Agency Loan a. In accordance with and subject to all the terms, covenants, and conditions of this Agreement, the Agency agrees to provide the Agency Loan for the costs of Public Improvements in an amount not to exceed One Hundred Thousand Dollars($100,000) in consideration for Developer’s agreement to construct Public Improvements in excess of what is required by the City for projects of similar size and scope and as described in the Scope of Development. The Agency Loan shall only be used to pay for qualified construction costs of the Public Improvements as determined by the Agency Executive director.
Agency Loan. In accordance with and subject to the terms and conditions of this Agreement, including the Method of Financing, the Agency agrees to lend to Owner, and Owner agrees to borrow from the Agency, the Agency Loan, contingent upon certification from the City Comptroller that funds are available to the Agency to fund the Agency Loan. At or prior to the Construction Closing, the Parties shall execute and deliver such instruments and documents as may be necessary to evidence and secure the Agency Loan, consistent with the terms of this Agreement, the Disbursement Agreement and the Method of Financing, and each in a form that is acceptable to the Agency Executive Director. The Agency Loan shall be used to pay a portion of the Rehabilitation Costs (which includes the acquisition of the Leasehold) as set forth in the Method of Financing and shall be disbursed pursuant to the Disbursement Agreement commencing on the Construction Closing Date.
Agency Loan. The Agency agrees to loan to the Developer and the Developer hereby agrees to borrow from the Agency the amount of Seven Hundred Sixty-Six Thousand, One Hundred Dollars ($766,100.00) (the “Agency Loan”), subject to the terms and conditions set forth in this Agreement, the Loan Agreement, as amended, and the promissory notes attached hereto as Exhibit B, and amended deed of trust in substantially the form set forth as Exhibit C, and the “Regulatory Agreement,” in substantially the form set forth in Exhibit D. The Agency Loan shall be disbursed to or on behalf of the Developer for the acquisition and rehabilitation of the Property, and other related expenses (escrow, title insurance, taxes, closing costs, permit fees, construction management fee, and a 22% contingency amount). The Agency Loan shall be disbursed to or on behalf of the Developer upon the satisfaction of the conditions set forth in Section 104 hereof. The Agency Loan shall be used for the following: Acquisition $305,000 Rehabilitation $271,100 Developer Fee $190,000 Totals $766,100 The Developer Fee approved herein can only be used to further Developer’s mission and goals, and for no other purposes. The Developer Fee shall be disbursed, in Agency’s discretion over a five year period. Each January 1, the parties shall meet to assist Agency in its sole determination of the Developer Fee to be released, which release shall occur shortly thereafter. The obligation to pay this Developer Fee is subject to compliance with the conditions set forth in Section 104 hereof.
Agency Loan. The County Redevelopment Agency made a loan of Two Hundred Fifty Thousand Dollars ($250,000) in Housing Funds to RCD on April 3, 1993, and increased on October 28, 1993 to Four Hundred Forty Thousand Dollars ($440,000) (the "Original Xxxxxx Null Agency Loan"), as assigned to the Xxxxxx Null Seller. The Original Xxxxxx Null Agency Loan was evidenced by that certain Loan Agreement dated April 3, 1993, between RCD and the County Redevelopment Agency as amended by that certain First Amendment to Agency Loan Agreement dated October 28, 1993, increasing the loan to Four Hundred Forty Thousand Dollars ($440,000) (the "Original Xxxxxx Null Agency Loan Agreement"). The Original Xxxxxx Null Agency Loan was evidenced by that certain Promissory Note executed by RCD for the benefit of the Agency dated April 3, 1993 (the "Original Xxxxxx Null Agency Note"). The Original Xxxxxx Null Agency Loan was secured against the Xxxxxx Null Property by a Deed of Trust and Security Agreement dated July 26, 1994, executed by the Xxxxxx Null Seller and recorded in the Official Records on August 1, 1994, as Instrument No. 94-194935 (the "Original Xxxxxx Null Agency Deed of Trust"). In connection with the Original Xxxxxx Null Agency Loan, RCD and the County entered into a Regulatory Agreement and Declaration of Restrictive Covenants dated October 28, 1993, recorded in the Official Records against the Xxxxxx Null Property on November 10, 1993, as Instrument No. 93-318552 as amended by a First Amendment to Regulatory Agreement between the County and the Xxxxxx Null Seller dated July 26, 1994, and recorded in the Official Records against the Xxxxxx Null Property, as Instrument No. 94-194934 (the "Original Xxxxxx Null Agency Regulatory Agreement").
Agency Loan. Agency hereby agrees to loan to Developer and Developer hereby agrees to borrow from Agency an amount equal to the sum of (a) the dollar value of the City park fees applicable to the Project (but not to exceed $265,030.22), and (b) certain carrying costs previously incurred by Developer and approved by Agency’s Executive Director, in an amount not to exceed $49,969.78, for a total not-to-exceed loan amount of Three Hundred Fifteen Thousand Dollars and No/100 Cents ($315,000.00) (“Agency Loan”), subject to the terms and conditions set forth in this Agreement, and subject further to the terms and conditions set forth within the Agency Loan Promissory Note, to be executed by Developer in favor of Agency in substantially the form attached hereto as Exhibit A. The Agency Loan Promissory Note shall be secured by that certain Deed of Trust and Assignment of Rents (Agency Subordinate Loan), to be executed by Developer in favor of Agency in substantially the form attached hereto as Exhibit B and incorporated herein (“Agency Loan Deed of Trust”), which shall be recorded against the Site in the Official Records of Orange County, California, as a Condition Precedent to disbursement of any portion of the Agency Loan.
Agency Loan. Sections 100 and 303, et seq. of the Affordable Housing Agreement are hereby amended and increased to provide that the principal amount of the Agency Loan (defined in the Affordable Housing Agreement as the “Redevelopment Agency Loan Principal Amount” shall be an amount not to exceed Six Hundred Thirteen Thousand Dollars ($613,000). The Agency Loan shall be evidenced by the Agency Promissory Note and secured by the Agency Deed of Trust. The Agency Loan shall be disbursed as follows:
Agency Loan. Agency shall loan to Owner the Agency Loan subject to the conditions and restrictions set forth herein and those set forth in the Promissory Note, Agency Deed of Trust, and the Buyer Disclosure Statement. Owner shall execute, as maker, and deliver to Agency the Promissory Note in favor of Agency, as holder, in the principal amount of the Agency Loan (the “Note Amount”). Owner shall also execute and deliver to Agency the Agency Deed of Trust and the Buyer Disclosure Statement in the form as distributed to Owner prior to receiving the Agency Loan. The Agency Loan shall be used only for the purchase of the Property.
Agency Loan. The Agency Loan, as more particularly provided in Section 6.2 below.
Agency Loan. Subject to the terms and conditions of this Agreement, Agency agrees to make a loan to Developer in the principal amount of up to Twenty-Nine Million Dollars ($29,000,000.00) (the “Agency Loan”) to be used to fund construction of the Housing Development. The Agency Loan shall be evidenced by the Agency Note and shall be secured by the Agency Deed of Trust. No portion of the Predevelopment Portion of the Agency Loan shall be disbursed to Developer until the conditions set forth in Section 6.2(a) below have been satisfied,.
Agency Loan. In accordance with and subject to the terms and conditions of this Agreement, the Agency agrees to lend to Borrowers and Borrowers agrees to borrow from the Agency, funds for Development Cost associated with the development of the project in the amount of SEVENTY THOUSAND Dollars and No/100 cents ($70,000.00), in accordance with the Note and Deed of Trust, attached and made part of this Agreement.
