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80A - HOUSING AND SUBORDINATION LOANS
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80A - HOUSING AND SUBORDINATION LOANS
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9/12/2019 6:11:12 PM
Creation date
9/12/2019 5:58:33 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
80A
Date
9/17/2019
Destruction Year
2024
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EXHIBIT 3 <br />(vi) Any other expenses necessary to meet senior lender requirements and requirements <br />of Borrower's limited partner, or its assignee, as set forth in Borrower's Agreement of Limited <br />Partnership (the "Partnership Agreement"), including, without limitation, repayment of any loans <br />to the Borrower by a partner or tax credit recapture or deficiency payments. <br />(vii) Deferred Developer Fees. <br />(viii) A social services administrative fee. <br />"Project" shall mean the acquisition and rehabilitation of the Property by Borrower <br />pursuant to the Loan Agreement. <br />"Property" shall mean the real property located at 805, 810, 815, 816, 825, 828, 835, and <br />904 S. Minnie Street, Santa Ana, California, and commonly referred to as the Cornerstone <br />Apartments, described in the City Deed of Trust. <br />"Refinancing" shall mean changing the then existing financing on the Property by, <br />without limitation, modifying final maturity date of the existing Senior Loan, increasing the <br />stated maximum principal amount of the existing Senior Loan, paying off the existing Senior <br />Loan in full and obtaining new Senior Loan. <br />"Refinancing Proceeds" shall be disbursed as set forth in Section 7 hereof. <br />"Residual Receipts" shall mean the Gross Revenues from the Property, for each year, <br />less deductions for Operating Expenses from the Property, applicable to each such year to the <br />extent not already deducted as an Operating Expense. <br />"Sale" shall mean any transfer, assignment, conveyance or lease (other than to a tenant <br />for occupancy or a transaction set forth in Section 15(c) hereof) of the Property or any portion <br />thereof, or any interest therein by the Borrower, and includes any transfer, assignment or sale of <br />any partnership interest in the Borrower by an individual or entity which is a general partner in <br />the Borrower, or any interest by any individual or entity which holds an interest in any such <br />general partner in the Borrower, which brings the cumulative total of all such direct and indirect <br />transfers, assignments and sales during the term of this Note to more than forty-nine percent <br />(49%) of the ownership interests in the Borrower, and any such transfer, assignment or sale of a <br />direct or indirect partnership interest thereafter. Sale includes a sale in condemnation or under <br />threat thereof. Sale does not include dedications and grants of easements to public and private <br />utility companies of the kind customary in real estate development, nor transfers of Limited <br />Partnership interests or transfers of General Partner interests caused by the removal of the <br />General Partner pursuant to the terms of the Partnership Agreement. <br />"Sale Proceeds" shall be disbursed as set forth in Section 8 hereof. <br />2 <br />80A-111 <br />
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