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County Loan Sample Clauses

County 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 County of the County Loan in an amount equal to the sum of (1) the County Loan Prorata Percentage of the Lenders' Share of Residual Receipts and (2) the result obtained by multiplying the County Additional Prorata Share by the Local Lenders' Share of Residual Receipts (each such payment, an "Annual County Loan Payment"). The County shall apply all Annual County Loan Payments to the County Loan as follows: (1) first, to accrued interest, and (2) second, to principal. ii. Borrower shall repay the County Loan pursuant to the terms of the County Loan Agreement and the County Note. In the event of any conflict between the repayment terms and provisions of the County Loan Agreement and this Agreement, the provisions of this Agreement apply. The County may not consent to any amendment or waiver of the terms of the County Loan Agreement or the County Note if such amendment or waiver could reasonably be deemed to materially adversely affect the City, without the City's prior written approval, which the City may withhold in its sole discretion.
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County Loan i. Commencing on June 1, 2019, 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 County Loan Prorata Percentage of the Lenders' Share of Residual Receipts and (2) the County Additional Prorata Share multiplied by Borrower's Shared Portion of Residual Receipts (each such payment, an "Annual County Loan Payment"). A numerical example of the methodology to be used to calculate the Annual County Loan Payment is shown in Exhibit B attached hereto. In the event of a conflict between the text of this Section 2(a) and Exhibit B, the text of this Section 2 (a) will prevail. The County shall apply all Annual County Loan Payments to the County Loan as follows: (1) first, to accrued interest, and (2) second, to principal. ii. Borrower shall repay the County Loan pursuant to the terms of the County Loan Agreement and the County Note. In the event of any conflict between the repayment terms and provisions of the County Loan Agreement and this Agreement, the provisions of this Agreement apply. The County may not consent to any amendment or waiver of the terms of the County Loan Agreement or the County Note if such amendment or waiver could reasonably be deemed to materially adversely affect the City, without the City's prior written approval, which the City may withhold in its sole discretion.
County 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 County Loan Prorata Percentage of the Lenders' Share of Residual Receipts and (2) subject to Subsection (c) below, the County Additional Prorata Share multiplied by Borrower's Shared Portion of Residual Receipts (each such payment, an "Annual County Loan Payment"). A numerical example of the methodology to be used to calculate the Annual County Loan Payment is shown in Exhibit B attached hereto. In the event of a conflict between the text of this Section 2(a) and Exhibit B, the text of this Section 2 (a) will prevail. The County shall apply all Annual County Loan Payments to the County Loan as follows: (1) first, to accrued interest, and
County 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 County Loan Prorata Percentage of the Lenders' Share of Residual Receipts (each such payment, an "Annual County Loan Payment"). The County shall apply all Annual County Loan Payments to the Loan as follows: (1) first, to accrued interest, and (2) second, to principal. ii. No later than ten (10) days after the date Borrower receives its final capital contribution from the Investor Limited Partner, Borrower shall pay to the County as a special repayment of the Loan, an amount equal to the Available Net Proceeds (the "Special County Loan Payment"). iii. Borrower shall repay the County Loan pursuant to the terms of the County Loan Agreement and the County Note. In the event of any conflict between the repayment terms and provisions of the County Loan Agreement and this Agreement, the provisions of this Agreement apply. The County may not consent to any amendment or waiver of the terms of the County Loan Agreement or the County Note if such amendment or waiver could reasonably be deemed to materially adversely affect the City, without the City's prior written approval, which the City may withhold in its sole discretion.
County LoanThe County shall provide the "County Loan" to the Developer to finance the acquisition and construction of the Development in the principal amount of approximately Six Million Six Hundred Thirty-Nine Thousand One Hundred Thirty- Seven Dollars ($6,639,137), consisting of Two Million Four Hundred Fifty Thousand Dollars ($2,450,000) representing the capitalize rent value of the Property (established by an appraisal) and Four Million One Hundred Eighty-Nine Thousand One Hundred Thirty-Seven Dollars ($4,189,137) of County Housing Monies (and subject to adjustments pursuant to Section 3.5(b)) made from the County to the Developer pursuant to the terms of this Agreement. The Developer's obligation to repay the County Loan shall be evidenced by the Promissory Note and secured by the Assignment Agreement, which shall be executed by the Developer concurrently herewith.‌
County LoanCity will allocate $2,900,000 of its share of the Alameda County A1 Bond Program funds to the Phase A Project (“County Loan”). Alameda County (“County”) will be responsible for making and administering the County Loan. City will enter into an Intercreditor Agreement with County which sets forth the procedure for allocation of residual receipts to the City Loan and County Loan, and the provides for the lien priority of the City Loan Deed of Trust and County Loan Deed of trust to be on parity.
County 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 County in an amount equal to the County Loan Prorata Percentage of the Lenders' Share of Residual Receipts (each such payment, an "Annual County Loan Payment"). A numerical example of the methodology to be used to calculate the Annual County Loan Payment is shown in Exhibit B attached hereto. In the event of a conflict between the text of this Section 2(a) and Exhibit B, the text of this Section 2 (a) will prevail. The County shall apply all Annual County Loan Payments to the County Loan as follows: (1) first, to accrued interest, and (2) second, to principal. ii. Borrower shall repay the County Loan pursuant to the terms of the County Loan Agreement and the County Note. In the event of any conflict between the repayment terms and provisions of the County Loan Agreement and this Agreement, the provisions of this Agreement apply. The County may not consent to any amendme nt or waiver of the terms of the County Loan Agreement or the County Note if such amendment or waiver could reasonably be deemed to materially adversely affect the City, without the City's prior written approval, which the City may withhold in its sole discretion.
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County Loan i. Commencing on June 1, 2023, and on June 1 of each year thereafter during the Term, Borrower shall make a loan payment to the County in an amount equal to the sum of (1) the County Loan Prorata Percentage of the Lenders' Share of Residual Receipts, and (2) the results obtained by multiplying the County Additional Prorata Share by Borrower's Shared Portion of Residual Receipts (each such payment, an "Annual County Loan Payment"). A numerical example of the methodology to be used to calculate the Annual County Loan Payment is shown in Exhibit B attached hereto. In the event of a conflict between the text of this Section 2(a) and Exhibit B, the text of this Section 2 (a) will prevail. The County shall apply all Annual County Loan Payments to the County Loan as follows: (1) first, to accrued interest, and (2) second, to principal. ii. Borrower shall repay the County Loan pursuant to the terms of the County Loan Agreement and the County Note. In the event of any conflict between the repayment terms and provisions of the County Loan Agreement and this Agreement, the provisions of this Agreement apply. The County may not consent to any amendment or waiver of the terms of the County Loan Agreement or the County Note if such amendment or waiver could reasonably be deemed to materially adversely affect the Housing Authority, without the Housing Authority's prior written approval, which the Housing Authority may withhold in its sole discretion.
County Loan i. Commencing on June 1, 2019, 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 County Loan Prorata Percentage of the Lenders' Share of Residual Receipts and (2) the County Additional Prorata Share multiplied by Borrower's Shared Portion of Residual Receipts (each such payment, an "Annual County Loan Payment") until the County Loan is paid in full. (a) will prevail. The County shall apply all Annual County Loan Payments to the County Loan as follows: (1) first, to accrued interest, and
County LoanUpon receipt of the County Loan proceeds, the City shall retain $65,000 to pay $30,000 of administrative costs and $35,000 of engineering costs in connection with the Project. In addition, the City shall disburse the remaining County Loan proceeds directly to the Developer for the acquisition of Equipment eligible to be financed by the County Loan as indicated on Exhibit F hereto. Upon the acquisition of such Equipment the Developer shall submit to the City (1) a brief description of the Equipment purchased with such funds, (2) bills, receipts, invoices, or other documents reasonably acceptable to the City evidencing the acquisition of such Equipment in an amount equal to $35,000, and (3) a certificate of the Developer to the effect that the Equipment purchased with the proceeds of the County Loan were not the subject of any other request for disbursement pursuant to this Agreement. The Developer agrees to submit to the City the above mentioned attachments in form and substance reasonably satisfactory to the City and such other documents and certificates as the City may reasonably request to evidence the proper expenditure of the County Loan proceeds for the purposes of payment of the costs of the Equipment. The City has no duty to ascertain the correctness of any documents submitted in connection with any direction to disburse funds.
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