City Loan i. Commencing on June 1, 2020, and on June 1 of each year thereafter during the Term, Borrower shall make a loan payment to the City in an amount equal to the City Loan Prorata Percentage of the Lenders' Share of Residual Receipts (each such payment, an "Annual City Loan Payment"). A numerical example of the methodology to be used to calculate the Annual City Loan Payment is shown in Exhibit B attached hereto. In the event of a conflict between the text of this Section 2(b) and Exhibit B, the text of this Section 2(b) will prevail. The City shall apply all Annual City Loan Payments to the Restructured City Loan as follows: (1) first, to accrued interest, and (2) second, to principal for the City Loan.
City Loan. In accordance with HOME Regulations, 24 CFR Part 92, the City agrees to loan to the Developer the amount of Five Hundred Ninety, Nineteen Thousand ($590,019) (the “City Loan”) for the acquisition of the Property. The Loan subject to the terms and conditions set forth in this Agreement, and subject further to the terms and conditions set forth within the documents and instruments executed by the Developer in connection with this transaction, including the notes attached hereto as Exhibit “B-1” and Exhibit “B-2”, 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 and subject to the Master Loan Agreement. No interest shall accrue on the City Note, the term of which shall be fifty-five years from the date the Promissory Note is executed (the "Note Term"). Developer shall have no obligation to repay the City Loan or Promissory Note, or make any installment payments thereon, unless and until Developer commits a material default of this Agreement, the Promissory Note, Deed of Trust, or Regulatory Agreement, and fails to cure said default within the time periods provided in those documents, if any. Upon the occurrence of any uncured material default by the Developer, the City Loan shall be immediately repaid to the City. At the end of the Note Term, provided Developer has not committed or caused the occurrence of a material default of this Agreement, the Promissory Note, Deed of Trust, or the Regulatory Agreement, the City Loan shall be forgiven in its entirety and the City shall, upon the request by Developer, execute and record a partial reconveyance deed removing the portion of the deed of trust attributable to the City Loan from title. The City Loan shall be disbursed to or on behalf of the Developer for the remaining portion of the cost of the acquisition of the Property. The City Loan shall be disbursed to or on behalf of the Developer for the acquisition of the Property, and other related expenses (escrow, title insurance, taxes, closing costs) upon the satisfaction of the conditions set forth in Section 104 hereof. The City Loan shall be used to fund Five Hundred Ninety, Nineteen Thousand ($590,019), towards the acquisition of the Property.
City Loan. A loan from the City (the “City Loan”) in the original principal aggregate amount of up to $11,600,000, of which ten percent (10%) is to be retained until Conversion, subject to the following:
City Loan. In accordance with and subject to the terms and conditions of this Agreement, including the Method of Financing (Attachment No. 3), the City agrees to lend to Developer, and Developer agrees to borrow from the City, the City Loan, as described in the Method of Financing (Attachment No. 3), an amount not to exceed FIVE MILLION DOLLARS ($5,000,000), including any City Predevelopment Loan proceeds disbursed to
City Loan i. Commencing on June 1, 2019, and on June 1 of each year thereafter during the Term, Borrower shall make a loan payment in an amount equal to the sum of (1) the City Loan Prorata Percentage of the Lenders' Share of Residual Receipts, and (2) the City Additional Prorata Share multiplied by Borrower's Shared Portion of Residual Receipts (each such payment, an "Annual City Loan Payment"). A numerical example of the methodology to be used to calculate the Annual City Loan Payment is shown in Exhibit B attached hereto. In the event of a conflict between the text of this Section 2(b) and Exhibit B, the text of this Section 2(b) will prevail. The City shall apply all Annual City Loan Payments as follows: (1) first, to accrued interest, and (2) second, to principal for the City Loan.
City Loan. Borrower shall have obtained and received one hundred percent (100%) of the proceeds of the City Loan, all of which shall have been disbursed to pay Project Costs shown on the Disbursement Budget, and Borrower shall have delivered evidence satisfactory to Bondowner Representative thereof.
City Loan. The loan in the original principal amount of $ made by the City to Seller, and subsequently assigned from Seller to Borrower, pursuant to the terms of the City Loan Agreement to cover, among other things, certain development costs for the Project. As of the Closing Date, the balance of City Loan is $1,626,224. [CHECK]
City Loan. The City hereby agrees to loan to the Owner and the Owner hereby agrees to borrow from the City the amount of One Million, One Hundred Ninety Thousand, Nine Hundred Ninety Two Dollars ($1,190,992), subject to the terms and conditions set forth in this Agreement, and subject further to the terms and conditions set forth within the documents and instruments executed by the Owner in connection with this transaction, including the “Promissory Note,” in substantially the form set forth in Exhibit B, the “Deed of Trust,” in substantially the form set forth in Exhibit C, the “Regulatory Agreement,” and the Notice of Affordability Restrictions substantially in the form of Exhibit H in substantially the form set forth in Exhibit E, the "Option Agreement" in substantially the form set forth in Exhibit F and the Notice of Affordability Restrictions substantially in the form of Exhibit H. The obligations of the Owner under the Promissory Note shall be non-recourse.
City Loan. Subject to the terms and conditions set forth in this Agreement, the City shall make a loan to the Developer in the original principal amount of up to Two Million Dollars ($2,000,000.00). The City Loan shall be evidenced by the Promissory Note executed by Xxxxxxxxx in favor of City in the amount of the City Loan and secured by the Deed of Trust executed by the Developer as trustor in favor of the City as beneficiary and recorded against the Developer’s fee interest in the Property.
City Loan. City hereby commits and agrees, subject to the terms and provisions of this Agreement, to make the City Loan to Developer, and Developer hereby agrees to borrow the City Loan from City, in an amount not to exceed Three Hundred Seventy Three Thousand and No/ I 00ths Dollars ($373,000.00) all subject to the terms and conditions set forth in this Agreement, and subject further to the terms and conditions set forth within the Project Documents, including the "City Note," the "City Deed of Trust," and the "Regulatory Agreement." The City Loan shall be evidenced by the City Note and secured by the City Deed of Trust, which shall be recorded against the Site in the Official Records of the County in a position junior and subordinate to Senior Loan; it is not contemplated that a deed of trust will be recorded for the benefit of the County in relation to the County Loan, but if such a deed of trust is recorded, it shall be junior to the City Deed of Trust.
