TCAC AMI definition
TCAC AMI means the area median income for San Diego County determined in accordance with 26 USC Section 142(g)(2)(C).
TCAC AMI means the area median income for San Diego County determined in accordance with 26 USC 42(g)(2)(C). (In no event shall the Affordable Rent for Very Low Income households exceed the product of thirty percent (30%) times fifty percent (50%) of Area Median Income, adjusted for household size.) 1.0% Interest San Diego, California $21,873,000 [Date] FOR VALUE RECEIVED, BROADWAY TOWER ASSOCIATES, L.P., a California limited partnership (“Borrower”), hereby promises to pay to the CITY OF SAN DIEGO, a municipal corporation (“City”), or order, a principal amount of TWENTY ONE MILLION EIGHT HUNDRED AND SEVENTY THREE THOUSAND DOLLARS AND NO CENTS ($21,873,000.00) (the “Agency Loan”). This Note is given pursuant to that certain Disposition and Development Agreement dated as of December 15, 2009 entered into between the City of San Diego, a municipal corporation (as successor in interest to the rights and obligations of the Redevelopment Agency of the City of San Diego (“Agency”) under the DDA) (“City”), and Borrower, as amended by that certain First Amendment to the Disposition and Development Agreement dated August 8, 2011 and that certain Second Amendment to the Disposition and Development Agreement dated , 2012 (collectively the, “DDA”) and evidences the Agency Loan to Borrower, which provides part of the financing for the acquisition and development of that certain real property in the City of San Diego (the “Property”), legally described in the Agency Deed of Trust securing this Note. The DDA is incorporated herein by this reference as though fully set forth herein. DDA as used herein shall mean, refer to and include the DDA, as well as any riders, exhibits, addenda, implementation agreements, amendments and attachments thereto (which are hereby incorporated herein by this reference) or other documents expressly incorporated by reference in the DDA. The Borrower shall pay interest at the rate, in the amount and at the time hereinafter provided. The Borrower shall pay interest at the rate, in the amount and at the time hereinafter provided.
TCAC AMI means the area median income for San Diego County determined in accordance with 26 USC 42(g)(2)(C). (In no event shall the Affordable Rent for Very Low Income households exceed the product of thirty percent (30%) times fifty percent (50%) of Area Median Income, adjusted for household size.) State of California ) ) ss County of ) On , before me, , (Here Insert Name and Title of the Notary Officer ) personally appeared I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing is true and correct. WITNESS my hand and official seal. This Amendment to Predevelopment Loan Note (the “Amendment to Predevelopment Loan Note”) is dated as of , 2012 by BROADWAY TOWER ASSOCIATES, L.P., a California limited partnership (“Borrower”), in favor of THE CITY OF SAN DIEGO, a municipal corporation, successor in interest to the rights and obligations of the former Redevelopment City of the City of San Diego under that certain Predevelopment Loan Note (as discussed further below).
More Definitions of TCAC AMI
TCAC AMI means the area median income for San Diego County determined in accordance with 26 USC 42 (g). In no event shall the Affordable Rent for Extremely Low Income households exceed the product of thirty percent (30%) times fifty percent (50%) of Area Median Income, adjusted for household size. STATE OF CALIFORNIA ) )ss COUNTY OF ) On , before me, , personally appeared , who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the state of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. Signature RECORDING REQUESTED BY, AND WHEN RECORDED, MAIL TO: State of California Department of Housing and Community Development P. O. ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇ Attn: Multifamily Housing Program Documents Coordinator 08-SHMHP-4330 [DRAFTING NOTE: THE SUBSTANTIVE PROVISIONS OF THIS FORM SHALL BE USED FOR THE HCD SUBORDINATION AGREEMENT AUTHORIZED BY THE DDA AS AMENDED, EXCEPT FOR MODIFICATIONS (INCLUDING ADDITIONS) TO THE RIGHTS AFFORDED TO THE AGENCY IN PARAGRAPHS 5 AND 6 HEREOF REASONABLY REQUESTED BY THE AGENCY EXECUTIVE DIRECTOR OR DESIGNEE TO PROTECT THE AGENCY’S INTERESTS IN THE AGENCY LOAN AND AGENCY LOAN DOCUMENTS. ANY AND ALL SUBSTANTIVE MODIFICATIONS PRIOR TO RECORDATION SHALL BE SUBMITTED TO THE AGENCY BOARD FOR APPROVAL.] THIS SUBORDINATION AGREEMENT AND ESTOPPEL CERTIFICATE (the "Agreement") is dated as of , 20 , for reference purposes only, and is entered into by and among Redevelopment Agency of the City of San Diego, a public body corporate and politic, (the "Junior Lienholder") and Cedar Gateway, L.P., a California limited partnership (the "Borrower"), and the Department of Housing and Community Development, a public agency of the State of California (the "Senior Lender").
TCAC AMI means the area median income for San Diego County determined in accordance with 26 USC 42 (g). In no event shall the Affordable Rent for Extremely Low Income households exceed the product of thirty percent (30%) times fifty percent (50%) of Area Median Income, adjusted for household size. Exhibit No. 6 AMENDED PROJECT BUDGET Off-Site Improvements $ 320,000 Shell Construction- Residential $ 17,677,000 Shell Construction - Retail $ 1,304,000 Shell Construction - Public Garage $ 1,344,000 Contingency $ 1,100,000 Architecture & Engineering $ 1,083,000 Permits & Fees $ 1,000,000 Legal & Accounting $ 20, 00 Taxes & Insurance $ 425,000 Developer Fee $ 1,400,000 Marketing/Lease-Up $ 20,000 Contingency $ 240,000 Loan Fees $ 483,000 Interest During Construction $ 869,000 TCAC/Syndication Fees $ 109,000 Operating Lease-Up/Reserves $ 540,000 ATTACHMENT NO. 8 REVISED FORM OF AGENCY NOTE 5.0% Interest San Diego, California $3,661,000.00 [Date of Closing] FOR VALUE RECEIVED, CEDAR GATEWAY, L.P., a California limited partnership (“Borrower”), hereby promises to pay to the REDEVELOPMENT AGENCY OF THE CITY OF SAN DIEGO (“Agency”), a public body, corporate and politic, or order, a principal amount of THREE MILLION SIX HUNDRED SIXTY ONE THOUSAND DOLLARS AND NO CENTS $3,661,000.00 (the “Agency Loan”). This Note is given pursuant to that certain Disposition and Development Agreement dated as of May 22, 2008, between Borrower (“Owner” therein) and Agency, as amended by that certain First Amendment to Disposition and Development Agreement dated as of , 2009, (the “DDA”) and evidences the Agency Loan to Borrower, which provides part of the financing for the development of that certain real property in the City of San Diego legally described in the Deed of Trust securing this Note (the “Property”). The proceeds of this Note shall be disbursed to Borrower in accordance with the Disbursement Agreement attached to the DDA as Attachment No. 15 and incorporated herein by this reference. The obligation of Borrower to Agency hereunder is subject to the terms of the DDA, this Note and the following instruments, each dated on or about the date hereof, and, where applicable, executed and delivered by Borrower for the purpose of securing this Note: a Subordinate Deed of Trust, Security Agreement and Fixture Filing (With Assignment of Rents) (“Agency Deed of Trust”); an Assignment of Agreements, Plans, Specifications and Entitlements (“Assignment of Agreements”); and a UCC-1 Financing Statemen...
TCAC AMI means the area median income for San Diego County determined in accordance with 26 USC 42 (g). In no event shall the Affordable Rent for Extremely Low Income households exceed the product of thirty percent (30%) times fifty percent (50%) of Area Median Income, adjusted for household size.