Authority Promissory Note definition
Examples of Authority Promissory Note in a sentence
Payments towards the Authority Subordinate Loan shall be applied first to accrued interest, next to any principal amount of the Additional Subsidy owing under the Authority Promissory Note, and finally to any principal amount of the Land Subsidy owing under the Authority Promissory Note.
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.
Developer’s obligation to repay the Authority Subordinate Loan for each Project shall be set forth in the Authority Promissory Note for each Project, in a form which is reasonably acceptable to Developer and Authority Executive Director in her reasonable discretion.
As more fully set forth in the Housing Authority Promissory Note, the Housing Authority Promissory Note shall be in a principal amount equal to the Housing Authority Subordinate Loan Principal Amount, shall accrue interest at the Housing Authority Subordinate Loan Interest Rate and shall be for a term of fifty- five (55) years.
Payments towards the Authority Subordinate Loans shall be applied first to accrued interest, next to any principal amounts of the Manchester Additional Subsidy and/or the Orangewood Additional Subsidy owing under the applicable Authority Promissory Note, and finally to any principal amounts of the Manchester Land Subsidy and/or the Orangewood Land Subsidy owing under the applicable Authority Promissory Note.
Each Authority Deed of Trust securing each Authority Promissory Note for each Authority Subordinate Loan shall be junior and subordinate to the Primary Loans, which are to be considered for approval by the Authority pursuant to Section 310 hereto in accordance with the standards set forth therein.
Developer’s obligation to repay the Authority Subordinate Loan for the Project shall be set forth in the Authority Promissory Note for the Project, in a form which is reasonably acceptable to Developer and Authority Executive Director in her reasonable discretion.
Each Authority Promissory Note shall be secured by a separate Authority Deed of Trust to be recorded as an encumbrance to the Manchester Site or the Orangewood Site, as applicable, in a form which is reasonably acceptable to the applicable Developer and Authority Executive Director in her reasonable discretion.
If the Due Date falls on a Day other than a Business Day, payment is due the next Business Day.
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.