Gap Assistance. The Parties acknowledge that the Agency Loan is intended to be “gap” assistance, not to exceed the amount needed to bridge the gap between the total Rehabilitation Costs (as set forth in the Method of Financing) and the maximum loans and tax credits and rebates obtainable, but in any event not to exceed the respective dollar amounts set forth in the Method of Financing. The principal amount of the Agency Loan shall be reduced or repaid, or both, as provided in the Agency Note and the Method of Financing.
Gap Assistance. The Parties acknowledge that the City Loan is intended to be “gap” assistance, not to exceed the amount needed to bridge the gap between the total Improvement Costs (as set forth in the Method of Financing) and the maximum loans, grants, tax credits and rebates, and Owner Equity obtainable, but in any event not to exceed the respective dollar amounts set forth in the Method of Financing. The principal amount of the City Loan shall be reduced or repaid, or both, as provided in the City Note and the Method of Financing.
Gap Assistance. Notwithstanding any other provisions of this Agreement, the Parties acknowledge that the Agency Loan is intended to be gap assistance, not to exceed the amount needed to bridge the gap between the total Rehabilitation Costs (as defined in the OPA) and the maximum loans obtained by Owner plus Owner’s Equity, but in any event not to exceed the respective dollar amounts set forth in this Method of Financing. In the event that both the actual amount of the Rehabilitation Costs is less than the total amount of Rehabilitation Costs set forth in the final Agency- approved Project Budget, and the permanent Sources of Financing for the Rehabilitation Costs are greater than the actual amount of the Rehabilitation Costs, then the Cost Savings (as defined below) shall be applied to reduce the principal amount of the Agency Loan as provided in Section 2.1.f below, and the Additional Proceeds (as defined below) shall be applied to repay the Agency Loan, as provided in Section 2.2.g below. Except as otherwise provided by the OPA (including Section 204.f thereof), the Agency Deed of Trust shall not be subordinated to such increased amount of any construction and permanent Sources of Financing beyond the sources and respective amounts allowed by the OPA and this Method of Financing, without the prior written approval of the Agency Board.
Gap Assistance. The parties acknowledge that the City Loan is intended to be gap assistance, not to exceed the amount needed to bridge the gap between the total Acquisition and Development Costs (as defined herein and in the Method of Financing) and the maximum loans obtainable by Developer plus Developer’s equity. In furtherance of this acknowledgement, Developer agrees to the following conditions (“Conditions”): The maximum amount of the City Loan shall not exceed SEVENTEEN MILLION ONE HUNDRED SIXTY THOUSAND DOLLARS ($17,160,000), If there are any increases in Project’s funding gap due to lower tax credit pricing or development cost increases, the additional gap shall be funded by Developer through additional deferment of Developer fees, Developer equity, or other non-City sources. Developer understands and agrees that the Developer’s performance of the Conditions are a material inducement to the City’s execution of this Agreement and that in the event of any dispute between the parties, the Agreement shall be interpreted in a manner that furthers the intent of the Conditions for the benefit of the City. Developer understands and agrees that the Developer’s performance of the Conditions are a material inducement to the City’s execution of this Agreement and that in the event of any dispute between the parties, the Agreement shall be interpreted in a manner that furthers the intent of the Conditions for the benefit of the City. No portion of the City Loan may be used to pay construction costs directly attributable to the Retail Improvements.
Gap Assistance. Notwithstanding any other provisions of this Agreement, the Parties acknowledge that the City Loan is intended to be gap assistance, not to exceed the amount needed to bridge the gap between the total Improvement Costs (as defined in the OPA) and the maximum loans, grants, tax credit equity, and other financing sources obtainable by Owner plus Owner Equity and Deferred Developer Fee, but in any event not to exceed the respective dollar amounts set forth in this Method of Financing. In the event that both the actual amount of the Improvement Costs is less than the total amount of Improvement Costs set forth in the final City-approved Project Budget, and the permanent Sources of Financing for the Improvement Costs are greater than the actual amount of the Improvement Costs, then the Cost Savings (as defined below) shall be applied to reduce the principal amount of the City Loan as provided in Section 2.1.c.11 below, and the Additional Proceeds (as defined below) shall be applied to repay the City Loan, as provided in Section 2.2.j below. Except as otherwise provided by the OPA (including Section 204.f thereof), the City Deed of Trust shall not be subordinated to such increased amount of any construction and permanent Sources of Financing beyond the sources and respective amounts allowed by the OPA and this Method of Financing, without the prior approval of the City Council.
Gap Assistance. The parties acknowledge that the City Loan is intended to be gap assistance, not to exceed the amount needed to bridge the gap between the total Acquisition and Development Costs (as defined herein and in the Method of Financing) and the maximum loans obtainable by Developer plus Developer’s equity. In furtherance of this acknowledgement, Developer agrees to the following conditions (“Conditions”): The maximum amount of the City Loan shall not exceed ELEVEN MILLION SIX HUNDRED THOUSAND DOLLARS ($11,600,000). If there are any increases in Project’s funding gap due to lower tax credit pricing or development cost increases, the additional gap shall be funded by Developer through additional deferment of Developer fees, Developer equity, or other non-City sources. Developer understands and agrees that the Developer’s performance of the Conditions are a material inducement to the City’s execution of this Agreement and that in the event of any dispute between the parties, the Agreement shall be interpreted in a manner that furthers the intent of the Conditions for the benefit of the City.
Gap Assistance. The parties acknowledge that the City Loan is intended to be gap assistance, not to exceed the amount needed to bridge the gap between the total Acquisition and Development Costs (as defined herein and in the Method of Financing) and the maximum loans, grants and other sources obtainable by Developer plus Developer’s equity. In furtherance of this acknowledgement, Developer agrees to the following conditions (“Conditions”):
1. The maximum amount of the City Loan shall not exceed FIVE MILLION DOLLARS ($5,000,000). If there are any increases in Project’s funding gap due to lower tax credit pricing or development cost increases, the additional gap shall be funded by Developer through additional deferment of Developer fees, Developer equity, or other non-City sources.
2. Developer shall use best efforts to pursue Low Income Housing Tax Credits. To that end, Developer shall be provided with sufficient time and agree to apply for 9% tax credits in connection with the Affordable Units and if unsuccessful or, if Developer can structure the Project financing with 4% Low Income Housing Tax Credits in a manner that does not increase the funding gap.
Gap Assistance. The Parties acknowledge that the City Loan is intended to be “gap” assistance, not to exceed the amount needed to bridge the gap between the total Additional Rehabilitation Costs (as set forth in the Project Budget) and the maximum loans and tax credits and rebates obtainable, but in any event not to exceed the respective dollar amounts set forth in the Project Budget. The principal amount of the City Loan shall be reduced or repaid, or both, as provided in the City Note.
Gap Assistance. The parties acknowledge that the Agency Loan is intended to be gap assistance, not to exceed the amount needed to bridge the gap between the total Development Cost (as defined herein and in the Method of Financing) and the maximum loans obtainable by Owner plus Owner’s equity. In furtherance of this acknowledgement, Owner agrees to the following conditions (“Conditions”):
1. The maximum amount of the Agency Loan shall not exceed NINE MILLION TWO HUNDRED AND FIFTY-FIVE THOUSAND DOLLARS ($9,255,000). If there are any increases in Project’s funding gap due to lower tax credit pricing or development cost increases, the additional gap shall be funded by Owner through additional deferment of Owner fees, Owner Equity, or other non-Agency sources. If Owner proposes to redesign the Project or add new features to the Project which result in a cost savings, the Agency Loan shall be reduced to reflect such changes.
2. Owner shall use best efforts to pursue Low Income Housing Tax Credits. To that end, Owner shall be provided with sufficient time and agree to apply for 4% tax credits in connection with the Affordable Family Housing Units.
3. The Owner shall use best efforts to obtain funding from CalHFA pursuant to the Mental Health Services Act Housing (MHSA) Program to be used to finance a portion of the 13 Supportive Housing Units. In the event Owner is unsuccessful in obtaining funding from CalHFA pursuant to the MHSA Program, Owner shall use best efforts to apply for alternative financing for the Supportive Housing Units, including, but not limited to financing from the Section 8 voucher program as a capital funding source and/or an operating funding source, as necessary to fill any gaps. Any gap financing procured from any of the sources referenced in this paragraph 3 shall be used towards Development Costs. Notwithstanding the foregoing, or anything to the contrary set forth in this Agreement or any documents executed in conjunction herewith, the San Diego Housing Commission has not agreed to provide Section 8 vouchers to the Project; Section 8 vouchers may or may not be provided to the Project in the sole discretion of the San Diego Housing Commission. Owner shall use best efforts to procure the above referenced gap financing in accordance with the Schedule of Performance (Attachment No. 5). For purposes of this paragraph 3e, “best efforts” means Owner has used diligent efforts to submit applications for available alternative gap financing sources that are timel...
Gap Assistance. The Agency Loans are intended to serve as gap assistance, not to exceed the amount needed to bridge the gap between other loans obtainable by Developer plus Developer’s equity and Development Costs (as defined herein and as set forth in the Project Budget (Attachment No. 7)). In furtherance of this acknowledgement, Developer agrees that if there are any increases in Project’s funding gap for whatever reason, including without limitation, lower tax credit pricing or development cost increases, the additional gap shall be funded by Developer through additional deferment of Developer fees, Developer equity, or other non-Agency sources. If Developer proposes to redesign the Project or add new features to the Project which result in a cost savings or Developer obtains additional sources of financing or equity, the savings or additional financing sources will be allocated in accordance with the terms set forth in the Amended Method of Financing (Attachment No. 3).
