Common use of City Loan Clause in Contracts

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. Subject to the receipt of HUD approvalIn accordance with HOME Regulations, 24 CFR Part 92, the City agrees to loan to the Developer and the Developer hereby agrees to borrow from the City the amount of Six Five Hundred Eighty Thousand Dollars Forty Two Thousand, Seven Hundred and Two dollars ($680,000.00542,702) (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 note notes and deed of trust attached hereto as Exhibit “BB-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 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 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 junior in priority used to fund Five Hundred Forty Two Thousand, Seven Hundred and subordinate to Two dollars ($542,702) , towards the Agency Loanacquisition of the Property.

City Loan. Subject to the receipt of HUD approvalIn accordance with HOME Regulations, 24 CFR Part 92, the City agrees to loan to the Developer and the Developer hereby agrees to borrow from the City the amount of Six Five Hundred Eighty Ninety, Nineteen Thousand Dollars ($680,000.00590,019) (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 note and deed of trust notes attached hereto as Exhibit “BB-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 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 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 junior in priority used to and subordinate to fund Five Hundred Ninety, Nineteen Thousand ($590,019), towards the Agency Loanacquisition of the Property.

City Loan. Subject to the receipt of HUD approvalIn accordance with HOME Regulations, 24 CFR Part 92, the City agrees to loan to the Developer and the Developer hereby agrees to borrow from the City the amount of Six Three Hundred Eighty Thousand Dollars Nine Thousand, Four Hundred and Seventy dollars ($680,000.00389,470) (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 note notes and deed of trust attached hereto as Exhibit “B” B-1 and “C” Exhibit C-1, 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 CityCity as set forth in Section 402. At the end of the Note Term, provided Developer Xxxxxxxxx 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 DeveloperXxxxxxxxx, 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 costs of the cost of the acquisition of the Property and (b) the cost of the Rehabilitation development 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 and other related expenses (escrow, title insurance, taxes, closing costs) upon the satisfaction of the conditions set forth in Section 104 103 hereof. The City Loan shall be junior in priority used to fund Three Hundred Eighty Nine Thousand, Four Hundred and subordinate to Seventy dollars ($389,470), towards the Agency Loandevelopment of the Property.

City Loan. Subject to the receipt of HUD approvalIn accordance with HOME Regulations, 24 CFR Part 92, the City agrees to loan to the Developer and the Developer hereby agrees to borrow from the City the amount of Six Four Hundred Eighty Thousand Dollars Fifty Two Thousand, Two Hundred and Thirty Four dollars ($680,000.00452,234) (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 note notes and deed of trust attached hereto as Exhibit “B” B-1 and “C” Exhibit C-1, 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 CityCity as set forth in Section 402. At the end of the Note Term, provided Developer Xxxxxxxxx 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 DeveloperXxxxxxxxx, 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 costs of the cost of the acquisition of the Property and (b) the cost of the Rehabilitation development 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 and other related expenses (escrow, title insurance, taxes, closing costs) upon the satisfaction of the conditions set forth in Section 104 103 hereof. The City Loan shall be junior in priority used to fund Four Hundred Fifty Two Thousand, Two Hundred and subordinate to Thirty Four dollars ($452,234), towards the Agency Loandevelopment of the Property.

City Loan. Subject to the receipt of HUD approvalIn accordance with HOME Regulations, 24 CFR Part 92, the City agrees to loan to the Developer and the Developer hereby agrees to borrow from the City the amount of Six Four Hundred, Forty-Two Thousand, Five Hundred Eighty Thousand Dollars ($680,000.00442,500) (the “City Loan”), ) for the rehabilitation 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 note notes and deed of trust attached hereto as Exhibit “BB-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-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 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 104 103 hereof. The City Loan shall be junior used to fund Four Hundred, Forty-Two Thousand, Five Hundred ($442,500), towards the rehabilitation and household moving expenses for those who voluntarily move in priority to and subordinate to or outside of the Agency LoanProperty.