Agency Loan a. In accordance with and subject to all the terms, covenants, and conditions of this Agreement, the Agency agrees to provide the Agency Loan for the costs of Public Improvements in an amount not to exceed One Hundred Thousand Dollars($100,000) in consideration for Developer’s agreement to construct Public Improvements in excess of what is required by the City for projects of similar size and scope and as described in the Scope of Development. The Agency Loan shall only be used to pay for qualified construction costs of the Public Improvements as determined by the Agency Executive director.
Agency Loan. In accordance with and subject to the terms and conditions of this Agreement, including the Method of Financing, the Agency agrees to lend to Owner, and Owner agrees to borrow from the Agency, the Agency Loan, contingent upon certification from the City Comptroller that funds are available to the Agency to fund the Agency Loan. At or prior to the Construction Closing, the Parties shall execute and deliver such instruments and documents as may be necessary to evidence and secure the Agency Loan, consistent with the terms of this Agreement, the Disbursement Agreement and the Method of Financing, and each in a form that is acceptable to the Agency Executive Director. The Agency Loan shall be used to pay a portion of the Rehabilitation Costs (which includes the acquisition of the Leasehold) as set forth in the Method of Financing and shall be disbursed pursuant to the Disbursement Agreement commencing on the Construction Closing Date.
Agency Loan. The County Redevelopment Agency made a loan of Two Hundred Fifty Thousand Dollars ($250,000) in Housing Funds to RCD on April 3, 1993, and increased on October 28, 1993 to Four Hundred Forty Thousand Dollars ($440,000) (the "Original Xxxxxx Xxxx Agency Loan"), as assigned to the Xxxxxx Xxxx Seller. The Original Xxxxxx Xxxx Agency Loan was evidenced by that certain Loan Agreement dated April 3, 1993, between RCD and the County Redevelopment Agency as amended by that certain First Amendment to Agency Loan Agreement dated October 28, 1993, increasing the loan to Four Hundred Forty Thousand Dollars ($440,000) (the "Original Xxxxxx Xxxx Agency Loan Agreement"). The Original Xxxxxx Xxxx Agency Loan was evidenced by that certain Promissory Note executed by RCD for the benefit of the Agency dated April 3, 1993 (the "Original Xxxxxx Xxxx Agency Note"). The Original Xxxxxx Xxxx Agency Loan was secured against the Xxxxxx Xxxx Property by a Deed of Trust and Security Agreement dated July 26, 1994, executed by the Xxxxxx Xxxx Xxxxxx and recorded in the Official Records on August 1, 1994, as Instrument No. 94-194935 (the "Original Xxxxxx Xxxx Agency Deed of Trust"). In connection with the Original Xxxxxx Xxxx Agency Loan, RCD and the County entered into a Regulatory Agreement and Declaration of Restrictive Covenants dated October 28, 1993, recorded in the Official Records against the Xxxxxx Xxxx Property on November 10, 1993, as Instrument No. 93-318552 as amended by a First Amendment to Regulatory Agreement between the County and the Xxxxxx Xxxx Xxxxxx dated July 26, 1994, and recorded in the Official Records against the Xxxxxx Xxxx Property, as Instrument No. 94-194934 (the "Original Xxxxxx Xxxx Agency Regulatory Agreement").
Agency Loan. The Agency agrees to loan to the Developer and the Developer hereby agrees to borrow from the Agency the amount of Seven Hundred Sixty-Six Thousand, One Hundred Dollars ($766,100.00) (the “Agency Loan”), subject to the terms and conditions set forth in this Agreement, the Loan Agreement, as amended, and the promissory notes attached hereto as Exhibit B, 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. The Agency Loan shall be disbursed to or on behalf of the Developer for the acquisition and rehabilitation of the Property, and other related expenses (escrow, title insurance, taxes, closing costs, permit fees, construction management fee, and a 22% contingency amount). The Agency Loan shall be disbursed to or on behalf of the Developer upon the satisfaction of the conditions set forth in Section 104 hereof. The Agency Loan shall be used for the following: Acquisition $305,000 Rehabilitation $271,100 Developer Fee $190,000 Totals $766,100 The Developer Fee approved herein can only be used to further Developer’s mission and goals, and for no other purposes. The Developer Fee shall be disbursed, in Agency’s discretion over a five year period. Each January 1, the parties shall meet to assist Agency in its sole determination of the Developer Fee to be released, which release shall occur shortly thereafter. The obligation to pay this Developer Fee is subject to compliance with the conditions set forth in Section 104 hereof.
Agency Loan. At such time as all conditions precedent for the benefit of Owner and Agency to the conveyance of the Ground Lease, as set forth in Sections 209 and 210 of the DDA, have been satisfied, Agency shall lend funds (the “Agency Loan”) for the Project in a principal amount not to exceed $3,661,000, which amount shall be determined at the Second Closing and may be reduced if the other sources of Construction Financing (defined below) are increased or the Budget indicates that the Acquisition and Development Costs are reduced.
Agency Loan. The term “Agency Loan” refers to the loan to be made by Landlord to Tenant under the DDA, evidenced by the Agency Note.
Agency Loan. The Agency Loan in the original principal aggregate amount not to exceed $781,073 will be used to finance a portion of the Rehabilitation Costs, subject to the following:
Agency Loan. The Agency Loan in the principal amount not to exceed $781,073, subject to adjustment to reflect any Cost Savings described in Section 2.1.f above, or Additional Proceeds described in Section 2.2.g below, will be one of the permanent Sources of Financing.
Agency Loan. A loan from the Agency (the “Agency Loan”) in the original principal aggregate amount of up to NINE MILLION TWO HUNDRED AND FIFTY FIVE THOUSAND DOLLARS ($9,255,000), of which twenty percent (20%) is to be retained until the issuance of a certificate of occupancy by the City for the Improvements (at which time 10% is released) and Conversion (at which time the remaining 10% is released) respectively, subject to the following:
Agency Loan. A loan from the City (the “Agency Loan”) in the original principal aggregate amount of up to TWENTY ONE MILLION EIGHT HUNDRED AND SEVENTY THREE HUNDRED THOUSAND DOLLARS ($21,873,000), of which ten percent (10%) is to be retained until Conversion, subject to the following:
