AGENDA PACKET_2021-11-02 - Laserfiche WebLink

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EXHIBIT 2 E.The City agrees to loan to Borrower and Borrower agrees to borrow from thethe Program,subject to the terms and conditions set forth herein.Borrower must contribute a minimum of three percent (3%) of the purchase price towards down payment. This minimum contribution cannot be from gift funds. F.The Purchase Price for the Property is to be paid by Borrower by a combination of funds, including: a. A loan to be made by __________________________________, b.secured by a first deed of trust, in the principal amount of $___________ b.The City Loan, secured by a deed of trust, in the principal amount c.of$_____________________. G.Borrower has provided the City with written documentation from the lender making the First Mortgage Loan stating thatthe amount of the City Loan requested by Borrower is the minimum amount of additional financing necessary for Borrower to qualify for the First Mortgage Loan. H.The Loan Agreement and all of its attachments shall be enforceable by City in accordance with the terms thereof. Each of the Loan Agreement, the Income And Owner-Occupancy Covenants and Resale Restrictions/Affordability Covenants, the City Promissory Note and the CityDeed of Trust provide a means of enforcement by the City if Developer is in breach of its obligations hereunder and thereunder, including liens on the Property, use and deed restrictions and covenants running with the land \[24 CFR 92.504 (c)(13)\]. NOW, THEREFORE, for good and valuable consideration, the parties agree as follows: Definitions:Unless otherwise defined, the following capitalized terms shall be defined in this Agreement as follows: attached to this Agreement as Exhibit Band incorporated herein by reference. deferred loanofInclusionary Housingfundsto be made by the City to Borrower in the principal amount of $ _______________ in accordance with this Agreement. 2