Common use of City Loan Clause in Contracts

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. In accordance with HOME Regulations, 24 CFR Part 92Subject 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 Four Six Hundred Fifty Two Thousand, Two Hundred and Thirty Four dollars Eighty Thousand Dollars ($452,234680,000.00) (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 note and deed of trust attached hereto as Exhibit B-1 “B” and Exhibit C-1, “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 as set forth in Section 402City. At the end of the Note Term, provided Xxxxxxxxx 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 XxxxxxxxxDeveloper, 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 costs remaining portion of the development 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, and other related expenses (escrow, title insurance, taxes, closing costs) 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 103 104 hereof. The City Loan shall be used junior in priority to fund Four Hundred Fifty Two Thousand, Two Hundred and Thirty Four dollars ($452,234), towards subordinate to the development of the PropertyAgency Loan.

City Loan. In accordance with HOME Regulations, 24 CFR Part 92, the City agrees to loan to the Developer the amount of Three Hundred Eighty Nine Thousand, Four Hundred Fifty Two Thousand, Two Hundred and Thirty Four Seventy dollars ($452,234389,470) (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 Three Hundred Eighty Nine Thousand, Four Hundred Fifty Two Thousand, Two Hundred and Thirty Four Seventy dollars ($452,234389,470), towards the development of the Property.

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 Hundred, Forty-Two Thousand, Two Five Hundred and Thirty Four dollars ($452,234442,500) (the “City Loan”) for the development rehabilitation 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 “B-1” and Exhibit C-1, “B-2” 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-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 402City. At the end of the Note Term, provided Xxxxxxxxx Developer 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 XxxxxxxxxDeveloper, 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 remaining portion of the development cost of the rehabilitation of the Property, and other related expenses (escrow, title insurance, taxes, closing costs) . The City Loan shall be disbursed to or on behalf of the Developer upon the satisfaction of the conditions set forth in Section 103 hereof. The City Loan shall be used to fund Four Hundred Fifty Hundred, Forty-Two Thousand, Two Five Hundred and Thirty Four dollars ($452,234442,500), towards the development rehabilitation and household moving expenses for those who voluntarily move in or outside of the Property.

City Loan. In accordance with HOME Regulations, 24 CFR Part 92, the City agrees to loan to the Developer the amount of Four Five Hundred Fifty Two ThousandNinety, Two Hundred and Thirty Four dollars Nineteen Thousand ($452,234590,019) (the “City Loan”) for the development acquisition 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 “B-1” and Exhibit C-1“B-2”, 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 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 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 402City. At the end of the Note Term, provided Xxxxxxxxx Developer 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 XxxxxxxxxDeveloper, 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 remaining portion of the development cost of the acquisition of the Property. The City Loan shall be disbursed to or on behalf of the Developer for the acquisition of the Property, and other related expenses (escrow, title insurance, taxes, closing costs) upon the satisfaction of the conditions set forth in Section 103 104 hereof. The City Loan shall be used to fund Four Five Hundred Fifty Two ThousandNinety, Two Hundred and Thirty Four dollars Nineteen Thousand ($452,234590,019), towards the development acquisition of the Property.

City Loan. In accordance with HOME Regulations, 24 CFR Part 92, the City agrees to loan to the Developer the amount of Four Five Hundred Fifty Forty Two Thousand, Two Seven Hundred and Thirty Four Two dollars ($452,234542,702) (the “City Loan”) for the development acquisition 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 “B-1” and Exhibit C-1, “B-2” 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 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 402City. At the end of the Note Term, provided Xxxxxxxxx Developer 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 XxxxxxxxxDeveloper, 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 remaining portion of the development cost of the acquisition of the Property. The City Loan shall be disbursed to or on behalf of the Developer for the acquisition of the Property, and other related expenses (escrow, title insurance, taxes, closing costs) upon the satisfaction of the conditions set forth in Section 103 104 hereof. The City Loan shall be used to fund Four Five Hundred Fifty Forty Two Thousand, Two Seven Hundred and Thirty Four Two dollars ($452,234)542,702) , towards the development acquisition of the Property.