80A - HOUSING AND SUBORDINATION LOANS

Home Browse Search

EXHIBIT 3 Note, the Loan Agreement, the Affordability Restrictions on Transfer of Title, and the Deed of Trust are sometimes collectively referred to herein, collectively, as the "Loan Documents." The Loan Documents and the rights and responsibilities inure to the benefit of the City. Any capitalized term which is not otherwise defined herein shall have the meaning ascribed to such term in the Loan Agreement. 2. Definitions. For the purpose of calculating the payments to be made by Borrower to City pursuant to this Note, the following terms shall have the following respective meanings: "Acquisition Costs" shall mean the costs and expenses of Borrower to acquire the Property, as set forth in the Project Budget attached to the Loan Agreement. "City Loan" shall mean the loan evidenced by this Note. "City's Percentage" with reference to the Residual Receipts, shall mean 50% or the prorated percentage of the total amount of funds contributed after CORNERSTONE HOUSING PARTNERS LP, retains fifty percent of the Residual Receipts, whichever is less, of the City's share of the total Residual Receipts from the Property as further described in Section 5 hereof. If other lenders to the Property are also repaid from Residual Receipts, City's Percentage shall be reduced proportionally to the ratio that the original principal amount of the Loan bears to the original principal amount of all loans being repaid from Residual Receipts multiplied by 50%. "Calendar Year" means each consecutive twelve (12) month period from January 1 to December 31. "Closing Costs" shall mean: (i) In the case of a Sale, reasonable brokerage commissions payable to a broker as a result of the Sale, which shall not in any event exceed the customary amount charged -for similar transactions in the immediate market place, costs of title insurance premiums, documentary stamp taxes, escrow fees, recording charges, loan repayment charges and other costs reasonably incurred with respect to the Property, in each case actually paid by Borrower as a condition of the Sale. GO In the case of a Refinancing, the reasonable and necessary costs of consummating such Refinancing, including, without limitation, loan fees, loan repayment charges, costs of title insurance premiums, escrow fees, recording fees, attorneys' fees and costs of Lender required repairs or reserves. "Gross Revenues" shall mean all revenues and receipts of every kind actually received by Borrower from operating the Property, and all parts thereof, including, but not limited to, income from both cash and credit transactions, rental from leased and/or subleased spaces and 80A-109