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8H Consent 2016 0104
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8H Consent 2016 0104
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Last modified
1/29/2016 4:28:57 PM
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12/23/2015 9:57:10 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
Document Date (6)
1/4/2016
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PERM
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_CC Agenda 2016 0104 RG
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\City Clerk\City Council\Agenda Packets\2016\Packet 2016 0104
Reso 2016-004
(Reference)
Path:
\City Clerk\City Council\Resolutions\2016
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4 <br />Assignment and Modification –750k HOME <br /> U.S. Bancorp Community Development <br />Corporation <br />1307 Washington Avenue, Suite 300 <br />Mail Code: SL MO RMCD <br />St. Louis, MO 63103 <br />Attn.: Director of Project Management <br />Phone: (314) 335-2600 <br />Fax: (314) 335-2601 <br />with a copy to:Kutak Rock LLP <br />1650 Farnam Street <br />Omaha, NE 68102 <br />Attn: Jill H. Goldstein <br />11.2 Each of following transfers shall be permitted under the Loan Documents and <br />shall not constitute a default thereunder: <br />(a) transfers of the respective interests of Assignee’s limited partner to any <br />entity which is either (a) an affiliate of the limited partner or (b) which is controlled, directly or <br />indirectly, by Assignee’s limited partner or an affiliate thereof. <br />(b) transfers of interests within Assignee’s limited partner. <br />(c) the removal or withdrawal in lieu of removal of a general partner of <br />Assignee by its limited partner for cause in accordance with Assignee’s partnership agreement <br />and the replacement thereof by Assignee’s limited partner or an affiliate thereof without the <br />consent of the City or by another entity with the prior written consent of the City, which consent <br />shall not be unreasonably withheld. <br />(d) execution of a purchase option and/or right of first refusal agreement by <br />the Assignee’s general partner or an affiliate, to be exercised following expiration of the fifteen- <br />year “compliance period” as defined in and determined in accordance with Section 42(i) of the <br />Internal Revenue Code of 1986, as amended (“Code”). <br />11.3 Assignee intends to enter into an extended use agreement, which constitutes the <br />extended low-income housing commitment described in Code Section 42(h)(6)(B). As of the <br />date hereof Code Section 42(h)(6)(E)(ii) does not permit the eviction or termination of tenancy <br />(other than for good cause) of an existing tenant of any low-income unit or any increase in the <br />gross rent with respect to such unit not otherwise permitted under Code Section 42 for a period <br />of three (3) years after the date the building is acquired by foreclosure or by instrument in lieu of <br />foreclosure. In the event the requisite extended use agreement is recorded against the Project, <br />City agrees to comply with the provisions set forth in Code Section 42(h)(6)(E)(ii). <br />11.4 Neither Assignee nor its partners shall have personal liability for repayment of the <br />Loan, and the sole recourse of City with respect to the repayment of the Loan shall be to the
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