Loan to Borrower. The Issuer covenants and agrees, upon the terms and conditions in this Agreement, to make a loan to the Borrower for the purpose of refunding the Prior Bonds. Pursuant to said covenant and agreement, the Issuer will issue the Bonds upon the terms and conditions contained in this Agreement and the Indenture. The Issuer and the Borrower agree that the application of the proceeds of sale of the Bonds to refund and redeem the Prior Bonds will be deemed to be and treated for all purposes as a loan to the Borrower of an amount equal to the aggregate principal amount of the Bonds. The Borrower covenants and agrees to pay to the trustee for the Prior Bonds an amount which, when added to the amounts transferred to such trustee pursuant to Section 3.02 of the Indenture, will be sufficient to pay, on or before August 1, 2005, the redemption price of the Prior Bonds and all other amounts due under the indenture pursuant to which such Prior Bonds were issued all in accordance with the terms of such indenture.
Loan to Borrower. The Loan to be made hereunder will be evidenced by Borrower’s Promissory Note. The Note will be payable as set forth therein.
Loan to Borrower. The City and the Borrower agree that the application of the proceeds of sale of the Bonds to refund and retire a portion of the Prior Bonds and the first mortgage bonds of the Borrower relating thereto will be deemed to be and treated for all purposes as a loan to the Borrower of an amount equal to the principal amount of the Bonds.
Loan to Borrower. The City agrees to lend Borrower the sum of One Million Twenty Thousand and No/100 Dollars ($1,020,000.00) in accordance with the terms and conditions of this Loan Agreement (the “Loan”). In addition to the Loan Agreement, the City and Borrower will enter into a promissory note in form satisfactory to the City evidencing this Loan (the “Promissory Note”), and Borrower shall cause the Partnership to execute a covenant securing the Property for use as affordable housing as required by Section 6 hereof (the “Covenant”). The Loan shall mature and be due and payable on the fortieth (40th) anniversary of the date of the Promissory Note (“Maturity Date”) if not sooner paid. The outstanding principal balance of the Loan shall bear simple interest at a rate of zero percent (0%) per annum until paid in full or forgiven in accordance with the terms hereof. Repayment shall be forgiven by the City on the Maturity Date so long as Borrower is in compliance with the terms and conditions of this Loan Agreement and the Partnership is in compliance with the Covenant. The Borrower shall lend the entirety of the loan proceeds to the Partnership for development of the Project in accordance with Exhibit A, which will be evidenced by a loan agreement and a promissory note, and secured by a leasehold deed of trust (the “Leasehold Deed of Trust”) encumbering the Property.
Loan to Borrower. Lender has agreed to make a loan to Borrower in the principal amount of up to $15,700,000 (the “Loan”) in accordance with the terms and conditions of this Agreement. Along with other sources of capital, Borrower shall use the proceeds of the Loan to make the Leverage Loan. All obligations, liabilities and indebtedness of Borrower under and in connection with the Loan and any or all of the documents executed in connection with the Loan (collectively, “Loan Obligations”) are secured by a collateral assignment of Leverage Loan Documents, pursuant to that certain Collateral Assignment of Leverage Loan Documents, dated as of the date hereof, from Borrower to Lender (as amended, restated, supplemented or otherwise modified at any time and from time to time, the “Assignment”). This Agreement, the Note (as hereinafter defined), the Assignment and any and all other agreements, documents or instruments which at any time evidence, secure or guaranty payment and/or performance of all or any portion of the Loan Obligations, as the same may be amended, restated, supplemented or otherwise modified at any time and from time to time, are collectively referred to herein as the “Loan Documents”).
Loan to Borrower. (i) The Company will make the Loan to Borrower for its use in acquiring, planning and developing the Property and paying fees and other debt service payments relating to the Property and the Loan. The Loan will be evidenced by certain loan documents (including, but not limited to, a loan agreement, a promissory note, and a deed of trust encumbering the Property) (collectively, the “Loan Documents”), which will include such terms and conditions as the Manager may deem appropriate, including, but not limited to, the Loan will have a one-year loan term (subject, however, to one 90-day extension thereof), be subject to simple interest at the rate of 15% per annum (subject to increase in the event of a default under the Loan), and require monthly interest-only payments with the outstanding balance due upon maturity.
(ii) Borrower will be responsible for paying, among other charges, (i) a loan origination fee due to Versant Commercial Brokerage, Inc. in an amount equal to 2% of the principal amount of the Loan, (ii) all costs of formation and organization of the Company, (iii) reimbursement to the Company of the fee payable by the Company to Monarch equal to 1% of the capital raised under the Offering, as well as fees for other services related to the preparation of the Offering, payable upon the closing of the Offering and from proceeds of such Offering; and (iv) other costs of the Offering, all payable at closing out of proceeds of the Loan. Borrower will reimburse the Company, on a monthly basis, for all ongoing organizational costs relating to the Company and any and all legal expenses and other costs reasonably incurred by the Company with respect to the Offering, the Loan and/or the Company’s organization and continuing existence. Borrower will also be responsible for reimbursing the Company for the initial management set-up fee and the monthly management fees to be paid by the Company to the Manager as compensation for the Manager’s services to the Company as detailed in Section 6.04(b) of this Agreement, as well as the fees due to Monarch.
(iii) The Manager, on behalf of the Company, will prepare, execute and/or deliver such documents as are necessary or advisable to document the Loan to Borrower (including, but not limited to, the Loan Documents, and any requisite resolutions or consents) upon the terms set forth herein and upon such other and additional terms and the Manager.
Loan to Borrower. The Authority covenants and agrees, upon the terms and conditions in this Agreement, to make a loan to the Borrower for the purpose of financing the Project. Pursuant to said covenant and agreement, the Authority will issue the Bonds upon the terms and conditions contained in this Agreement and the Indenture. The Authority and the Borrower agree that the application of the proceeds of sale of the Bonds to finance the Project will be deemed to be and treated for all purposes as a loan to the Borrower of an amount equal to the aggregate principal amount of the Bonds.
Loan to Borrower. The loan will be evidenced by Borrower's Promissory Note payable to Lender ("Note") in the principal amount of $ ("Loan"). The purpose of the Loan is to pay for labor and materials to construct, repair, replace, alter, or add to a residence certain improvements ("Improvements") on the Property ("Work") located at: , ("Property"). The Work is described in the plans, specifications and statements showing the itemized cost of construction which shall be incorporated into the Loan Agreement.
Loan to Borrower. As of the Effective Date, B01Tower' s principal indebtedness and balance owed to Lender evidenced by this Senior Amended Note is in the amount of Thirty Four Million Seven Hundred Forty Four Thousand Five Hundred Twenty-One Dollars and Sixty-Two Cents ($34,744,521.62) (the "Loan Amount"). For value received, BoITower hereby unconditionally promises to Lender the Loan Amount together with interest accrued thereon, as specified below, upon the terms and conditions set forth in this Senior Amended Note. This Senior Amended Note does not extinguish the outstanding indebtedness owed under and evidenced by the Original Note and is not intended to be a substitution or novation of the original indebtedness or instruments evidenced by the prior Original Note, which shall continue in full force and effect, except as specifically amended and restated hereby. Additionally, this Senior Amended Note does not extinguish or modify Lender's security interest in the assets and collateral of Borrower in connection with and under the Original Security Agreements, which shall continue in full force and effect, except as specifically amended and restated in the Amended Security Agreements.
Loan to Borrower. The Authority hereby lends to the Borrower the maximum principal sum of $13,000,000, derived solely from the proceeds of sale of the Bonds. The Borrower hereby borrows said sums from the Authority pursuant to this Loan Agreement for the purpose of (a) purchasing the Project Facility; (b) funding the Debt Service Reserve Account of the Bond Fund; and (c) paying all or a portion of the costs incurred in connection with the issuance of the Bonds
