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. Subject to the receipt of HUD approval, the City agrees to loan to the Developer and the Developer hereby agrees to borrow from the City the amount of Six Hundred Eighty Thousand Dollars ($680,000.00) (the “City Loan”), 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 note and deed of trust attached hereto as Exhibit “B” and “C” and the “Regulatory Agreement,” in substantially the form set forth in Exhibit D and subject to the Master Loan Agreement. No interest shall accrue on the City Note, the term of which shall be fifty-five years from the date the City Loan Promissory Note is executed (the "Note Term"). Developer shall have no obligation to repay the City Loan or City Loan Promissory Note, or make any installment payments thereon, unless and until Developer commits a material default of this Agreement, the City Loan Promissory Note, City Loan 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. At the end of the Note Term, provided Developer has not committed or caused the occurrence of a material default of this Agreement, the City Loan 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 Developer, 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 (a) the remaining portion of the cost of the acquisition of the Property and (b) the cost of the Rehabilitation of the Property. If there are any remaining proceeds of the City Loan after the completion of the Rehabilitation, such proceeds shall be paid to the Agency in repayment of a portion of the Agency Loan. The City Loan shall be disbursed to or on behalf of the Developer upon the satisfaction of the conditions set forth in Section 104 hereof. The City Loan shall be junior in priority to and subordinate to the Agency Loan.
City Loan. In accordance with and subject to the terms and conditions of this Agreement, including the Method of Financing, the City agrees to lend to Owner, and Owner agrees to borrow from the City, the City Loan, as described in the Method of Financing, an amount not to exceed THREE MILLION DOLLARS AND ZERO CENTS ($3,000,000.00), contingent upon certification from the City Comptroller that funds are available to the City to fund the City Loan. The amount of the City Loan shall be finalized after the Mayor approves all Sources of Financing and uses of Acquisition and Development Costs set forth in the Project Budget in accordance with the Schedule of Performance. The City Loan shall be disbursed pursuant to the Disbursement Agreement. The City Loan shall be evidenced by the City Note, and repayment shall be secured by the City Deed of Trust, an Assignment of Rents (Attachment No. 10), an Assignment of Agreements, and a UCC-1 Financing Statement (“UCC-1”).
City Loan. A loan from the City (the “City Loan”) in the original principal aggregate amount of up to $3,000,000, of which ten percent (10%) is to be retained until Completion, subject to the following:
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. The City Loan shall be governed by the terms and provisions of this Agreement, the City Promissory Note, and the City Deed of Trust.
City Loan. (A) Separate from the City Contribution and the conveyance of the City Parcels, the City shall lend to ArenaCo an amount equal to the sum of all application, impact, permit and other fees that ArenaCo must pay to the City or to other governmental or quasi‐governmental entities for the design, development and construction of the Arena, up to a maximum amount of $12,000,000.
City Loan. The City hereby agrees to loan to the Owner and the Owner hereby agrees to borrow from the City the amount of One Million, One Hundred Ninety Thousand, Nine Hundred Ninety Two Dollars ($1,190,992), 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 Owner in connection with this transaction, including the “Promissory Note,” in substantially the form set forth in Exhibit B, the “Deed of Trust,” in substantially the form set forth in Exhibit C, the “Regulatory Agreement,” and the Notice of Affordability Restrictions substantially in the form of Exhibit H in substantially the form set forth in Exhibit E, the "Option Agreement" in substantially the form set forth in Exhibit F and the Notice of Affordability Restrictions substantially in the form of Exhibit H. The obligations of the Owner under the Promissory Note shall be non-recourse.
City Loan. Developer shall have satisfied all conditions precedent to the closing of the City Loan set forth in Attachment No. 6 of the City Loan Agreement.
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.