Laserfiche WebLink
the Borrower shall pay to the Agency the Agency's Percentage of the Refinancing Proceeds of <br />which Agency Percentage shall be used to repay this Agency Loan, to the extent of the outstanding <br />balance on this Note. All remaining Refinancing proceeds shall remain with the Borrower to the <br />extent the outstanding balance (including interest) of the Note has been fully paid. Such payment <br />shall be due on the date of such Refinancing, and shall be applied to reduce the principal balance <br />of the Loan in accordance with this Section 5. The Agency shall not be required to reconvey the <br />lien of the Deed of Trust if Refinancing Proceeds are insufficient to repay the Loan in full. <br /> <br />6. Loan Repayment from Transfer Proceeds. <br /> <br />The Borrower shall make a loan payment, not to exceed the outst anding balance of <br />principal on this Note, to the extent of the Agency’s Percentage of the Transfer Proceeds, as <br />follows: gross transfer proceeds are applied first to pay Closing Costs; next, to pay in full the <br />balance remaining on the Senior Loan; next, the amount necessary to pay any deferred developer <br />fee in full; and next, the Borrower shall pay to the Agency the Agency's Percentage of the <br />Refinancing Proceeds of which Agency Percentage shall be used to repay the Agency Loan, not <br />to exceed the outstanding amount of principal due on this Note. All remaining Transfer Proceeds <br />shall remain with the Borrower. Such payment shall be due on the date of such Transfer, and shall <br />be applied to reduce the principal balance of the Loan in accordance with this Section 6. The <br />Agency shall not be required to reconvey the lien of the Deed of Trust if Transfer Proceeds are <br />insufficient to repay the Loan in full. <br /> <br />7. Accelerated Loan Payment. <br /> <br />The full principal amount outstanding shall be due and payable on the earlier to occur of <br />the following: <br /> <br />a. Transfer or Refinancing of the Property, unless: (i) in the case of a Transfer in which <br />the Transfer Proceeds are insufficient to repay in full the Agency Loan, the Agency approves such <br />sale and the purchaser assumes the balance of the Agency Loan in accordance with the terms of <br />this Note; or (ii) in the case of a Refinancing in which the Refinancing Proceeds are insufficient to <br />repay in full the Agency Loan, the Agency approves such Refinancing and the Borrower remains <br />obligated pursuant to the terms of this Note; <br /> <br />b. In the event of default (subject to any applicable notice and cure provisions) <br />pursuant to any of the Loan Documents or the Senior Loan Documents; or <br /> <br /> c. The date that is fifty-five (55) years after the date of execution of this Note. To the <br />extent the Loan is not repaid by that date, the Agency agrees to review the performance of the <br />Property and consider in good faith any reasonable request by Borrower to modify the terms or <br />extend the Term of this Note, if applicable. <br /> <br />8. Prepayment <br />EXHIBIT 4