City Loan. In accordance with HOME Regulations, 24 CFR Part 92, the City agrees to loan to the Developer the amount of Four Hundred Fifty Two Thousand, Two Hundred and Thirty Four dollars ($452,234) (the “City Loan”) for the development of the Property. The City Loan is subject to the terms and conditions set forth in this Agreement, and subject further to the terms and conditions set forth within the documents and instruments executed by the Developer in connection with this transaction, including the notes and deed of trust attached hereto as Exhibit B-1 and Exhibit C-1, and the “Regulatory Agreement,” in substantially the form set forth in Exhibit D and subject to the Loan Agreement. No interest shall accrue on the City Note, the term of which shall be fifty-five years from the date the Promissory Note is executed (the "Note Term"). Developer shall have no obligation to repay the City Loan or Promissory Note, or make any installment payments thereon, unless and until Developer commits a material default of this Agreement, the Promissory Note, Deed of Trust, or Regulatory Agreement, and fails to cure said default within the time periods provided in those documents, if any. Upon the occurrence of any uncured material default by the Developer, the City Loan shall be immediately repaid to the City as set forth in Section 402. At the end of the Note Term, provided Xxxxxxxxx has not committed or caused the occurrence of a material default of this Agreement, the Promissory Note, Deed of Trust, or the Regulatory Agreement, the City Loan shall be forgiven in its entirety and the City shall, upon the request by Xxxxxxxxx, execute and record a partial reconveyance deed removing the portion of the deed of trust attributable to the City Loan from title. The City Loan shall be disbursed to or on behalf of the Developer for the costs of the development of the Property, and other related expenses (escrow, title insurance, taxes, closing costs) upon the satisfaction of the conditions set forth in Section 103 hereof. The City Loan shall be used to fund Four Hundred Fifty Two Thousand, Two Hundred and Thirty Four dollars ($452,234), towards the development of the Property.
City Loan i. Commencing on June 1, 2020, and on June 1 of each year thereafter during the Term, Borrower shall make a loan payment to the City in an amount equal to the City Loan Prorata Percentage of the Lenders' Share of Residual Receipts (each such payment, an "Annual City Loan Payment"). A numerical example of the methodology to be used to calculate the Annual City Loan Payment is shown in Exhibit B attached hereto. In the event of a conflict between the text of this Section 2(b) and Exhibit B, the text of this Section 2(b) will prevail. The City shall apply all Annual City Loan Payments to the Restructured City Loan as follows: (1) first, to accrued interest, and (2) second, to principal for the City Loan.
City Loan i. Commencing on June 30, 2019, and on June 30 of each year thereafter during the Term, Borrower shall make a loan payment in an amount equal to the sum of (1) the City Loan Prorata Percentage of the Lenders' Share of Residual Receipts, and (2) subject to Subsection (c) below, the City Additional Prorata Share multiplied by Borrower's Shared Portion of Residual Receipts (each such payment, an "Annual City Loan Payment"). A numerical example of the methodology to be used to calculate the Annual City Loan Payment is shown in Exhibit B attached hereto. In the event of a conflict between the text of this Section 2(b) and Exhibit B, the text of this Section 2(b) will prevail. The City shall apply all Annual City Loan Payments as follows: (1) first, to accrued interest, and (2) second, to principal for the City Loan.
City Loan. A loan from the City (the “City Loan”) in the original principal aggregate amount of up to $11,600,000, of which ten percent (10%) is to be retained until Conversion, subject to the following:
City Loan. In accordance with and subject to the terms and conditions of this Agreement, including the Method of Financing (Attachment No. 3), the City agrees to lend to Developer, and Developer agrees to borrow from the City, the City Loan, as described in the Method of Financing (Attachment No. 3), an amount not to exceed FIVE MILLION DOLLARS ($5,000,000), including any City Predevelopment Loan proceeds disbursed to
City Loan. Borrower shall have obtained and received one hundred percent (100%) of the proceeds of the City Loan, all of which shall have been disbursed to pay Project Costs shown on the Disbursement Budget, and delivered evidence satisfactory to Bondowner Representative thereof.
City Loan. City will make a construction/permanent loan to the Developer for the Phase A Project in the amount of $7,100,000 (“City Loan”). The City Loan will accrue interest at 3% per annum, unless the County of Alameda and California Department of Housing Community Development each reduce their loan interest rate to below 3% per annum, in which case the City Loan will accrue interest at the same per annum rate set by the California Department of Housing Community Development for the Phase A Project. The term of the City Loan will be the earlier of (i) the fifty-seventh (57th) anniversary of the City Loan origination date, or (ii) the fifty-fifth (55th) anniversary of the date that City issues a Certificate of Occupancy for the Phase A Project. The City Loan will be repaid through Developer’s payment of a mutually determined percentage of the residual receipts of the completed Phase A Project. The Phase A Project residual receipts will be allocated on a pro rata basis between the City Loan, the County Loan and other governmental loans to the Phase A Project which are to be paid through residual receipts. The terms of the City Loan will be set forth in a Promissory Note to be provided by Developer to City at the financial closing for the Phase A Project. The City Loan Promissory Note will be secured by a Deed of Trust to be recorded against the Developer’s ground leasehold interest in the Property. The Regulatory Agreement will also be recorded against the ground leasehold interest in the Property. The City Loan will be nonrecourse, and will be subordinate to the primary construction and permanent loan for the Phase A Project. The City Loan will be disbursed at the construction loan closing, contingent on Developer receipt of building permits and all other required City approvals for the Phase A Project, closing of all other construction financing, and other standard conditions. City and Developer shall enter into a mutually acceptable Affordable Housing Loan Agreement which sets forth the terms and conditions of the City Loan, and attaches the form of the Promissory Note, Deed of Trust and Regulatory Agreement for the Phase A Project.
City Loan. 6.7 Prior to the Interest Adjustment Date, interest shall accrue on the total of the amount or amounts advanced under the City Loan the rate of two per cent (2%) per annum until the Interest Adjustment Date.
City Loan. (1) Subject to satisfaction of the conditions set forth in this Article III, the City agrees to loan the Developer the proceeds of the MIF Loan, the County Loan and the Western Minnesota RLF Loan in an amount not to exceed $700,000 to be used to pay a portion of the costs of the Equipment (the “Loan”).
City Loan. City agrees to lend to the Borrower, and Borrower agrees to borrow from City, the City Loan. Concurrently with the execution of this Agreement, City and Borrower have executed and delivered the City Loan Documents.
