Additional Proceeds. (a) If at any time and from time to time, after the last date for which proceeds have been received and reflected in the Final Post-Closing Purchase Price Adjustment Amount, Buyer receives any proceeds attributable to the Purchased Assets that are attributable to any period prior to the Effective Time, as calculated in accordance with GAAP and Section 1.7, Buyer shall promptly pay to Sellers (allocated amongst the Sellers based upon the ratios set forth on Schedule 1.5) all such proceeds.
Additional Proceeds. All Trustor’s other existing or future estates, easements, licenses, interests, rights, titles, homestead or other claims or demands, both in law and in equity in the Mortgaged Property including, without limitation, (1) all damages or awards made to Trustor related to the Mortgaged Property, including without limitation, for the partial or complete taking by eminent domain, or by any proceeding or purchase in lieu of eminent domain, of the Mortgaged Property, and (2) all proceeds of any insurance covering the Mortgaged Property. Trustor agrees to execute and deliver, from time to time, such further instruments and documents as may be required by Beneficiary to confirm the lien of this Deed of Trust on any of the foregoing. FOR THE PURPOSE OF SECURING, in such order of priority as Beneficiary may elect:
Additional Proceeds. In the event and to the extent any of the Sources of Financing for the Project exceed the amounts shown in the Method of Financing and the Project Budget, then the resulting Additional Proceeds shall first be used to pay for any increased costs of the Project as set forth in a revised Project Budget approved in writing by the Agency Executive Director for which there are no other Sources of Financing, and thereafter, fifty percent (50%) of such Additional Proceeds shall be used to pay the Deferred Developer Fee and the other fifty percent (50%) of such Additional Proceeds shall be used to reduce or repay the Agency Loan, and provided that, upon the Construction Closing, the Housing Commission enters into that certain Housing Commission Agreement with the Agency, the applicable portion of such remaining Additional Proceeds shall be used to reduce or repay the Housing Commission Loan and the Agency Loan in proportion to their respective original principal balances. Based on the anticipated original principal balances of such two loans, out of the 50% of Cost Savings allocated to the Agency and the Housing Commission, 20.84% of the such Cost Savings shall be paid to the Agency to reduce the principal amount of the Agency Loan and 79.16% of the such Cost Savings shall be paid to the Housing Commission to reduce the principal amount of the Housing Commission Loan. Borrower shall make any payment of Additional Proceeds to the Agency within thirty (30) days following written request from the Agency or its authorized designee. Additional Proceeds shall be deemed to exist to the extent Borrower obtains (i) a Permanent Loan in a principal amount in excess of the estimated amount of the Permanent Loan shown in the Sources of Financing table in Section 2 of the Method of Financing (Attachment No. 3 to the OPA), (ii) any additional grant funds (including, without limitation energy efficiency rebates), (iii) equity raised from the sale of Low Income Housing Tax Credits in excess of the estimated amount of the Low Income Housing Tax Credits shown in the Sources of Financing table in Section 2 of the Method of Financing, or (iv) proceeds from the refinancing of the initial Permanent Loan in excess of (y) the amount needed to pay in full the then-current balance of the Permanent Loan, plus (z) any amount actually used by Borrower to repair, maintain, upgrade, renovate or perform similar work on the Leasehold or Project in a manner consistent with the terms and conditions o...
Additional Proceeds. In the event and to the extent any of the Sources of Financing for the Project exceed the amounts shown in this Method of Financing and the Project Budget, then the resulting Additional Proceeds shall be used as follows: (i) upon Construction Closing, any such Additional Proceeds shall be used to pay for any increased costs of the Project as set forth in a revised Project Budget approved in writing by the Mayor for which there are no other Sources of Financing; (ii) upon completion of a cost certification performed not later than six (6) months following Completion of the Project, at Borrower’s expense, by an independent certified public accountant acceptable to the City (or its authorized designee), any resulting Additional Proceeds realized shall be paid as follows: first, seventy-five percent (75%) of such Additional Proceeds shall be paid to the Owner solely for Owner’s payment of amounts due under the Land Note, and twenty-five percent (25%) of such Additional Proceeds shall be paid to, or shall reduce loan amounts attributable to the construction of the Affordable Units on a proportionate basis relative to the respective loan amounts as follows: (a) to the City, to reduce the principal amount of the City Loan, (b) to the Housing Commission, to reduce the principal amount of the Housing Commission Loan, and (c) to HCD, to reduce the amount of the XXX Loan; and second, after the Land Note is paid in full, twenty-five percent (25%) of any remaining Additional Proceeds shall be paid to Owner, and seventy- five percent (75%) of such Additional Proceeds shall be paid to, or shall reduce loan amounts attributable to the construction of the Affordable Units on a proportionate basis relative to the respective loan amounts as follows: (a) to the City, to reduce the principal amount of the City Loan,
Additional Proceeds. As further described in the Method of Financing, in the event and to the extent any of the Sources of Financing for the Project exceed the amounts shown in the Method of Financing and the Project Budget, then the excess portion of the Sources of Financing (“Additional Proceeds”) shall first be used to pay for any increased costs of the Project as set forth in a revised Project Budget approved in writing by the Agency Executive Director for which there are no other Sources of Financing, and thereafter, fifty percent (50%) of such Additional Proceeds shall be used to pay the Deferred Developer Fee and the other fifty percent (50%) of such Additional Proceeds shall be used to reduce or repay the Agency Loan, and provided that, upon the Construction Closing, the Housing Commission enters into that certain Housing Commission Agreement with the Agency, the applicable portion of such remaining Additional Proceeds shall be used to reduce or repay the Housing Commission Loan and the Agency Loan in proportion to their respective original principal balances. The allocation of Additional Proceeds described in this paragraph shall not apply in favor of the Agency or the Housing Commission, or shall be adjusted as reasonably necessary, to the extent that such allocation is prohibited by any established federal or State law, regulation or policy governing the use of any Sources of Financing issued by federal or State agencies or will cause an adverse effect under any established federal or State law, regulation or policy with respect to the calculation of the “tiebreaker” score attributable to the application submitted by Owner to CTCAC seeking an allocation of Low Income Housing Tax Credits toward the Project.
Additional Proceeds. 8.1 On the Reference Period Calculation Date the Purchaser shall pay to the Seller or the Seller shall pay to the Purchaser the following amounts in accordance with clause 8.3 -
Additional Proceeds. In the event the aggregate amount of the Permanent Financing is greater than the Total Acquisition and Development Costs set forth above at Section 1, and the actual Acquisition and Development Costs are not greater than such Total Acquisition and Development Costs, or in the event Owner obtains additional funds (the “Additional Proceeds”), then such Additional Proceeds shall be applied to pay accrued interest on, and then reduce or repay the principal amount of the Agency Loan, except as provided in paragraph c. below.
Additional Proceeds. All Trustor’s other existing or future estates, easements, licenses, interests, rights, titles, homestead or other claims or demands, both in law and in equity in the Mortgaged Property (as defined below) including, without limitation, (1) all damages or awards made to Trustor related to the Land or Improvements, including without limitation, for the partial or complete taking by eminent domain, or by an proceeding or purchase in lieu of eminent domain, of the Land and Improvements, and (2) all proceeds of any insurance covering the Land and Improvements. Trustor agrees to execute and deliver, from time to time, such further instruments and documents as may be required by Beneficiary to confirm the lien of this Deed of Trust on any of the foregoing. All of the foregoing property referred to in this section, together with the Land, are herein referred to as the “Mortgaged Property.” FOR THE PURPOSE OF SECURING, in such order of priority as Beneficiary may elect:
Additional Proceeds. (a) If at any time and from time to time prior to the Cut-off Date, after the last date for which proceeds have been received and reflected in the Final Post-Closing Purchase Price Adjustment Amount, Xxxxx receives any proceeds attributable to the Purchased Assets that are attributable to any period prior to the Effective Time, as calculated in accordance with GAAP and Section 1.7, Buyer shall promptly pay to Seller all such proceeds.
Additional Proceeds. In the event and to the extent that any of the financing sources for the Project exceed the amounts shown in the Sources of Financing set forth in the Method of Financing (“Additional Proceeds”), then such Additional Proceeds shall first be used to pay for any increased costs of the Project as set forth in a revised Project Budget approved in writing by the Agency Executive Director for which there are no other sources of funding, next to pay Deferred Developer Fee and thereafter provided that, upon the Closing, Commission enters into the Housing Commission Agreement substantially in the form attached to the OPA as Attachment No. 20 with Agency, twenty five percent (25%) of such remaining Additional Proceeds shall be paid to Owner and the remaining seventy five percent (75%) shall be used to reduce or repay the outstanding amounts of the Housing Commission Loan and the Amended and Restated Modified Agency Loan in proportion to their principal balances set forth in the Method of Financing.
