Common use of Multifamily Bonds Clause in Contracts

Multifamily Bonds. In connection with the issuance of Florida Housing’s Multifamily Bonds, Special Counsel, whether serving as Special Counsel or as disclosure counsel, in bond transactions (other than remarketing issues), shall be paid the following fees: Up to $15,000,000 $20,000 $30,000 $15,000,001- $25,000,000 $20,000 plus $.875/$1,000 of bond amount over $15,000,000 $30,000 plus $.875/$1,000 of bond amount over $15,000,000 $25,000,001 and above $28,750 plus $.65025/$1,000 of bond amount over $25,000,000 $38,750 plus $.65025/$1,000 of bond amount over $25,000,000 a. Florida Housing may withhold $2,500 of Special Counsel’s fee at closing when providing real estate representation. Florida Housing shall release the withheld fees when it has received the transcripts including recorded documents from Special Counsel. b. In the event of a simultaneous bond issuance of more than a single series of bonds pertaining to the same borrower and utilizing identical or substantially identical financing structures and documentation, Florida Housing shall pay Special Counsel in its capacity as disclosure counsel for Florida Housing a fee determined on an aggregate basis for the total amount of the simultaneous bond issuance and not computed on each individual bond issuance. Florida Housing shall also pay Special Counsel in its capacity as disclosure counsel for Florida Housing an additional increment for each separately documented series or issue simultaneously delivered in an amount determined by Florida Housing, after discussions and negotiations between Florida Housing and Special Counsel, based on an assessment of the amount of work required by Special Counsel in the commitment relating to such issuance. c. In the event a bond transaction is commenced but not closed, the payment of any fee to Special Counsel for legal services, as Florida Housing’s real estate counsel, general corporation representative and as disclosure counsel, shall be subject to the availability of funds from any forfeited deposit in conformity with Florida Housing policy. d. For re-marketings, Special Counsel fees in pending bond transactions, shall be negotiated based on the complexity of the transaction. e. For workouts and bond restructurings not including a bond issuance, the fees to be charged to and paid by the borrower/developer (or by Florida Housing in cases where there is no separate borrower/developer) for the services performed by Special Counsel on behalf of Florida housing, including all post-closing representation, shall be negotiated on a case-by-case basis.