Common Contracts
3 similar Loan Agreement contracts
ContractLoan Agreement • June 8th, 2023
Proposed Term Lender City of Elk Grove (“City”) Borrower Cornerstone Village - Elk Grove, LP, a limited partnership to be created for this Project (“Owner” or “Developer”) Loan Amount The Loan Amount is $3,436,000. Such amount is subject to the Cost Savings section set forth below. Funding Source Affordable Housing Fund Interest Rate 4% simple interest per annum Term City loan to have a term of 55 years. Balance due on sale. For amount due on refinancing, see “Refinancing” section. Purpose Construction and operation of an 84-unit affordable apartment project (commonly known as Cornerstone Village –Elk Grove, or “Project”) that is deed-restricted by means of a Regulatory Agreement for 55 years. The affordability mix is as shown: *AMI is the area median income, adjusted for household size. The Owner may modify the affordability mix to ensure the project remains competitive for other proposed affordable housing financing, provided that the average affordability remains at or below 45%.
ContractLoan Agreement • June 8th, 2023
Proposed Term Lender City of Elk Grove (“City”) Borrower Cornerstone Village - Elk Grove, LP, a limited partnership to be created for this Project (“Owner” or “Developer”) Loan Amount The Loan Amount is $3,436,0005,436,000. Such amount is subject to the Cost Savings section set forth below. Funding Source Affordable Housing Fund Interest Rate 4% simple interest per annum Term City loan to have a term of 55 years. Balance due on sale. For amount due on refinancing, see “Refinancing” section. Purpose Construction and operation of an 84-unit affordable apartment project (commonly known as Cornerstone Village –Elk Grove, or “Project”) that is deed-restricted by means of a Regulatory Agreement for 55 years. The affordability mix is as shown: *AMI is the area median income, adjusted for household size. The Owner may modify the affordability mix to ensure the project remains competitive for other proposed affordable housing financing, provided that the average affordability remains at or b
ContractLoan Agreement • November 11th, 2021
Proposed Term Lender City of Elk Grove (“City”) Borrower Cornerstone Village - Elk Grove, LP, a limited partnership to be created for this Project (“Owner” or “Developer”) Loan Amount The Loan Amount is $3,436,000. Such amount is subject to the Cost Savings section set forth below. Funding Source Affordable Housing Fund Interest Rate 4% simple interest per annum Term City loan to have a term of 55 years. Balance due on sale. For amount due on refinancing, see “Refinancing” section. Purpose Construction and operation of an 84-unit affordable apartment project (commonly known as Cornerstone Village –Elk Grove, or “Project”) that is deed-restricted by means of a Regulatory Agreement for 55 years. The affordability mix is as shown: *AMI is the area median income, adjusted for household size. The Owner may modify the affordability mix to ensure the project remains competitive for other proposed affordable housing financing, provided that the average affordability remains at or below 45%.
