Terms of the Subordinate Loan. The original principal amount of the Subordinate Note is $_______________. Interest on the Subordinate Note accrues monthly at the rate of ___________% per annum. The Subordinate Note is due and payable in full on ____________________, ________, ("Maturity"). The Maturity term of the Subordinate Note does not end before the maturity term of the Senior Note, unless the Subordinate Note is forgivable as set forth below and Borrower satisfies all requirements in the Subordinate Loan Documents to result in the Subordinate Note being eligible for forgiveness. The principal of the Subordinate Note will [be fully amortized at Maturity] [have a balloon principal payment of $_______________ due at Maturity]. {INSERT IF SUBORDINATE LOAN IS FORGIVABLE: [Subject to the terms of the Subordinate Loan Documents, the loan will be forgiven on INSERT DATE]}. The promissory note evidencing the Subordinate Note obligates Borrower to make payments as follows ________________, subject to Section 3(c) immediately below.
Terms of the Subordinate Loan. The original principal amount of the Subordinate Note is $_______________. Interest on the Subordinate Note accrues monthly at the rate of ___________% per annum. The Subordinate Note is due and payable in full on ____________________, ________, ("Maturity"). The principal of the Subordinate Note will [be fully amortized at Maturity] [have a balloon principal payment of $_______________ due at Maturity]. The promissory note evidencing the Subordinate Note obligates Borrower to make payments as follows ________________, subject to available Surplus Cash. As long as HUD is the insurer or holder of the Senior Note on FHA Project No. ___________, any payments due from project income under the Subordinate Note shall be payable only (i) from permissible distributions from {omit "permissible distributions from" if Borrower is not subject to limitations on distributions through the Regulatory Agreement between Borrower and HUD} Surplus Cash of the Project; but in no event greater than seventy-five percent (75%) of the total amount of Surplus Cash; or (ii) from monies received from Non-Project Sources. No prepayment of the Subordinate Note shall be made until after final endorsement by HUD of the Senior Note, unless such prepayment is made from Non-Project Sources and is approved in writing by HUD. The restriction on payment imposed by this paragraph shall not excuse any default caused by the failure of the Borrower to pay the indebtedness evidenced by the Subordinate Note.
Terms of the Subordinate Loan. The original principal amount of the Subordinate Note is $ . Interest on the Subordinate Note accrues monthly at the rate of % per annum. The Subordinate Note is due and payable in full on , , ("Maturity"). The Maturity term of the Subordinate Note does not end before the maturity term of the Senior Note, unless the Subordinate Note is forgivable as set forth below and Borrower satisfies all requirements in the Subordinate Loan Documents to result in the Subordinate Note being eligible for forgiveness {The preceding sentencing requiring the Subordinate Note to mature no earlier than the Senior Note may be stricken through when approved in writing by HUD consistent with Program Obligations}. The principal of the Subordinate Note will [be fully amortized at Maturity] [have a balloon principal payment of $ due at Maturity]. {Insert if Subordinate Loan is forgivable: [Subject to the terms of the Subordinate Loan Documents, the loan will be forgiven on {insert date}]}. The promissory note evidencing the Subordinate Note obligates Borrower to make payments as follows , subject to Section 3(c) immediately below.
Terms of the Subordinate Loan. The original principal amount of the Subordinate Note is $_______________. Interest on the Subordinate Note accrues monthly at the rate of ___________% per annum. The Subordinate Note is due and payable in full on ____________________, ________, ("Maturity"). The principal of the Subordinate Note will [be fully amortized at Maturity] [have a balloon principal payment of $_______________ due at Maturity]. The promissory note evidencing the Subordinate Note obligates Borrower to make payments as follows ________________, subject to available Surplus Cash. As long as HUD is the insurer or holder of the Senior Note on FHA Project No. ___________, any payments due from project income under the Subordinate Note shall be payable only (i) from permissible distributions from {omit "permissible distributions from" if a profit-motivated mortgagor} Surplus Cash of the Project; but in no event greater than seventy-five percent (75%) of the total amount of Surplus Cash; or (ii) from monies received from Non-Project Sources. No prepayment of the Subordinate Note shall be made until after final endorsement by HUD of the Senior Note, unless such prepayment is made from Non-Project Sources and is approved in writing by HUD. The restriction on payment imposed by this paragraph shall not excuse any default caused by the failure of the maker to pay the indebtedness evidenced by the Subordinate Note.
Terms of the Subordinate Loan. The original principal amount of the Seller Note is $7,300,000.00. Interest on the Seller Note accrues monthly at the rate equal to the long-term Applicable Federal Rate, as published by the U.S. Internal Revenue Service (or successor thereof) pursuant to Section 1274(d) of the Internal Revenue Code, per annum. The original principal amount of the CDBG Note is $1,154,462.00. Interest on the CDBG Note accrues monthly at a rate of 0% per annum. The original principal amount of the Capital Funds Note is $1,409,696.00. Interest on the Capital Funds Note accrues monthly at a rate of 0% per annum. The original principal amount of the HOME Note is $1,113,950.00. Interest on the HOME Note accrues monthly at a rate of 0% per annum. The Subordinate Note is due and payable in full on , 2076, (“Maturity”). The Maturity term of the Subordinate Note does not end before the maturity term of the Senior Note, unless the Subordinate Note is forgivable as set forth below and Borrower satisfies all requirements in the Subordinate Loan Documents to result in the Subordinate Note being eligible for forgiveness. The principal of the Subordinate Note will be fully amortized at Maturity. Each note evidencing the Subordinate Note obligates Borrower to make payments only from Net Cash Flow as defined in that certain Amended and Restated Agreement of Limited Partnership of the Borrower dated as of , 2021, subject to Section 3(c) immediately below.
Terms of the Subordinate Loan. The original principal amount of the Subordinate Note is $_______________. Interest on the Subordinate Note accrues monthly at the rate of ___________% per annum. The Subordinate Note is due and payable in full on ____________________, ________, ("Maturity"). The Maturity term of the Subordinate Note does not end before the maturity term of the Senior Note. The principal of the Subordinate Note will [be fully amortized at Maturity] [have a balloon principal payment of $_______________ due at Maturity]. The promissory note evidencing the Subordinate Note obligates Borrower to make payments as follows ________________, subject to Section 3(c) immediately below.
Terms of the Subordinate Loan. The Subordinate Loan shall (i) be evidenced by the Subordinate Note; (ii) be secured by the Subordinate Mortgage; (iii) be in the original aggregate principal amount of $2,400,000; (iv) bear interest as provided in the Subordinate Note; (v) provide for payments on the Subordinate Bonds from available Revenues, if any, in accordance with the Subordinate Note; and (vi) be subject to optional and mandatory prepayment at the times, in the manner and on the terms, and have such other terms and provisions, as provided herein and in the Subordinate Note.
Terms of the Subordinate Loan. The original principal amount of the Subordinate Note is $ . Interest on the Subordinate Note accrues monthly at the rate of % per annum. The Subordinate Note is due and payable in full on , , ("Maturity"). The principal of the Subordinate Note will [be fully amortized at Maturity] [have a balloon principal payment of $ due at Maturity]. The promissory note evidencing the Subordinate Note obligates Borrower to make payments as follows , subject to available Surplus Cash. As long as HUD is the insurer or holder of the Senior Note on FHA Project No. , any payments due from project income under the Subordinate Note shall be payable only (i) from permissible distributions from {omit "permissible distributions from" if Borrower is not subject to limitations on distributions through the Regulatory Agreement between Borrower and HUD} Surplus Cash of the Project; but in no event greater than seventy-five percent (75%) of the total amount of Surplus Cash; or (ii) from monies received from Non-Project Sources. No prepayment of the Subordinate Note shall be made until after final endorsement by HUD of the Senior Note, unless such prepayment is made from Non-Project Sources and is approved in writing by HUD. The restriction on payment imposed by this paragraph shall not excuse any default caused by the failure of the Borrower to pay the indebtedness evidenced by the Subordinate Note.
Terms of the Subordinate Loan. The original principal amount of the Subordinate Note is $1,800,000. Interest on the Subordinate Note accrues monthly at the rate of zero percent (0%) per annum. The Subordinate Note is due and payable in full on the maturity date of the Senior Note ("Maturity"). The principal of the Subordinate Note will have a balloon principal payment of $1,800,000 due at Maturity. The promissory note evidencing the Subordinate Note obligates Borrower to make payments as follows: no interim payments are due and payable prior to Maturity. As long as HUD is the insurer or holder of the Senior Note on FHA Project No. 067-11199 any payments due from project income under the Subordinate Note shall be payable only (i) from permissible distributions from Surplus Cash of the Project; but in no event greater than seventy-five percent (75%) of the total amount of Surplus Cash; or (ii) from monies received from Non-Project Sources. No prepayment of the Subordinate Note shall be made until after final endorsement by HUD of the Senior Note, unless such prepayment is made from Non-Project Sources and is approved in writing by HUD. The restriction on payment imposed by this paragraph shall not excuse any default caused by the failure of the Borrower to pay the indebtedness evidenced by the Subordinate Note.
Terms of the Subordinate Loan. The original principal amount of the Subordinate Notes is $1,391,900.00. Interest on the Subordinate Note accrues monthly at the rate of 0% per annum. The Subordinate Notes are forgivable by their terms on [November 30, 2020] so long as the Borrower remains in full compliance with terms and conditions of the Subordinate Loan Documents. As long as HUD is the insurer or holder of the Senior Note on FHA Project No. 067- 11280, any payments due from project income under the Subordinate Note shall be payable only (i) from permissible distributions from Surplus Cash of the Project; but in no event greater than seventy-five percent (75%) of the total amount of Surplus Cash; or (ii) from monies received from Non-Project Sources. No prepayment of the Subordinate Note shall be made until after final endorsement by HUD of the Senior Note, unless such prepayment is made from Non-Project Sources and is approved in writing by HUD. The restriction on payment imposed by this paragraph shall not excuse any default caused by the failure of the Borrower to pay the indebtedness evidenced by the Subordinate Note.
