Owner Equity Clause Samples

Owner Equity. Equity from Owner (the “Owner Equity”) will be used to finance a portion of the Rehabilitation Costs and will consist of approximately $1,350,168, to be provided by the Tax Credit Equity Investor, derived from Low Income Housing Tax Credits. Owner shall be responsible for providing any additional funds which may be needed to pay for cost overruns and contingencies not otherwise funded by the construction Sources of Financing described above.

Owner Equity. All of the Owner Equity shall be deposited in the Construction Escrow Account.

Owner Equity. Equity from the Owner (the "Owner Equity") consisting of the following: (1) Approximately $20,437,626 to be provided by the Tax Credit Equity Investor, derived from Low Income Housing Tax Credits, which shall include approximately $1,000,000 to be disbursed during the construction period and the balance to be disbursed following Completion; (2) A deferred portion of the Owner Fee, in the amount of $489,000 (the “Deferred Owner Fee”), constituting that portion of the Owner Fee to be paid to Owner from operating revenues, before calculating residual receipts, with the balance of the Owner Fee in the amount of $2,012,000 payable to Owner during construction of the Project, in accordance with the following schedule of disbursements: i. 30 % upon Closing;

Owner Equity. Equity from the Owner (the “Owner Equity”) consisting of the following: (1) A deferred portion of the Developer Fee, in the amount of approximately $140,000 (the “Deferred Developer Fee”), constituting that portion of the Developer Fee to be paid to Developer from Revenues, with interest at the minimum interest rate allowed by applicable rules of the California Tax Credit Allocation Committee and the IRS, before calculating Residual Receipts (with the balance of the Developer Fee in the amount of $1,260,000 payable to Developer during construction, which includes the fees payable upon conversion, as the Construction Period Developer Fee under the Disbursement Agreement); (2) Owner shall be responsible for providing any additional funds which may be needed to pay for cost overruns and any shortfalls in financing and contingencies not otherwise funded by the sources of construction financing described above. Owner Equity described in this paragraph h. shall consist of funds provided by Owner or borrowed funds so long as repayment is not secured by any deed of trust on the Housing Parcel.