New Revision to Authority Loan and Note Amount Sample Clauses

New Revision to Authority Loan and Note Amount. In order to retain Xxxx # 000 as affordable housing, the Housing Authority agreed to revise the amount of the Authority Loan to reflect the current 2013 “affordability gap”, and revise the Authority Loan amount to Forty Thousand Dollars ($40,000) (the “Authority Loan”), which is secured by this Note SUBJECT TO THE ADJUSTMENTS, CONDITIONS AND RESTRICTIONS SET FORTH HEREIN. Maker acknowledges that the Authority Loan will not actually be paid in cash to the Authority or the Developer, but represents the Affordability Gap. Maker executes, and deliver to Authority this amended promissory note in favor of Authority, as holder, in the principal amount of the Authority Loan (the “Note Amount”,“Note” or “Promissory Note”), together with an amended Deed of Trust. No interest shall accrue on the Note Amount. The Note Amount shall become earlier due and payable upon the sale, transfer or refinancing of the Property or upon default of this Agreement. Any remaining amounts of the Note Amount which have not earlier become due and payable shall be forgiven in full upon the forty-fifth (45th) anniversary of the Original 2008 Note. AS A CONDITION OF THIS LOAN MODIFICATION, THE PARTIES AGREE TO MODIFY AND ADJUST THE AMOUNT OF THE AUTHORITY NOTE FROM TIME TO TIME AS SET FORTH IN THIS SECTION. THE ADJUSTMENT TO THE AUTHORITY NOTE SHALL OCCUR ON AN AGREED UPON DATE DURING AN OPEN ESCROW TO CONVEY THE UNIT TO A PROPOSED BUYER AND AFTER THE AUTHORITY DETERMINED AND VERIFIED THAT THE HOUSEHOLD INCOME OF A PROPOSED BUYER IS AN ELIGIBLE PERSON OR FAMILY (AS SUCH TERMS AND ALL CAPITALIZED TERMS ARE DEFINED HEREINAFTER), AND DETERMINED WHETHER THE PROPERTY IS AVAILABLE TO SUCH BUYER AT AN AFFORDABLE HOUSING COST. AT THAT TIME, THE AUTHORITY SHALL DETERMINE IF THE AMOUNT OF THE AUTHORITY LOAN REFLECTS THE THEN CURRENT CORRECT “AFFORDABILITY GAP” AS SPECIFIED IN RECITAL D ABOVE. IN THE EVENT THE “AFFORDABILITY GAP” IS GREATER THAN OR LESS THAN THE AMOUNT OF THE AUTHORITY NOTE, (WHICH IS $40,000) THEN THE NOTE AMOUNT SHALL BE ADJUSTED DURING ESCROW AND ONLY APPLICABLE TO THAT APPROVED SALE. FOR EXAMPLE, IF PARTICIPANT DESIRES TO SELL THE UNIT WITH A FAIR MARKET VALUE OF $200,000 AND AN AFFORDABLE SALES PRICE VALUED AT $170,000, THE $30,000 DIFFERENCE IS THE NEW AFFORDABILITY GAP, AND AS SUCH THE AUTHORITY NOTE WILL BE ADJUSTED ACCORDINGLY. IF HOWEVER, ANOTHER SALES OCCURS TO AN AFFORDABLE BUYER IN TEN YEARS, AND IF THE FAIR MARKET VALUE IS THEN $250,000, AND IF THE THEN AFFORDABLE SALES ...
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Related to New Revision to Authority Loan and Note Amount

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