Sources of Financing. As set forth in the Project Budget, the parties anticipate that Project costs shall be financed with a combination of funds from the proceeds of the CalVet Loan Program, corporate sponsorship and grants, the City HOME Loan, Housing Authority write down of land value, and such other financing sources as secured pursuant to Section 3.3. As a condition precedent to Authority's obligation to transfer the Site at the Closing, Developer shall submit to the Executive Director evidence that Xxxxxxxxx has obtained, or will obtain prior to the Closing, sufficient commitments for financing the completion of the Project such that the Executive Director is reasonably satisfied based upon the review and findings of the Authority's financial consultant that the Project can be constructed and the Affordable Units sold accordance with this Agreement. Such evidence (collectively, the "Evidence of Financing") shall include, at a minimum:
i. Final construction loan or other construction financing documents in an amount sufficient to construct the Project in accordance herewith along with evidence reasonably satisfactory to the President that the lender intends to execute the same and provide an initial funding on the Closing. Any such agreement shall provide for notice of default to the Authority, and a right to cure.
ii. Evidence of such other loans, donations, equity or grants as may be required to pay (i) the amount of the construction costs for the Improvements, plus (ii) an amount equal to all consultant and loan fees, "points," commissions, bond issuance costs, charges, furnishings, fixtures, taxes, interest, start-up costs, Developer's overhead and administration, and other costs and expenses of developing, completing and selling the Affordable Units.
iii. A copy of the most recently prepared Annual Financial Statement for Developer.
iv. Evidence of such other financing or grants constituting the down payment assistance for the sale of the Affordable Units, and such evidence as may be required to satisfy the President that Xxxxxxxxx has obtained sufficient financing to sell the Project to Qualified Buyers such that the Project is financially feasible, and able to meet its financial obligations as required hereby and by any other agreements binding upon the Project, and in accordance with the Project Budget. A final Project Budget and Evidence of Financing shall satisfy the Executive Director that (a) Developer has obtained sufficient financing to construct and operate ...
Sources of Financing. The Company may utilize a variety of debt vehicles, including warehouse lending arrangements, reverse repurchase agreements, securitizations of mortgage loans or other secured or unsecured financing sources, as deemed appropriate by the Manager, considering the availability of financing sources and existing rates and market conditions at any given time.
Sources of Financing. The Purchaser has available to it sufficient cash resources, a firm, unconditional equity commitment and/or a firm, unconditional financing commitment in an aggregate amount not less than the aggregate Cash Consideration to be paid by Purchaser pursuant to this Agreement.
Sources of Financing. The County and the Borrower anticipate that acquisition and rehabilitation shall be financed with a combination of funds; loan proceeds from the HOME Program funds provided to the Borrower in the form of the County HOME Loan and the County NSP Loan to be provided pursuant to a separate agreement between the County and the Borrower.
Sources of Financing. In addition to the Senior Loan as previously obtained for the acquisition of the Site, Developer and City anticipate the following funding sources to be obtained for the Project and utilized by Developer in addition to the City Loan. The final sources and amounts of funding for the Project as well as the final cost estimates with respect to the acquisition of the Site, Construction and operation of the Proj ect shall be set forth in the Final Budget which is required to be submitted to City as a Condition Precedent pursuant to Section 401.
Sources of Financing. The Developer shall be required to make and maintain full disclosure to the City of the methods of financing and the financing documents to be used in the proposed development and all sources of financing shall be subject the City approval under the DDA.
Sources of Financing. The Parties anticipate that the Acquisition and Development Costs shall be financed with a combination of loans and equity, as set forth in the following chart and as described below, which chart shall be updated if the Acquisition and Development Costs change, or if the financing changes, all subject to the approval of the City (as updated, the “Sources of Financing”): Anticipated Source Amount First Priority Construction Loan $200,000,000 Mezzanine Loan $80,000,000 Institutional Joint Venture Partner $108,000,000 Cisterra (Xxxxxx X. Xxxxx) $12,000,000 Total Acquisition & Development Costs $400,000,000
Sources of Financing. The Parties' current general estimates of costs and financing for the Development are set forth in the Development Proposal. Developer anticipates that the Development will be financed with a combination of funds from the proceeds of the CalVet Loan Program, corporate sponsorship and grants, Developer's silent second loan assistance, Housing Authority write down of land value and the Predevelopment Loan.
Sources of Financing. The parties anticipate that the Acquisition and Development Costs shall be financed with a combination of loans and equity, as set forth in the following chart and as described below, which chart shall be updated if the Acquisition and Development Costs change, or if the financing changes, all subject to the Approval of the City as specified below (as updated, the “Sources of Financing”): Developer Equity: $60,906,944 Permitted Mortgage $216,500,000 Total Sources of Financing: $277,406,944 3. Evidence of Financing. The sum of the Sources of Financing described in Section 2 above shall be sufficient at all times to pay all Acquisition and Development Costs as set forth in the most recently approved Project Budget. Not later than fifteen (15) days prior to the scheduled Closing Date and in no event later than as provided in the Schedule of Performance, subject to extension for Force Majeure Events, Developer shall submit to the City evidence satisfactory to the Mayor that Developer has obtained the financing (which may be subject to satisfaction of customary construction loan disbursement conditions) necessary for the acquisition of the Property and development of the Project in accordance with this Agreement. Such evidence of financing shall include the following:
3.1. A copy of all loan documents (which may be in unsigned forms subject to minor changes prior to the Closing, provided that a copy of the final version shall be provided prior to Closing, and an executed version upon Closing) relating to any Permitted Mortgage, including a final Project Budget approved by the Mortgagee, certified by Developer to be a true and correct copies of the actual loan documents to be executed by Developer on or before Closing;
3.2. Documentation demonstrating that Developer has access to adequate committed funds, including Developer’s equity, proceeds of any Permitted Mortgage and proceeds from Tax Credit Equity Investors, to fund the Project Budget. Such documentation shall include, without limitation, a copy of the limited partnership agreement or other documentation acceptable to the Mayor demonstrating the commitment of each Tax Credit Equity Investor (if any) to provide the Investor Limited Partner Capital Contribution; and
3.3. A copy of the contract (which may be in an unsigned form subject to minor changes prior to the Closing, provided that a copy of the final version shall be provided prior to Closing, and an executed version upon Closing) between Developer an...
Sources of Financing. The parties anticipate that the Acquisition and Development Costs, as defined in the DDA, shall be financed with a combination of loans and equity, as set forth in the following chart and as described below. The dollar amounts included in the chart shall be updated if the Acquisition and Development Costs change or if the financing changes, all subject to the approval of the City (as updated, the “Sources of Financing”): Source of Funds Construction Permanent City’s Ground Lease Value $3,300,000 $3,300,000 Institutional Loan $9,250,000 $1,000,000 Tax Credit Equity $1,500,000 $10,020,000 Deferred Developer Fee $0 $195,000 City Loan $4,000,000 $5,000,000 TOTALS $18,050,000 $19,515,000 NOTE: As specified in Section 213 of the DDA, Developer shall use best efforts to procure the above referenced Sources of Financing as well as other sources of gap financing.
