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Inst 2009195594
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Inst 2009195594
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Last modified
7/17/2009 10:51:44 AM
Creation date
7/17/2009 10:51:43 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agreement
Document Date (6)
4/1/2009
Recorded Document Type
Deed of Trust
Retention
PERM
Document Relationships
Inst 2007334383
(Amended)
Path:
\City Clerk\City Council\Recorded Documents\2007
Inst 2007334384
(Amended)
Path:
\City Clerk\City Council\Recorded Documents\2007
Inst 2007334385
(Amended)
Path:
\City Clerk\City Council\Recorded Documents\2007
Inst 2007334387
(Amended)
Path:
\City Clerk\City Council\Recorded Documents\2007
Inst 2009067181
(Amended)
Path:
\City Clerk\City Council\Recorded Documents\2009
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4. Maturity Date. The Amended and Restated City Note and Amended and Restated <br />Agency Note may not mature, and may not bear a maturity date, prior to the date <br />on which the HUD Note matures. The term of the City and Agency Loan <br />Documents shall be extended if the Amended and Restated City Note and/or <br />Amended and Restated Agency Note matures, there are no residual receipts or <br />non-Project funds available for repayment and the HUD Mortgage has not been <br />retired in full or if HUD grants a deferment of amortization or forbearance that <br />results in an extended maturity of the HUD Loan Documents. <br />5. Residual Receipts. As long as the HUD Loan Documents remain in effect, any <br />payments due from Project income from the Section 202 units under the City and <br />Agency Loan Documents, or any prepayments made with Project income from the <br />Section 202 units, shall be payable only from residual receipts of the Project, as <br />that term is defined in the HUD Regulatory Agreement, and subject to the <br />availability of residual receipts in accordance with the provision of said HUD <br />Regulatory Agreement. No payments or prepayments using residual receipts can <br />be made without HUD approval. Borrower may make payments or prepayments <br />at any time without HUD approval using funds that do not come from Project <br />income from the Section 202 units. The restrictions on payment imposed by this <br />paragraph shall not excuse any default caused by the failure of the maker to pay <br />the indebtedness evidenced by the Amended and Restated City Note or the <br />Amended and Restated Agency Note. <br />6. Indemnification. Enforcement by the City and/or Agency of any indemnification <br />provisions in the City and Agency Loan Documents will not and shall not result in <br />any monetary claim against the Project, the HUD Capital Advance proceeds, any <br />reserve or deposit required by HUD in connection with the HUD Capital <br />Advance, or the rents or other income from the Section 202 units in the Project <br />other than residual receipts authorized for release by HUD, without the prior <br />written consent of HUD, but the City and/or the Agency shall have the right to <br />add any amounts due the City and/or Agency pursuant to indemnification <br />provisions in the City and Agency Loan Documents to the principal amount of the <br />Amended and Restated City Note and/or the Amended and Restated Agency <br />Note, as applicable, and interest shall accrue thereon commencing on the date <br />indemnification payments are due. In addition, any indemnification provisions <br />shall not be enforceable against the HUD Secretary, his or her successors and <br />assigns, should the HUD Secretary acquire title to the Project by power of sale, <br />foreclosure, or by deed-in-lieu of foreclosure. <br />7. Transfer. Approval by HUD of a Transfer of Physical Assets (as defined in <br />Handbook 4350.1, REV-1, Chapter 13) ("TPA") shall constitute approval of the <br />transfer by the City and Agency, and the Borrower shall deliver to the City and <br />Agency at the same time as its delivery to HUD, any application for HUD's <br />approval of a proposed transfer. Also, the Borrower shall require the transferee to <br />expressly assume the Borrower's obligations under the City and Agency Loan <br />Documents; provided, however, HUD shall not be required to enforce the <br />
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