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Agmt 2006 Mercy Housing California XXXIII (4)
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Agmt 2006 Mercy Housing California XXXIII (4)
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5/10/2007 1:08:01 PM
Creation date
5/10/2007 1:07:32 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agreement
Document Date (6)
6/19/2006
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PERM
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RDA Reso 2006-003
(Approved by)
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\City Clerk\City Council\Resolutions\2006
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<br />Date"). Developer shall pay the cost oftitle insurance for Agency's lender's policy oftitle <br />Insurance. <br /> <br />3.5 Escrow Instructions; Deposit of Funds; Recordation of Documents. Agency and <br />Developer shall provide Escrow Agent with a copy ofthis Agreement, which together with <br />such supplemental instructions as Agency or Developer may provide and which are consistent <br />with the intent of this Agreement or which are otherwise mutually agreed upon by Agency and <br />Developer, shall serve as escrow instructions for the conveyance of Property. <br /> <br />3.6 Closing Date. Within the time period set forth in the Schedule of Performance, <br />Developer shall deposit into escrow the balance of any funds Developer is obligated to pay to <br />Agency in connection with repayment of the Predevelopment Loan (defined in Section 9.1) <br />and the Agency Documents, executed and acknowledged as applicable. Provided that all <br />conditions precedent to the lease of the Property have been satisfied or waived, Agency shall <br />deposit into escrow executed copies of the Agency Documents to which Agency is a party. On <br />the Closing Date the Escrow Agent shall cause the Memorandum of Lease, the Regulatory <br />Agreement and the Deed of Trust to be recorded in the Official Records of Alameda County. <br /> <br />Unless the Parties mutually agree upon an extension pursuant to Section 1.3.1.1 or otherwise, <br />provided that Developer has obtained an allocation of low-income housing tax credits in the <br />second TCAC round for the year 2006, the Closing Date shall be a date no later than February <br />28, 2007 which is mutually acceptable to the Parties, and which shall occur within thirty (30) <br />days following the Developer's satisfaction of all conditions precedent to lease of the Property <br />as set forth in Articles I and III, including without limitation, Developer's receipt of all <br />commitments for construction and permanent financing for the Project, including tax credit <br />equity contributions. <br /> <br />3.7 Review of Title. Prior to the Closing Date, Developer shall obtain and review a title <br />report for the Property and shall notify Agency of any objections Developer has to exceptions <br />to title ("Title Exceptions"). Developer's failure to object within such period shall be deemed <br />to be approval of the condition oftitle to the Property. If Developer reasonably objects to any <br />Title Exception other than a Permitted Exception, Agency shall use reasonable efforts at <br />Agency's expense to remove from title or otherwise satisfy each such exception in a form that <br />is reasonably satisfactory to Developer no later than fourteen (14) days prior to the Closing <br />Date. <br /> <br />3.8 Conditions to Closing. In addition to the conditions precedent to Closing set forth in <br />Article I and elsewhere in this Article III, the Closing is conditioned upon the satisfaction of the <br />terms and conditions set forth in Sections 3.8.1 and 3.8.2. <br /> <br />3.8.1 Agency's Conditions to Closing. Agency's obligation to proceed with the <br />Closing is subject to Developer's satisfaction or Agency's waiver of the following conditions: <br /> <br />a. No Default. There shall exist no condition, event or act which would <br />constitute a material breach or default under this Agreement or any other Agency Document, or <br />which, upon the giving of notice or the passage of time, or both, would constitute such a <br />material breach or default. <br /> <br />803698-6 <br /> <br />9 <br />
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