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Agmt 2009 Alameda Housing Associates LP
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Agmt 2009 Alameda Housing Associates LP
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7/24/2009 2:59:01 PM
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7/24/2009 2:58:54 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agreement
Document Date (6)
4/6/2009
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Document Relationships
Agmt 2009 Alameda Housing Associates LP (2)
(Reference)
Path:
\City Clerk\City Council\Agreements\2009
Agmt 2013 Alameda Housing Associates LC
(Amended by)
Path:
\City Clerk\City Council\Agreements\2013
RDA Reso 2009-009
(Approved by)
Path:
\City Clerk\City Council\Resolutions\2009
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(2) performance bonds or other assurance of completion reasonably acceptable to Agency <br />pursuant to the requirements set forth in Section 3.21; (3) any modification to the construction <br />schedule; and (4) copies of such other documents related to the financing of the .Project as <br />Agency may reasonably request. <br />4.6 No Obligation to Disburse Proceeds Upon Default. Notwithstanding any other <br />provision of this Agreement, the Agency shall have no obligation to disburse or authorize the <br />disbursement of any portion of the Predevelopment Funds or the Loan Proceeds following: <br />(i) the failure of any of Developer's representations and warranties made in <br />this Agreement or in connection with the Predevelopment Funds or the Loan to be true and <br />correct in all material respects; <br />(ii) the termination of this Agreement by mutual agreement of the Parties; <br />(iii) Reserved. <br />(iv) the occurrence of an went of Developer Default under any Agency <br />Document which remains uncured beyond any applicable cure period, or the existence of any <br />condition, event or act which upon the giving of notice or the passage of time or both would <br />constitute an Event of Developer Default under any Agency Document. <br />4.7 Prepayment: Acceleration. <br />(a) Prepayment. Developer shall have the right to prepay the Loan and the <br />Predevelopment Note at any time and from time to time, without penalty or premium,.provided <br />that any prepayment of principal must be accompanied by interest accrued but unpaid to the date <br />of prepayment Prepayments shall be applied first to accrued but unpaid interest and then to <br />principal. Any such prepayment shall have no effect upon Developer's obligations under the <br />Regulatory Agreement which shall survive for the full term of the Regulatory Agreement. <br />(b) Due On Sale or Encumbrance. Unless Agency agrees otherwise in <br />writing, the entire unpaid principal balance and all interest and other sums accrued under the <br />Note shall be due and payable upon the Transfer absent the prior written consent of Agency of <br />all or any part of Developer's interest in the Property or the Project except as otherwise permitted <br />pursuant to this Agreement. <br />4.8 Nonrecourse. Except as expressly provided in Section 39 of the Predevelopment <br />Note and Section 3.9 of the Note, the Predevelopment Note and the Note shall be non-recourse to <br />Developer. <br />ARTICLE V <br />USE OF THE PROPERTY <br />5. ] Use; Affordable Housing Developer covenants and agrees for itself and its <br />successors and assigns that upon Developer's acquisition of a leasehold interest therein, the <br />Property shall be used for the development and operation of amulti-family residential project <br />] ] 78986-R 20 <br />
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