Laserfiche WebLink
Part 92, both as amended from time to time (collectively “HOME Program Regulations”). <br />Three (3) of the one (1) bedroom Restricted Units will be subject to the HOME Program <br />Regulations (“HOME Units”) and Developer expressly agrees to comply with all applicable <br />HOME Program Regulations for those HOME Units. <br />I. City also desires to provide Developer with a separate loan in the amount of not to <br />exceed Seven Hundred Forty-Three Thousand Two Hundred Thirty-Nine Dollars ($743,239) <br />from the City’s General Fund to assist with the construction and development of the Project <br />(“City Loan”). <br />J. A material inducement to the City to enter into this Agreement is the agreement <br />by Developer to develop the Property within the time periods specified herein and in accordance <br />with the provisions hereof, and the City would be unwilling to enter into this Agreement in the <br />absence of an enforceable commitment by Developer to complete the Project in accordance with <br />such provisions and within such time periods. <br />K. Concurrently herewith Developer shall execute: (i) a secured promissory note (the <br />“City Note”) in the amount of the City Loan, (ii) a secured promissory note (the “HOME Note,” <br />and together with the City Note, the “Notes”) in the amount of the HOME Loan, and (iii) an <br />Assignment of Agreements, Plans and Specifications (the "Security Agreement"). Following <br />Developer's acquisition of the Ground Leasehold Interest, Developer will execute a Leasehold <br />Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing (“Leasehold Deed <br />of Trust”) which shall provide City with a security interest in the Property and the Project and <br />Developer and City shall execute a an Affordable Housing Regulatory Agreement and <br />Declaration of Restrictive Covenants (the “Regulatory Agreement”) which shall be recorded <br />against the Property and which shall restrict occupancy of the Project to senior households and <br />require Project rents to be affordable to very low-income and extremely low-income senior <br />households for a term of not less than 55 years. The City Note, HOME Note and Leasehold <br />Deed of Trust are collectively hereinafter referred to as the “City Documents.” <br />L. The HOME Loan and the City Loan will be secured on a parity basis by the <br />Leasehold Deed of Trust, and the Notes will be repaid by a parity lien on Surplus Cash, as <br />defined in the Notes. <br />NOW, THEREFORE, in consideration of the mutual covenants contained herein and <br />good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, <br />the Parties agree as follows. <br />ARTICLE I. <br /> <br />DEFINITIONS <br />1. Definitions. The following terms shall have the meanings set forth in the Sections <br />referenced below whenever used in this Agreement and the Exhibits attached hereto. Additional <br />terms are defined in the Recitals and text of this Agreement. <br />1.1 “Certificate of Completion” is defined in Section 3.15. <br />144\259\1892880.4 <br />2