Common use of Required Equity Funds Clause in Contracts

Required Equity Funds. Borrower shall furnish Lender with evidence in form and content satisfactory to Lender that, as of the date of each Advance, Borrower has invested Cash equity in an amount equal to or greater than (a) $8,916,000 or (b) 20% of the Total Project Costs or (c) the difference between the Development Budget and the maximum Loan 55 amount of $35,664,000 for approved Project-Related Costs (the “Required Equity Funds”). Notwithstanding the foregoing, if the Borrower realizes cost savings from the development of the Project, either in the form of Hard Costs or Soft Costs, Advances may be advanced to Borrower provided that (i) the Borrower would not have less than $8,916,000 of cash equity in the Project through such Advance and (ii) the Debt Service Coverage Ratio shall be equal to or greater than 1.15 to 1.0 assuming a fully advanced Loan using a debt service constant of 7.31%, and (iii) the loan-to-value ratio for the Property is no greater than 80% assuming a fully advanced Loan. If Borrower is in non-compliance solely with respect to condition (i) above, at Borrower’s option, either (A) any excess cost savings (funds in excess of the amount so that the Required Equity Funds shall continue to be satisfied) shall be deposited as follows: (1) 100% into the Replacement Reserve Account until the amount on deposit in such account equals the Replacement Reserve Cap, and then (2) 100% of any excess into the Rollover Reserve Account until the amount on deposit in such account equals the Rollover Reserve Cap, and then (3) 100% of any excess into any other Reserves required by Lender pursuant to this Agreement, or (B) Borrower shall release Lender from its obligation to fund the remaining amounts of the Loan and Borrower and any guarantor under the Rate Lock Agreement pays for the breakage costs, if any, on the unfunded portion of the Loan payable pursuant to the Rate Lock Agreement. If Borrower is in compliance with respect to condition (i) above but is not in compliance with conditions (ii) and (iii) above, any excess cost savings shall, at Borrower’s option, (A) be held back by Lender as additional collateral for the Loan until satisfaction of each of the requirements are satisfied, or (B) be deposited as follows: (1) 100% into the Replacement Reserve Account until the amount on deposit in such account equals the Replacement Reserve Cap, and then (2) 100% of any excess into the Rollover Reserve Account until the amount on deposit in such account equals the Rollover Reserve Cap, and then (3) 100% of any excess into any other Reserves required by Lender pursuant to this Agreement, or (C) Borrower shall release Lender from its obligation to fund the remaining amounts of the Loan and Borrower and any guarantor under the Rate Lock Agreement pays for the breakage costs, if any, on the unfunded portion of the Loan payable pursuant to the Rate Lock Agreement.

Required Equity Funds. Borrower shall furnish Lender with evidence in form and content satisfactory to Lender that, as of the date of each Advance, Borrower has invested Cash equity in an amount equal to or greater than (a) $8,916,000 5,356,660.00 or (b) 2025% of the Total Project Costs or (c) the difference between the Development Budget and the maximum Loan 55 amount of $35,664,000 16,150,000.00 for approved Project-Related Costs (the “Required Equity Funds”). Notwithstanding the foregoing, if the Borrower realizes cost savings from the development of the Project, either in the form of Hard Costs or Soft Costs, Advances may be advanced to Borrower provided that (i) the Borrower would not have less than $8,916,000 5,356,660.00 of cash equity in the Project through such Advance and Advance, (ii) the Debt Service Coverage Ratio shall be equal to or greater than 1.15 1.70 to 1.0 assuming a fully advanced Loan using a debt service constant of 7.317.50%, (iii) the Debt Service Coverage Ratio shall be equal to or greater than 1.20 to 1.0 assuming a fully advanced Loan using a debt service constant of 10.65%, and (iiiiv) the loan-to-value ratio for the Property is no greater than 8075% assuming a fully advanced Loan. If Borrower is in non-compliance solely with respect to condition (i) above, at Borrower’s 's option, either (A) any excess cost savings (funds in excess of the amount so that the Required Equity Funds shall continue to be satisfied) shall be deposited as follows: (1) 100% into the Replacement Reserve Account until the amount on deposit in such account equals the Replacement Reserve CapAccount, and then or (2) 100% of any excess into the Rollover Reserve Account until the amount on deposit in such account equals the Rollover Reserve Capat Lender's discretion, and then (3) 100% of any excess into any other Reserves required by Lender pursuant to this Agreement, or (B) Borrower shall release Lender from its obligation to fund the remaining amounts of the Loan and Borrower and any guarantor under the Rate Lock Agreement pays for the breakage costs, if any, on the unfunded portion of the Loan payable pursuant to the Rate Lock Agreement. If Borrower is in compliance with respect to condition (i) above but is not in compliance with conditions (ii), (iii) and (iiiiv) above, any excess cost savings shall, at Borrower’s 's option, (A) be held back by Lender as additional collateral for the Loan until satisfaction of each of the requirements are satisfied, or (B) be deposited as follows: (1) 100% into the Replacement Reserve Account until the amount on deposit in such account equals the Replacement Reserve CapAccount, and then or (2) 100% of any excess into the Rollover Reserve Account until the amount on deposit in such account equals the Rollover Reserve Capat Lender's discretion, and then (3) 100% of any excess into any other Reserves required by Lender pursuant to this Agreement, or (C) Borrower shall release Lender from its obligation to fund the remaining amounts of the Loan and Borrower and any guarantor under the Rate Lock Agreement pays for the breakage costs, if any, on the unfunded portion of the Loan payable pursuant to the Rate Lock Agreement.

Required Equity Funds. Borrower shall furnish Lender with evidence in form and content satisfactory to Lender that, as of the date of each Advance, Borrower has invested Cash equity in an amount equal to or greater than (a) $8,916,000 5,356,660.00 or (b) 2025% of the Total Project Costs or (c) the difference between the Development Budget and the maximum Loan 55 amount of $35,664,000 16,150,000.00 for approved Project-Related Costs (the “Required Equity Funds”). Notwithstanding the foregoing, if the Borrower realizes cost savings from the development of the Project, either in the form of Hard Costs or Soft Costs, Advances may be advanced to Borrower provided that (i) the Borrower would not have less than $8,916,000 5,356,660.00 of cash equity in the Project through such Advance and (ii) the Debt Service Coverage Ratio shall be equal to or greater than 1.15 1.70 to 1.0 assuming a fully advanced Loan using a debt service constant of 7.317.50%, (iii) the Debt Service Coverage Ratio shall be equal to or greater than 1.20 to 1.0 assuming a fully advanced Loan using a debt service constant of 10.65%, and (iiiiv) the loan-to-value ratio for the Property is no greater than 8075% assuming a fully advanced Loan. If Borrower is in non-compliance solely with respect to condition (i) above, at Borrower’s option, either (A) any excess cost savings (funds in excess of the amount so that the Required Equity Funds shall continue to be satisfied) shall be deposited as follows: (1) 100% into the Replacement Reserve Account until the amount on deposit in such account equals the Replacement Reserve CapAccount, and then or (2) 100% of any excess into the Rollover Reserve Account until the amount on deposit in such account equals the Rollover Reserve Capat Lender’s discretion, and then (3) 100% of any excess into any other Reserves required by Lender pursuant to this Agreement, or (B) Borrower shall release Lender from its obligation to fund the remaining amounts of the Loan and Borrower and any guarantor under the Rate Lock Agreement pays for the breakage costs, if any, on the unfunded portion of the Loan payable pursuant to the Rate Lock Agreement. If Borrower is in compliance with respect to condition (i) above but is not in compliance with conditions (ii), (iii) and (iiiiv) above, any excess cost savings shall, at Borrower’s option, (A) be held back by Lender as additional collateral for the Loan until satisfaction of each of the requirements are satisfied, or (B) be deposited as follows: (1) 100% into the Replacement Reserve Account until the amount on deposit in such account equals the Replacement Reserve CapAccount, and then or (2) 100% of any excess into the Rollover Reserve Account until the amount on deposit in such account equals the Rollover Reserve Capat Lender’s discretion, and then (3) 100% of any excess into any other Reserves required by Lender pursuant to this Agreement, or (C) Borrower shall release Lender from its obligation to fund the remaining amounts of the Loan and Borrower and any guarantor under the Rate Lock Agreement pays for the breakage costs, if any, on the unfunded portion of the Loan payable pursuant to the Rate Lock Agreement.. 2.11.14

Required Equity Funds. Borrower shall furnish Lender with evidence in form and content satisfactory to Lender that, as of the date of each Advance, Borrower has invested Cash equity in an amount equal to or greater than (a) $8,916,000 5,356,660.00 or (b) 2025% of the Total Project Costs or (c) the difference between the Development Budget and the maximum Loan 55 amount of $35,664,000 16,150,000.00 for approved Project-Related Costs (the “Required Equity Funds”). Notwithstanding the foregoing, if the Borrower realizes cost savings from the development of the Project, either in the form of Hard Costs or Soft Costs, Advances may be advanced to Borrower provided that (i) the Borrower would not have less than $8,916,000 5,356,660.00 of cash equity in the Project through such Advance and (ii) the Debt Service Coverage Ratio shall be equal to or greater than 1.15 1.70 to 1.0 assuming a fully advanced Loan using a debt service constant of 7.317.50%, (iii) the Debt Service Coverage Ratio shall be equal to or greater than 1.20 to 1.0 assuming a fully advanced Loan using a debt service constant of 10.65%, and (iiiiv) the loan-to-value ratio for the Property is no greater than 8075% assuming a fully advanced Loan. If Borrower is in non-compliance solely with respect to condition (i) above, at Borrower’s 's option, either (A) any excess cost savings (funds in excess of the amount so that the Required Equity Funds shall continue to be satisfied) shall be deposited as follows: (1) 100% into the Replacement Reserve Account until the amount on deposit in such account equals the Replacement Reserve CapAccount, and then or (2) 100% of any excess into the Rollover Reserve Account until the amount on deposit in such account equals the Rollover Reserve Capat Lender's discretion, and then (3) 100% of any excess into any other Reserves required by Lender pursuant to this Agreement, or (B) Borrower shall release Lender from its obligation to fund the remaining amounts of the Loan and Borrower and any guarantor under the Rate Lock Agreement pays for the breakage costs, if any, on the unfunded portion of the Loan payable pursuant to the Rate Lock Agreement. If Borrower is in compliance with respect to condition (i) above but is not in compliance with conditions (ii), (iii) and (iiiiv) above, any excess cost savings shall, at Borrower’s 's option, (A) be held back by Lender as additional collateral for the Loan until satisfaction of each of the requirements are satisfied, or (B) be deposited as follows: (1) 100% into the Replacement Reserve Account until the amount on deposit in such account equals the Replacement Reserve CapAccount, and then or (2) 100% of any excess into the Rollover Reserve Account until the amount on deposit in such account equals the Rollover Reserve Capat Lender's discretion, and then (3) 100% of any excess into any other Reserves required by Lender pursuant to this Agreement, or (C) Borrower shall release Lender from its obligation to fund the remaining amounts of the Loan and Borrower and any guarantor under the Rate Lock Agreement pays for the breakage costs, if any, on the unfunded portion of the Loan payable pursuant to the Rate Lock Agreement.

Required Equity Funds. Borrower shall furnish Lender with evidence in form and content satisfactory to Lender that, as of the date of each Advance, Borrower has invested Cash equity in an amount equal to or greater than (a) $8,916,000 5,356,660.00 or (b) 2025% of the Total Project Costs or (c) the difference between the Development Budget and the maximum Loan 55 amount of $35,664,000 16,150,000.00 for approved Project-Related Costs (the “Required Equity Funds”). Notwithstanding the foregoing, if the Borrower realizes cost savings from the development of the Project, either in the form of Hard Costs or Soft Costs, Advances may be advanced to Borrower provided that (i) the Borrower would not have less than $8,916,000 5,356,660.00 of cash equity in the Project through such Advance and (ii) the Debt Service Coverage Ratio shall be equal to or greater than 1.15 1.70 to 1.0 assuming a fully advanced Loan using a debt service constant of 7.317.50%, (iii) the Debt Service Coverage Ratio shall be equal to or greater than 1.20 to 1.0 assuming a fully advanced Loan using a debt service constant of 10.65%, and (iiiiv) the loan-to-value ratio for the Property is no greater than 8075% assuming a fully advanced Loan. If Borrower is in non-compliance solely with respect to condition (i) above, at Borrower’s option, either (A) any excess cost savings (funds in excess of the amount so that the Required Equity Funds shall continue to be satisfied) shall be deposited as follows: (1) 100% into the Replacement Reserve Account until the amount on deposit in such account equals the Replacement Reserve CapAccount, and then or (2) 100% of any excess into the Rollover Reserve Account until the amount on deposit in such account equals the Rollover Reserve Capat Lender’s discretion, and then (3) 100% of any excess into any other Reserves required by Lender pursuant to this Agreement, or (B) Borrower shall release Lender from its obligation to fund the remaining amounts of the Loan and Borrower and any guarantor under the Rate Lock Agreement pays for the breakage costs, if any, on the unfunded portion of the Loan payable pursuant to the Rate Lock Agreement. If Borrower is in compliance with respect to condition (i) above but is not in compliance with conditions (ii), (iii) and (iiiiv) above, any excess cost savings shall, at Borrower’s option, (A) be held back by Lender as additional collateral for the Loan until satisfaction of each of the requirements are satisfied, or (B) be deposited as follows: (1) 100% into the Replacement Reserve Account until the amount on deposit in such account equals the Replacement Reserve CapAccount, and then or (2) 100% of any excess into the Rollover Reserve Account until the amount on deposit in such account equals the Rollover Reserve Capat Lender’s discretion, and then (3) 100% of any excess into any other Reserves required by Lender pursuant to this Agreement, or (C) Borrower shall release Lender from its obligation to fund the remaining amounts of the Loan and Borrower and any guarantor under the Rate Lock Agreement pays for the breakage costs, if any, on the unfunded portion of the Loan payable pursuant to the Rate Lock Agreement.

Required Equity Funds. Borrower shall furnish Lender with evidence in form and content satisfactory to Lender that, as of the date of each Advance, Borrower has invested Cash equity in an amount equal to or greater than (a) $8,916,000 or (b) 20% of the Total Project Costs or (c) the difference between the Development Budget and the maximum Loan 55 amount of $35,664,000 for approved Project-Related Costs (the “Required Equity Funds”). Notwithstanding the foregoing, if the Borrower realizes cost savings from the development of the Project, either in the form of Hard Costs or Soft Costs, Advances may be advanced to Borrower provided that (i) the Borrower would not have less than $8,916,000 of cash equity in the Project through such Advance and (ii) the Debt Service Coverage Ratio shall be equal to or greater than 1.15 to 1.0 assuming a fully advanced Loan using a debt service constant of 7.31%, and (iii) the loan-to-value ratio for the Property is no greater than 80% assuming a fully advanced Loan. If Borrower is in non-compliance solely with respect to condition (i) above, at Borrower’s option, either (A) any excess cost savings (funds in excess of the amount so that the Required Equity Funds shall continue to be satisfied) shall be deposited as follows: (1) 100% into the Replacement Reserve Account until the amount on deposit in such account equals the Replacement Reserve Cap, and then (2) 100% of any excess into the Rollover Reserve Account until the amount on deposit in such account equals the Rollover Reserve Cap, and then (3) 100% of any excess into any other Reserves required by Lender pursuant to this Agreement, or (B) Borrower shall release Lender from its obligation to fund the remaining amounts of the Loan and Borrower and any guarantor under the Rate Lock Agreement pays for the breakage costs, if any, on the unfunded portion of the Loan payable pursuant to the Rate Lock Agreement. If Borrower is in compliance with respect to condition (i) above but is not in compliance with conditions (ii) and (iii) above, any excess cost savings shall, at Borrower’s option, (A) be held back by Lender as additional collateral for the Loan until satisfaction of each of the requirements are satisfied, or (B) be deposited as follows: (1) 100% into the Replacement Reserve Account until the amount on deposit in such account equals the Replacement Reserve Cap, and then (2) 100% of any excess into the Rollover Reserve Account until the amount on deposit in such account equals the Rollover Reserve Cap, and then (3) 100% of any excess into any other Reserves required by Lender pursuant to this Agreement, or (C) Borrower shall release Lender from its obligation to fund the remaining amounts of the Loan and Borrower and any guarantor under the Rate Lock Agreement pays for the breakage costs, if any, on the unfunded portion of the Loan payable pursuant to the Rate Lock Agreement.

Required Equity Funds. Borrower shall furnish Lender with evidence in form and content satisfactory to Lender that, as of the date of each Advance, Borrower has invested Cash equity in an amount equal to or greater than (a) $8,916,000 or (b) 20% of the Total Project Costs or (c) the difference between the Development Budget and the maximum Loan 55 amount of $35,664,000 for approved Project-Related Costs (the “Required Equity Funds”). Notwithstanding the foregoing, if the Borrower realizes cost savings from the development of the Project, either in the form of Hard Costs or Soft Costs, Advances may be advanced to Borrower provided that (i) the Borrower would not have less than $8,916,000 of cash equity in the Project through such Advance and (ii) the Debt Service Coverage Ratio shall be equal to or greater than 1.15 to 1.0 assuming a fully advanced Loan using a debt service constant of 7.31%, and (iii) the loan-to-value ratio for the Property is no greater than 80% assuming a fully advanced Loan. If Borrower is in non-compliance solely with respect to condition (i) above, at Borrower’s 's option, either (A) any excess cost savings (funds in excess of the amount so that the Required Equity Funds shall continue to be satisfied) shall be deposited as follows: (1) 100% into the Replacement Reserve Account until the amount on deposit in such account equals the Replacement Reserve Cap, and then (2) 100% of any excess into the Rollover Reserve Account until the amount on deposit in such account equals the Rollover Reserve Cap, and then (3) 100% of any excess into any other Reserves required by Lender pursuant to this Agreement, or (B) Borrower shall release Lender from its obligation to fund the remaining amounts of the Loan and Borrower and any guarantor under the Rate Lock Agreement pays for the breakage costs, if any, on the unfunded portion of the Loan payable pursuant to the Rate Lock Agreement. If Borrower is in compliance with respect to condition (i) above but is not in compliance with conditions (ii) and (iii) above, any excess cost savings shall, at Borrower’s 's option, (A) be held back by Lender as additional collateral for the Loan until satisfaction of each of the requirements are satisfied, or (B) be deposited as follows: (1) 100% into the Replacement Reserve Account until the amount on deposit in such account equals the Replacement Reserve Cap, and then (2) 100% of any excess into the Rollover Reserve Account until the amount on deposit in such account equals the Rollover Reserve Cap, and then (3) 100% of any excess into any other Reserves required by Lender pursuant to this Agreement, or (C) Borrower shall release Lender from its obligation to fund the remaining amounts of the Loan and Borrower and any guarantor under the Rate Lock Agreement pays for the breakage costs, if any, on the unfunded portion of the Loan payable pursuant to the Rate Lock Agreement.

Required Equity Funds. Borrower shall furnish Lender with evidence in form and content satisfactory to Lender that, as of the date of each Advance, Borrower has invested Cash equity in an amount equal to or greater than (a) $8,916,000 5,356,660.00 or (b) 2025% of the Total Project Costs or (c) the difference between the Development Budget and the maximum Loan 55 amount of $35,664,000 16,150,000.00 for approved Project-Related Costs (the “Required Equity Funds”). Notwithstanding the foregoing, if the Borrower realizes cost savings from the development of the Project, either in the form of Hard Costs or Soft Costs, Advances may be advanced to Borrower provided that (i) the Borrower would not have less than $8,916,000 5,356,660.00 of cash equity in the Project through such Advance and Advance, (ii) the Debt Service Coverage Ratio shall be equal to or greater than 1.15 1.70 to 1.0 assuming a fully advanced Loan using a debt service constant of 7.317.50%, (iii) the Debt Service Coverage Ratio shall be equal to or greater than 1.20 to 1.0 assuming a fully advanced Loan using a debt service constant of 10.65%, and (iiiiv) the loan-to-value ratio for the Property is no greater than 8075% assuming a fully advanced Loan. If Borrower is in non-compliance solely with respect to condition (i) above, at Borrower’s option, either (A) any excess cost savings (funds in excess of the amount so that the Required Equity Funds shall continue to be satisfied) shall be deposited as follows: (1) 100% into the Replacement Reserve Account until the amount on deposit in such account equals the Replacement Reserve CapAccount, and then or (2) 100% of any excess into the Rollover Reserve Account until the amount on deposit in such account equals the Rollover Reserve Capat Lender’s discretion, and then (3) 100% of any excess into any other Reserves required by Lender pursuant to this Agreement, or (B) Borrower shall release Lender from its obligation to fund the remaining amounts of the Loan and Borrower and any guarantor under the Rate Lock Agreement pays for the breakage costs, if any, on the unfunded portion of the Loan payable pursuant to the Rate Lock Agreement. If Borrower is in compliance with respect to condition (i) above but is not in compliance with conditions (ii), (iii) and (iiiiv) above, any excess cost savings shall, at Borrower’s option, (A) be held back by Lender as additional collateral for the Loan until satisfaction of each of the requirements are satisfied, or (B) be deposited as follows: (1) 100% into the Replacement Reserve Account until the amount on deposit in such account equals the Replacement Reserve CapAccount, and then or (2) 100% of any excess into the Rollover Reserve Account until the amount on deposit in such account equals the Rollover Reserve Capat Lender’s discretion, and then (3) 100% of any excess into any other Reserves required by Lender pursuant to this Agreement, or (C) Borrower shall release Lender from its obligation to fund the remaining amounts of the Loan and Borrower and any guarantor under the Rate Lock Agreement pays for the breakage costs, if any, on the unfunded portion of the Loan payable pursuant to the Rate Lock Agreement.

Required Equity Funds. Borrower shall furnish Lender with evidence in form and content satisfactory to Lender that, as of the date of each Advance, Borrower has invested Cash equity in an amount equal to or greater than (a) $8,916,000 or (b) 20% of the Total Project Costs or (c) the difference between the Development Budget and the maximum Loan 55 amount of $35,664,000 for approved Project-Related Costs (the “Required Equity Funds”). Notwithstanding the foregoing, if the Borrower realizes cost savings from the development of the Project, either in the form of Hard Costs or Soft Costs, Advances may be advanced to Borrower provided that (i) the Borrower would not have less than $8,916,000 of cash equity in the Project through such Advance and (ii) the Debt Service Coverage Ratio shall be equal to or greater than 1.15 to 1.0 assuming a fully advanced Loan using a debt service constant of 7.31%, and (iii) the loan-to-value ratio for the Property is no greater than 80% assuming a fully advanced Loan. If Borrower is in non-compliance solely with respect to condition (i) above, at Borrower’s 's option, either (A) any excess cost savings (funds in excess of the amount so that the Required Equity Funds shall continue to be satisfied) shall be deposited as follows: (1) 100% into the Replacement Reserve Account until the amount on deposit in such account equals the Replacement Reserve Cap, and then (2) 100% of any excess into the Rollover Reserve Account until the amount on deposit in such account equals the Rollover Reserve Cap, and then (3) 100% of any excess into any other Reserves required by Lender pursuant to this Agreement, or (B) Borrower shall release Lender from its obligation to fund the remaining amounts of the Loan and Borrower and any guarantor under the Rate Lock Agreement pays for the breakage costs, if any, on the unfunded portion of the Loan payable pursuant to the Rate Lock Agreement. If Borrower is in compliance with respect to condition (i) above but is not in compliance with conditions (ii) and (iii) above, any excess cost savings shall, at Borrower’s 's option, (A) be held back by Lender as additional collateral for the Loan until satisfaction of each of the requirements are satisfied, or (B) be deposited as follows: (1) 100% into the Replacement Reserve Account until the amount on deposit in such account equals the Replacement Reserve Cap, and then (2) 100% of any excess into the Rollover Reserve Account until the amount on deposit in such account equals the Rollover Reserve Cap, and then (3) 100% of any excess into any other Reserves required by Lender pursuant to this Agreement, or (C) Borrower shall release Lender from its obligation to fund the remaining amounts of the Loan and Borrower and any guarantor under the Rate Lock Agreement pays for the breakage costs, if any, on the unfunded portion of the Loan payable pursuant to the Rate Lock Agreement.