Authority Promissory Note definition

Authority Promissory Note means the Authority Promissory Note for Phase II, substantially in the form attached hereto as Attachment No. 8, which shall evidence Developer’s obligation to repay the Authority Subordinate Loan for Phase II from eighty-five percent (85%)

Authority Promissory Note means the Authority Promissory Note in a form which is reasonably acceptable to Authority Executive Director, in her reasonable discretion, which shall evidence Developer’s obligation to repay the Authority Subordinate Loan for the Project from one hundred percent (100%) of the Net Voucher Income, plus eighty-five percent (85%) of Residual Receipts from the Project.

Authority Promissory Note means the promissory note evidencing the Authority Loan in substantially the form shown in Attachment No. 7 hereto.

Examples of Authority Promissory Note in a sentence

• The Authority Promissory Note shall be secured by an Authority Deed of Trust to be recorded as an encumbrance to Developer’s ground leasehold interest in the Site, substantially in the form attached hereto as Attachment No. 9.

• Developer shall have duly executed and delivered to Escrow Agent the Authority Promissory Note, Authority Deed of Trust, Regulatory Agreement, Ground Lease, Memorandum of Ground Lease, Notice of Affordability Restrictions, Request for Notice, and any other documents required hereunder for Phase I, and such documents shall be ready for and meet all conditions to the Closing pursuant to the requirements of this Agreement.

• The Authority Deed of Trust securing the Authority Promissory Note for Phase I shall be junior and subordinate to the Primary Loan and the deed of trust securing the Primary Loan.

• As used herein, “Closing” refers to the close of Escrow for the conveyance of the Site pursuant to the Ground Lease, including the execution of the Authority Promissory Note and Ground Lease and the execution and recordation of the Grant Deed, Authority Deed of Trust, Regulatory Agreement, Memorandum of Ground Lease, Notice of Affordability Restrictions and Request for Notice of Default and the commencement of the Ground Lease Term.

• The Authority Promissory Note for Phase I shall be payable from eighty-five percent (85%) of Residual Receipts from the operation of Phase I, until the Authority Promissory Note has been paid in full.

• The Authority Promissory Note for Phase I shall be for a term of fifty-seven (57) years from the date of the Authority Promissory Note and shall bear simple interest at the rate of one percent (1%) per annum.

• The Authority Promissory Note for Phase I shall not be assumable by successors and assigns of Developer without the prior written consent of the Authority pursuant to Section 7.4 hereof.

• Developer’s obligation to repay the Authority Subordinate Loan for Phase I shall be set forth in the Authority Promissory Note for Phase I, substantially in the form attached hereto as Attachment No. 8.

More Definitions of Authority Promissory Note

Authority Promissory Note and “Authority Promissory Notes” shall mean, individually and collectively, the Authority Promissory Notes in a form which is reasonably acceptable to Authority Executive Director, in her reasonable discretion, which shall evidence Developer’s obligation to repay the Authority Subordinate Loans for the Manchester Project and the Orangewood Project, as applicable, from eighty-five percent (85%) of Residual Receipts in the Manchester Project and eighty-five percent (85%)