WESTVIEW HOUSE L (6).P - Laserfiche WebLink

Home Browse Search

5.4. The Residual Receipts payment shall be made not later than one hundred fifty (150) days after the close of the Calendar Year. Such payment shall be applied first to the payment of all expenses, charges, costs and fees incurred by or payable to City by Borrower pursuant to the terms of the Loan Documents; second to any accrued but unpaid interest, if any; and third, to reduce the principal balance of the City Loan. Notwithstanding anything to the contrary contained herein, after the occurrence and during the continuation of an Event of Default (as such term is defined in the Loan Agreement), all amounts received by City from any party shall be applied in such order as City, in its sole discretion, may elect. 6. RESERVED. 7. LOAN REPAYMENT FROM REFINANCING PROCEEDS. The Borrower shall make a loan payment to the City from every approved Refinancing that occurs during the term of this Note not to exceed the outstanding balance of principal and interest on this Note, to the extent of the City's Percentage (50%) of the Refinancing Proceeds (if any). If any of the other soft lenders request a share of refinancing proceeds, the City shall split the City's Percentage (50%) of the Refinancing Proceeds on a pro rata basis with the other soft lender(s) that are requesting a share of the Refinancing Proceeds. The pro rata distribution shall be based on the initial principal balances of each respective soft loan of the soft lender(s) that are requesting a share of Refinancing Proceeds. If none of the other soft lenders request a share of the Refinancing Proceeds, the City shall receive the full 50% as the City's Percentage. The Refinancing Proceeds shall be calculated as follows: the cash proceeds from such Refinancing shall be applied first to pay Closing Costs; next, the amount necessary to pay in full all amounts owing on the Senior Loan; next, the Borrower shall pay to the City, the City's Percentage of the then remaining unapplied Refinancing Proceeds not to exceed the outstanding balance on this Note. The remaining Refinancing Proceeds shall remain with Borrower to be used by Borrower as determined in accordance with the terms of the Partnership Agreement, including, without limitation, for distribution to the partners of the Borrower. Such payment shall be due within 30 days of the date of such Refinancing, and shall be applied first to any accrued but unpaid interest, then to reduce the principal balance of the City Loan. The City shall not be required to reconvey the lien of the City Deed of Trust if Refinancing Proceeds are insufficient to repay the City Loan in full. 8. LOAN REPAYMENT FROM SALE PROCEEDS. The Borrower shall make a loan payment, not to exceed the outstanding balance of principal and interest on this Note, to the City from any approved Sale that occurs during the term of the City Loan, to the extent of the City's Percentage (50%) of the Sale Proceeds, as follows. If any of the other soft lenders request a share of Sale Proceeds, the City shall split the City's Percentage (50%) of the Sale Proceeds on a pro rata basis with the other soft lender(s) that are requesting a share of the Sale Proceeds. The pro rata distribution shall be based on the initial principal balances of each respective soft loan of the soft lender(s) that are requesting a share of Sale Proceeds. If none of the other soft lenders request a share of the Sale Proceeds, the City shall receive the full 50% as the City's 6 Westview House City Inclusionary Housing Program Loan Note