Guidance as to Certain Refinancing Sample Clauses

Guidance as to Certain Refinancing. Owner(s) shall not refinance if the refinance includes “cash out”, or the ability to obtain cash advances or other "cash out" options. Owner(s) shall be entitled to engage in the following, with the prior written consent of the City: (a) enter into a refinancing transaction which meets all of the following requirements: (i) the transaction represents a refinancing of the fixed annual percentage rate, which is lower than the annual percentage rate of the then-current first mortgage financing; (ii) the refinancing loan bears for its entire term a fixed annual percentage rate, which is lower than the annual percentage rate of the then- current first mortgage financing; (iii) the entirety of the net proceeds (defined as gross proceeds less reasonable and customary costs of processing the refinancing loan, obtaining appraisals, and the like, but not to exceed six percent (6%) of the refinancing loan amount in any event) are used to refinance the then-current first mortgage financing, i.e. no "cash out" to Owners; (iv) the refinancing loan does not provide Owners with the ability to obtain cash advances or other "cash out" options; (v) the Deed of Trust, attached hereto, continues to occupy a recorded priority position no less than second to all other non-statutory liens and encumbrances; (vi) Owner's monthly principal and interest expenses and/or the term of the refinancing loan is reduced vis-à-vis the then-current first mortgage financing; and (vii) Owner is not in default of this Agreement, the CC&Rs, the Promissory Note or the Deed of Trust; and/or (b) enter into a refinancing transaction which does not meet all of the foregoing requirements, but to which the City has given its prior written consent; and/or (c) enter into a loan, equity line of credit or advance on loans secured by the Property that is subordinate to the CC&Rs and the Deed of Trust. Should an Owner desire to engage in refinancing, such Owner shall at least fifteen (15) calendar days prior to the recordation of the deed of trust or mortgage submit to the City in writing the following information:
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