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1 <br />3 <br />5 <br />5 <br />_7 <br />8 <br />0 <br />.9 <br />2 <br />3 <br />•4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />'0 <br />2 <br />73 <br />�6 <br />7 <br />8 <br />'9 <br />0 <br />ii <br />i2 <br />Recipient: City ox Santa Ants uaiirornla vraut Numoer: b-84-AA-06-0615(P) <br />Continuation Sheet --Exhibit E <br />"Net Syndicatioh Proceeds" is defined as gross syndication proceeds less <br />allowable deductions for legitimate arms -length, third party costs of the <br />syndication such as legal, accounting, closing, printing, syndication fee, <br />brokerage, marketing and such other reasonable, allowable and necessary <br />legitimate, arms -length third party costs and deductions of the said <br />syndication. <br />(ii) Reduction of UDAG Loan: In the event that the cost of <br />Project Element A is less than $7,016,172 the UDAG Loan shall be reduced by 80� for <br />each $1.00 of such shortfall and such Grant Funds shall not be drawn down under the <br />Letter of Credit. <br />(jj) Annual Accounting: Developer shall deliver a statement to <br />Recipient from an independent Certified Public Accountant, within 90 days of the <br />close of each operating year during the Term of the UDAG Permanent Loan, <br />certifying: <br />(i) Operating Income and receipts of Project Element A; <br />(ii) Operating Expenses; <br />(fii) Net Annual Cash Flow; <br />(iv) Developer equity; <br />(v) Net Proceeds, if applicable; <br />(vi) Excess Syndication Proceeds, if applicable; and <br />(vii) The amount of participation in Net Annual Cash Flow, Net <br />Proceeds, and Excess Syndication Proceeds due Recipient. <br />(4) All applicable terms and conditions of this Grant Agreement, <br />including Article IX provisions and job assurances specified in Sections 5.03 and <br />9.06 shall be set forth in the agreement. <br />(5) The agreement shall specify a timeframe for performance <br />consistent with Exhibit F to this Grant Agreement. <br />(6) During the term of this Grant Agreement, Developer shall agree <br />to provide necessary data and information as -to private investment and jobs <br />relating to this Grant Agreement. <br />(7) Developer shall agree to reimburse the Recipient the amount of <br />$300,000 for the cost of improving the Parking Areas. <br />• Page 6 of 22 <br />EXHIBIT E <br />