Common use of Additional Proceeds Clause in Contracts

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 of the OPA and Agreement Affecting Real Property as reasonably determined by the Agency Executive Director. 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 Borrower to CTCAC seeking an allocation of Low Income Housing Tax Credits toward the Project.

Additional Proceeds. In the event and to the extent any of the Sources of Financing for the Project exceed the amounts shown in the this Method of Financing and the Project Budget, then the resulting “Additional Proceeds Proceeds” shall first be used to pay for any increased costs of the Project as set forth in a revised Project Budget at Closing approved in writing by the Agency Executive Director Mayor for which there are no other Sources of Financing, and thereafter, fifty twenty-five percent (5025%) of such Additional Proceeds shall be paid to Developer to be used first to pay a return on the Deferred Developer Fee Equity, and the other fifty seventy-five percent (5075%) of such Additional Proceeds shall be used to reduce or repay the Agency City Loan, and provided that, upon excluding the Construction Closing, the Housing Commission enters into that certain Housing Commission Agreement with the Agency, the applicable portion Relocation costs as described in Section 2.2 i. 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 balancesthis Method of Financing. 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 Developer shall make any payment of Additional Proceeds to the Agency City within thirty (30) days following written request from the Agency City or its authorized designee. Additional Proceeds shall be deemed to exist to the extent Borrower Developer 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)above, (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 Financingabove, 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 Developer to repair, maintain, upgrade, renovate or perform similar work on the Leasehold or Project in a manner consistent with the terms and conditions of the OPA DDA and Agreement Affecting Real Property as reasonably determined by the Agency Executive Director. The allocation of Additional Proceeds described in this paragraph shall not apply in favor of the Agency or the Housing CommissionMayor, 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 Borrower to CTCAC seeking an allocation of Low Income Housing Tax Credits toward the Project.or

Additional Proceeds. In the event and to the extent any of the Sources of Financing for the Project exceed the amounts shown in the this Method of Financing and the Project Budget, then the resulting “Additional Proceeds 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 Mayor for which there are no other Sources of Financing, and thereafter, fifty twenty-five percent (5025%) of such Additional Proceeds shall paid to Developer to be used first to pay the Deferred Developer Fee Fee, and the other fifty seventy-five percent (5075%) 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 City Loan. Borrower Developer shall make any payment of Additional Proceeds to the Agency City within thirty (30) days following written request from the Agency City or its authorized designee. Additional Proceeds shall be deemed to exist to the extent Borrower Developer 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)above, (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 Financingabove, 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 Developer to repair, maintain, upgrade, renovate or perform similar work on the Leasehold or Project in a manner consistent with the terms and conditions of the OPA DDA and Agreement Affecting Real Property as reasonably determined by the Agency Executive DirectorMayor. The allocation of Additional Proceeds described in this paragraph shall not apply in favor of the Agency or the Housing CommissionCity, 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 Borrower Developer to CTCAC TCAC seeking an allocation of Low Income Housing Tax Credits toward the Project.