MHP Loan definition
Examples of MHP Loan in a sentence
Developer shall provide social services to tenants of the Apartment Complex in accordance with the terms of the MHP Loan and the supportive services plan and regulatory agreement entered into by Developer in connection with the MHP Loan as well as requirements imposed by other Project funding sources.
Thus, concurrently with and expressly conditioned upon the closing of the MHP Loan, including disbursement of the MHP Loan proceeds by HCD to Developer and recordation of the MHP Deed of Trust against the Site in the official records of Orange County, California (“MHP Closing”), Developer and Agency shall execute the Amended and Restated Promissory Note and the Modification to Agency Loan Deed of Trust.
Upon repayment in full of the MHP Loan, if any amounts remain owing under the Agency Loan, Developer shall pay fifty percent (50%) of Residual Receipts each year to the Agency in repayment of the Agency Loan, until the Agency Loan has been repaid in full.
In connection with such review Developer acknowledges and agrees it shall be required to represent and certify to Authority and Agency that no government assistance other than the Agency Loan, the MHP Loan and Project Based Section 8 assistance, or the AHP Loan has been obtained or is contemplated to be obtained for the Rehabilitation of the Project.
To the extent consistent with the regulations applicable to the MHP Loan and VHHP Loan, no later than ten (10) days after the date Borrower receives its final capital contribution from the Investor Limited Partner, Borrower shall pay to the County as a special repayment of the Loan, an amount equal to the result obtained by multiplying the County Additional Prorata Share by the Available Net Proceeds (the "Special County Loan Payment").
During the entire term during which both the Primary Loan and the MHP Loan remain outstanding, Residual Receipts from operation of the Project each year shall be distributed as follows: twenty percent (20%) to Agency in repayment of the Agency Loan, forty-five and two tenths percent (45.2%) to HCD in repayment of the MHP Loan, and the remaining thirty-four and eight tenths percent (34.8%) to Developer.
C-1 Representation Number on Exhibit C Mortgage Loan Name and Number as Identified on Exhibit A Description of Exception Comfort Suites Springfield, OH (Loan No. 72) Capital & Sunny Acres MHP (Loan ▇▇.
To the extent consistent with the regulations applicable to the MHP Loan, no later than ten (10) days after the date Borrower receives its final capital contribution from the Investor Limited Partner, Borrower shall pay to the County as a special repayment of the New HOME Loan, an amount equal to the result obtained by multiplying the County Additional Prorata Share by the Available Net Proceeds (the "Special County Loan Payment").
If any portion of the Expense Deposit remains after payment of such fees, costs and expenses, NACC shall pay such portion to MHP within 30 days after the closing of the MHP Loan.
The Maximum Allowable Recovery is equal to (a) the deposits made by MHP to the ONE Mortgage Loan Loss Reserve Fund for the benefit of the Lender pursuant to the Section 4.1A above, minus (i) any and all prior payments made by MHP to the Lender from the ONE Mortgage Loan Loss Reserve Fund and (ii) any MHP Loan Loss Reserve Claim processing fees, if applicable .