Repayment of Note Amount. The Note Amount shall be immediately due and payable in the event that one of the repayment conditions set forth herein, to wit: Borrower commits a material default of the Agreement, this Note, the Deed of Trust securing this Note, or the Regulatory Agreement, and fails to cure said default within the time periods provided in those documents, if any. Otherwise, Borrower shall have no obligation to pay this Note or make any installment payment thereon. At the fifty-fifth (55th) anniversary of the date this Note is executed, provided Borrower has not committed or caused the occurrence of a material default of the Agreement, this Note, the Deed of Trust securing this Note, or the Regulatory Agreement, the Note Amount will forgiven in its entirety. Notwithstanding the foregoing, the full Note Amount may be accelerated as set forth herein. Notwithstanding the foregoing, however, the total amount of the principal, interest and any other amounts owing under this Note shall become immediately due and payable upon the earlier to occur of the following:
Repayment of Note Amount. Borrower shall make an annual payment equal to one hundred percent (100%) of the “Residual Receipts”, as hereafter defined, unless payments are accelerated in accordance with the Note. The first residual receipt payment and compliance date shall be April 1, 2009, as set forth below, and continuing every year thereafter until payment has occurred in full.
Repayment of Note Amount. The Note Amount shall be paid by the Borrower's annual payment to City of fifty percent (50%) of the Residual Receipts from operation of the Project, as determined by a Residual Receipts calculation from the operation of the Project the preceding calendar year; provided, however, that said fifty percent (50%) shall be divided proportionately with the lender(s) of any other loan(s) obtained by Borrower that are payable from Residual Receipts, on the basis of their respective original principal balances net of any repayments made from construction savings. Annual Residual Receipts payments shall be made by the Borrower by cashier's check and shall be delivered on or before May 31st for each year during the term of this Note commencing in the first calendar year following the date construction of the Project has been completed, as evidenced by Xxxxxxxx's obtainment of a Certificate of Occupancy (or equivalent document or approval if City does not issue certificates of occupancy for developments like the Project), and continuing until the Note Amount and all unpaid interest thereon has been repaid in full. Additionally, the Note Amount shall be paid by any or all of the following: (i) seventy-five percent (75%) of the Refinancing Net Proceeds immediately upon any refinancing of the loans secured by the Site (or any part thereof), subject to any required pro rata split with other public agency lenders, to the extent applicable, (ii) one hundred percent (100%) of the Transfer Net Proceeds immediately upon any transfer in whole or in part of the Project, subject to any required pro rata split with other public agency lenders, to the extent applicable, and (iii) any Cost Savings, pursuant to Section 2.7 of the Agreement.
Repayment of Note Amount. The Owner shall make payments on this Note as follows, until the earlier to occur of (i) the full Note Amount is repaid in full or (ii) the Operating Period terminates: the Owner shall pay to the City an amount equal to seventy-five percent (75%) of the Net Profits from the Property on January 15th of each calendar year during the term of this Note. The City shall be entitled to review the books and records of the Owner pertaining to the Operating Expenses and Net Profits of the Property, during normal business hours and upon reasonable advance notice. For the purposes of this Section 3, “Net Profits” means gross income from the Property and any other income the Owner receives from the operation of the Property, less deposits to reserve accounts and “Operating Expenses,” as hereafter defined. “Operating Expenses” shall mean actual, reasonable and customary costs, fees and expenses directly incurred and attributable to the financing, operation, maintenance, and management of the Property, including without limitation payment of debt service on the loans approved by the City as set forth herein, painting, cleaning, repairs and alterations, landscaping, utilities, rubbish removal, sewer charges, real and personal property taxes and assessments, insurance, securities, advertising, promotion and publicity, office, janitorial, cleaning and building supplies, a management fee not to exceed five percent (5%) of gross rents and other income of the Property pursuant to Section 309 of the Agreement; purchase, repairs, servicing and installation of appliances, equipment, fixtures and furnishings, fees and expenses of accountants, attorneys, consultants and other professionals, capital repairs and improvements, and other payments by the Owner pursuant to the Agreement, including indemnity obligations; provided, however, that payments to parties related to or affiliated with Owner for Operating Expenses must not exceed market rates. The Operating Expenses shall not include non-cash expenses, including without limitation, depreciation. The Operating Expenses shall be reported to the City not less than annually in annual financial statements accompanied by a certification of the Owner that such financial statements present the financial position, results of operations, and cash flows fairly and in accordance with generally accepted accounting principles. Owner shall transmit to the City copies of any audited financial statements received by Owner, if any, promptly after r...
Repayment of Note Amount. Annually, upon each anniversary date of the Commencement Date (as that term is defined in the Agreement) Operator shall repay to City $10,000.00, subject to certain adjustments. Upon verification, in the City's sole and absolute discretion, that Operator is not then in default under the Agreement, including but not limited to employment of at least the equivalent of twenty full time positions on the Property, then Operator shall receive a credit as identified in Attachment 5 of this agreement to be used to offset the Operator's annual payment amount owed. In the event that, in any given year, Operator is determined, in City's sole and absolute discretion, to be in default of the Agreement, then the annual balance, with interest, as identified in attachment 5 shall not be so reduced but shall be due in full for said period. Notwithstanding the foregoing, the full Note Amount may be accelerated as set forth herein. The total amount of the principal, interest and any other amounts owing under this Note shall become immediately due and payable, upon written notice to Operator, at the option of the holder of this note, upon the earlier to occur of the following: a. The transfer, merger, sale, lease, exchange, assignment, or other conveyance of an interest in (i) Operator, or (11) Operators interest in the WOWS classic crUl EOA 31 Property, as that term Is defined in the Agreement, or(III)any part or portion greater than 25% thereof; or b. In the event of a default by the Operator in the performance of any of the terms of the Agreement, this Note, orthe UCC-1 Financing Statement which default has not been cured within the period of time set forth in those documents; d. In the event the Operator fails to make payments required by any encumbrance having a priority of record to the UCC-1 Financing Statement securing this note or to perform any obligation under such encumbrance or otherwise allow any such encumbrance to be in default. e. In case of anticipation of bankruptcy, insolvency or financial difficulties: 1. Operator or any guarantor of Operator's obligations hereunder shall generally not pay its debts as they become due or shall admit in writing its inability to pay its debts, or shall make a general assignment for the benefits of creditor; 2. A case is commenced by or against Operator under Chapter 7, 11 or 13 of the Bankruptcy Code, Title 11 of the United States Code as now In force or hereafter amended and if so commenced against Operator, the same is no...
Repayment of Note Amount. The Note Amount shall be paid by the Borrower’s annual payment to Agency of an amount equal to fifty percent (50%) of the Residual Receipts from operation of the Housing Development, as determined by a Residual Receipts calculation from the operation of the Housing Development the preceding calendar year. Annual Residual Receipts payments shall be made by the Borrower by cashier’s check and shall be delivered on or before May 1 for each year during the term of this Note commencing in the first fiscal year following the Conversion Date until the Note Amount and all unpaid interest thereon has been repaid in full. Additionally, the Note Amount shall be paid by any or all of the following: (i) fifty percent (50%) of the Refinancing Net Proceeds immediately upon any refinancing of the loans secured by the Property (or any part thereof), and (ii) one hundred percent (100%) of the Transfer Net Proceeds immediately upon any transfer in whole or in part of the Housing Development.
Repayment of Note Amount. Borrower shall make an annual payment equal to one hundred percent (100%) of the “Residual Receipts”, as hereafter defined, unless payments are accelerated in accordance with the Note. The first residual receipt payment and compliance date shall be April 1, 2009, as set forth below, and continuing every year thereafter until payment has occurred in full. Any balance of the Note shall be due in full on the anniversary date in the 55th year. In the event Borrower and Agency, or Agency’s successor, agree in writing to extend the Affordability Period set forth in Section 302 of the Affordable Housing Agreement, and Section 4 of the Regulatory Agreement, recorded contemporaneously with the Deed of Trust securing this Note, the term for repayment of this Note shall be extended for the duration of the Affordability Period.
Repayment of Note Amount. The Note Amount shall be paid by the Borrower’s annual payment to Authority of an amount equal to Fifty Percent (50%) of the Residual Receipts from operation of the Apartment Complex, as determined by a Residual Receipts calculation from the operation of the Apartment Complex the preceding calendar year. Annual Residual Receipts payments shall be made by the Borrower by cashier’s check and shall be delivered on or before one hundred twenty (120) days after the end of Developer’s fiscal year, of each year during the fifty-eight
Repayment of Note Amount. The Note Amount shall be immediately due and payable in the event that one of the repayment conditions set forth in paragraphs a. and
Repayment of Note Amount. Annually, 1/55 of the Promissory Note shall be fully and irrevocably forgiven and excused (or Developer shall be deemed to have been given a full credit against such payment(s)) unless, on the applicable payment date(s), Developer has failed to satisfy the requirements set forth in this Agreement and the Regulatory Agreement. Notwithstanding the foregoing, however, the total amount of the principal, interest and any other amounts owing under this Note shall become immediately due and payable upon the earlier to occur of the following:
