rents (Attachment No. 11 to the OPA); the Assignment of Agreements (Attachment No. 12 to the OPA); and the UCC-1 Financing Statement (Attachment No. 14 to the OPA). The Security Instruments shall be subject to the City/Housing Commission Agreement (Attachment No. 21 to the OPA) and subordinate to the Construction Loan, the Permanent Loan, the Multifamily Housing Revenue Note (Tax Exempt), the Multifamily Housing Revenue Note (Tax Exempt) Deed of Trust, and any deed of trust securing any Senior Loan and any regulatory agreement to be recorded in connection with the Multifamily Housing Revenue Note (Tax Exempt).
(5) The outstanding balance of the City Loan shall bear simple interest at the rate of three percent (4.0%) per annum.
(6) Except as otherwise provided in the City Note, the City Loan shall be repaid, to the extent of the “Public Lenders’ Share of Residual Receipts” (as defined in the City Note), which is as follows: