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97174497 °�': � 0n 1 <br />WHEREAS, THE LENDER is desirous of assisting the BORROWER in <br />providing eleven (11) units of AFFORDABLE HOUSING in the FARGO <br />GARDENS PROJECT, to serve low and very low income persons within <br />the City of San Leandro; and <br />WHEREAS, BORROWER wishes to borrow from LENDER the principal <br />sum of Three Hundred Thousand Dollars ($300,000), and LENDER is <br />willing to lend said sum to BORROWER on the terms and conditions <br />herein contained. <br />WHEREAS, THE BORROWER acknowledges that the funds loaned <br />derive from federal "HOME" funds and therefore can only be <br />expanded pursuant to and consistent with the regulations set <br />forth in 24 Code of Federal Regulations Part 92. <br />NOW, THEREFORE, in consideration of the covenants and <br />agreements contained herein, the parties hereby mutually agree as <br />follows: <br />1. Terms and Conditions for Use of Loan Proceeds: The use <br />of the loan proceeds, the schedule for performance and <br />the terms and conditions for payment are attached as <br />Exhibit A. <br />2. PROJECT REQUIREMENTS: <br />a. AFFORDABILITY: The BORROWER agrees to provide <br />eleven units that satisfy, at a minimum, the HOME <br />affordability requirements of 24 Code of Federal <br />Regulations (CFR) Subpart F, Part 92.252, the <br />9/28/93 (STM) 2 <br />