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<br />4894-6811-3695v.2 0017787-000542
<br />4894-6811-3695v.2 0017787-000542
<br />fully paid (“County Base Rent”). After the satisfaction, expiration, or termination of the Trust
<br />MHSA Loan, County Base Rent shall automatically reset to thirty-three and four-tenths percent
<br />(33.4%) of the then available Residual Receipts. County Base Rent shall only become due after the
<br />Tenant has repaid that certain loan from the County awarded under the 2016 Permanent Supportive
<br />Housing Notice of Funding Availability, Addendum One, evidenced by a Loan Agreement,
<br />Promissory Note and Leasehold Deed of Trust, in the amount of $2,280,7012,650,701 (collectively,
<br />and together with the other loan documents evidencing, securing and relating to said loan from the
<br />County, the “County Loan Documents”), which is also being paid out of the same thirty-three and
<br />four-tenths percent (33.4%)applicable percentage of the Residual Receipts. On the last day of the
<br />Term the then outstanding amount of the County Base Rent shall be paid in full if not already paid by
<br />that time. County Base Rent will bear interest commencing on the Commencement Date at the
<br />simple rate of three percent (3%) per year until paid in full. Once the County Base Rent has been
<br />paid in full with interest, Tenant shall have no further obligation for County Base Rent under this
<br />Lease.
<br />
<br />3.1.2 Agency Base Rent. Until the satisfaction, expiration or termination of the
<br />Trust MHSA Loan, Tenant shall also make annual payments to Agency of thirtytwenty-three and
<br />seventy one one-thirdhundredths of one percent (33.323.71%) of the then available Residual Receipts
<br />(defined above), but only to the extent said Residual Receipts are available, until the amount of four
<br />million, one hundred and eight thousand, one hundred and thirty-six dollars ($4,108,136) is fully paid
<br />(“Agency Base Rent”). After the satisfaction, expiration, or termination of the Trust MHSA
<br />Loan, Agency Base Rent shall automatically reset to thirty-three and three-tenths percent (33.3%) of
<br />the then available Residual Receipts. Agency Base Rent shall only become due after the Tenant has
<br />repaid those two certain loans from the City, each evidenced by a Loan Agreement, Promissory Note,
<br />Deed of Trust, and Affordability Restrictions on Transfer of Property dated _________________,
<br />20__,for an Agency HOME loan in the amount of $3,007,489.00, and dated _________________,
<br />20__,3,007,489.00, , for an Agency Neighborhood Stabilization Program loan in the amount of
<br />$963,951 1,637,420, for a total of $4,644,909(collectively, and together with the other loan
<br />documents evidencing, securing and relating to said loans from the Agency, the “Agency Loan
<br />Documents”), which is also being paid out of the same thirty-three and one-third percent
<br />(33.3%)applicable percentage of the Residual Receipts. On the last day of the Term the then
<br />outstanding amount of the Agency Base Rent shall be paid in full if not already paid by that time.
<br />Agency Base Rent will bear interest commencing on the Commencement Date at the simple rate of
<br />three percent (3%) per year until paid in full. Once the Agency Base Rent has been paid in full,
<br />Tenant shall have no further obligation for Agency Base Rent under this Lease.
<br />
<br />3.1.3 Trust MHSA Loan. The Parties recognize that during the Term of the Trust
<br />MHSA Loan, Tenant will be making annual payments to the Trust of twelve and seventy six one-
<br />hundredths percent (12.76%) of the then available Residual Receipts, until the Trust MHSA Loan is
<br />fully paid. At such time as the Trust MHSA Loan has been paid in full, or has been otherwise
<br />satisfied or terminated, the County Base Rent and Agency Base Rent shall be 33.4% and 33.3%,
<br />respectively, of the then available Residual Receipts, based on the loan amounts set forth above,
<br />without further actions of the Parties.
<br />
<br />3.2 Net Refinancing Proceeds/Net Syndication Proceeds. Any Net Refinancing Proceeds
<br />or Net Syndication Proceeds received by Tenant shall be used to pay any unpaid Base Rent.
<br />Additionally, the Tenant’s right and obligation to use such net proceeds to pay Base Rent is subject
<br />to the rights of Leasehold Mortgagees to control the use of such proceeds pursuant to the terms of
<br />Commented [LP9]: Note – will need to confirm number of
<br />RR loans and amounts; they differ from current loan
<br />schedule in our LPA. Are they each paid pari passu from
<br />share of RR?
<br />EXHIBIT 11
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