OAHSSC agrees to lend to the Proponent as a forgivable Loan, upon the terms and subject to the conditions set out in this Agreement, the amount of dollars and cents ($ ) for each Unit included in the Development Activities for the FIMUR Housing Program by the Proponent pursuant to the Proposal, the total amount of such Loan being dollars and
OAHSSC shall disburse the amount of the Loan Funding in accordance with the Funding Schedule attached as Schedule “B”.
OAHSSC acknowledges and agrees that notwithstanding that the Security provides that the principal secured there under is payable on demand, OAHSSC shall have no right to demand payment there under except in accordance with the provisions of this Agreement relating to repayment. In the event of a conflict or inconsistency between the provisions of this Agreement and the Security, the provisions of this Agreement shall prevail with respect to Funds provided by
OAHSSC. The Security shall rank as first priority against the Project, unless the OAHSSC determines that the Security shall have a lesser priority.
OAHSSC is advised by the Proponent that the Project will not proceed; or
OAHSSC may conduct an audit, investigation, or inquiry in relation to the Project or any larger development or project of which the Project is a part and the Proponent shall co- operate with OAHSSC and provide free access to the Project and to such staff, documents, books, records and accounts as may be determined by
OAHSSC. The Proponent will permit OAHSSC to make copies of said documents, books, records, and accounts maintained by the Proponent and that in the event that any issue is uncovered by OAHSSC during any review or audit, that all costs and expenses associated with the review or audit shall be the responsibility of the Proponent.
OAHSSC. The Proponent shall not make any public announcement respecting the Project, insofar as it relates to the Program, or respecting its participation in the Program or respecting the Program in any other respect without the prior written consent of OAHSSC.
OAHSSC to register security on closing. And upon receipt of funds by OAHSSC from MMAH. Up to 80% of the Maximum Funds. Upon receipt of: • A copy of the certificate of substantial completion for the Project; • A copy of the Occupancy Permit (if applicable); • Confirmation of Occupancy; • Initial Occupancy Report; and • Submission of a Statement of Expenses (SSE). And upon receipt of funds by OAHSSC from MMAH. Up to 20% of the Maximum Funds plus up to any amount not advanced above but in no instance shall the total payments exceed 100% of the Maximum Funds. Name of Proponent Project Name SCHEDULE C CONTRIBUTION BY OTHERS CONTRIBUTION BY AMOUNT $ HST rebate As applicable TOTAL CONTRIBUTION BY OTHERS: $0.00 Name of Proponent Project Name SCHEDULE C CONTRIBUTION BY PROPONENT CONTRIBUTION BY AMOUNT $ Proponent contribution – land $0.00
OAHSSC shall not substantially modify the terms of any project-specific agreement, including the Partnership Agreement, without providing written notice to the other party to the agreement and a reasonable opportunity for the other party to address the implications of such action.
