STATION DIST DDA WITH CRA - Laserfiche WebLink

Home Browse Search

amount of Teri I Mon, Eight Hundred Thousand Dollar 10, Go,000) for Phase -1 the "`Phase 1 -I Agency Loan"') and Four Million, Seven Hundred Seventy Thousand Dollars ($4,770, oo for Phase - the i `Ph a e R-2 Agency Loan" and One Million, Five Hundred Thousand D o l l r s ($1,500,000) for Phase F (the "'Phase FS Agency Loan"). The Phase - l Agency L an, the Phase R-2 Agency Loan, and the Phase FS Agency Loan shall be adjusted upward andJor downward if and to the extent the Total Development Costs set forth in the Revised Budget varies from the Taal Development Cost set forth in the Budget. The Phase -1 Loan, Phase R-2 Loan and the Phase FS Agency Loan are sometimes collectively referred to herein as the "Agency Loans.'} 14.2 Repayment of the Agency Loans. The Phase -1 Agency Loan, the Phase R-2 Agency Loan and the FS Agency Loan shall each be evidenced by a separate Promissory Dote, and the Developer's obligation to repay a ac h such Agency Loan shall be set forth i n s u c h Frowns s ory Dotes the "Ph a se - I Prorni s spry Note," "Phase R-2 Promi s sory No tee' and the Phase FS Promissory Note or, collectively the "Promissory Notes"). The Agency Loans shall be fu nd e d .pole l y fro m moneys from a Low and Mo dera to I n c o me Ho u s i ng Fu nd es tabli hed pursuant to Section 33334.3 of the California Health and Safety Code, all within the meaning of Section 1720(c)(4) of the California Labor Code. Capitalized terms in this Section 314.2 not defined herein are defined in the Promissory Mote. (a) Phase - I Proinissory Note and Phase R-2 Promissory Note Payable From Residual Receipts. The Phase -1 Promissory Mote and Phase R-2 Promissory Note shall he payable from fifty percent o % of the "'Residual a eip t s" of the Phase of the Dental Portion of the Project to which such Promissory Note relates: after payment of (i) Operating Expenses, and (ii) Debt Service allocable to such Phase of the Rental Portion, until such Promissory Note has been paid in full; provided, however, that if such calculation results in a negative number for any given year, Residual Receipts shall be zero for that year. In the event that the Developer obtains other approved financing that also requires payment from Residual Receipts, the Residual Receipts shall be allocated to repayment of both or all) loans in an amount proportionate to the relative amount of such loans, so that each soft loan receives a proportional share of a total of no more than fifty percent 0% of the Residual Receipts fo r such Phase of the Rental Portion of the Project in each year. (b) Phase FS Promissory Note. The Phase FS Promissory Dote is payable after close of escrow of all of the For-Sale Units from twenty-five percent (25%) of the net proceeds of such sales after Developer has received a return of twelve percent 1 2% on costs, as more particularly set forth in the Phase FS Promissory Dote. In the event that such amount is not u ff icien t to pay the full amount of the Phase FS Promissory Note, the remaining balance of the Phase FS Promissory Note shall be reduced t zero upon the Developer's payment of the foregoing amount to the Agency. 314.3 Reporting Requirements for the Rental Portion of the Proj ecL With respect to each Phase of the Rental Portion, the Developer shall annually, on or before April 30th of each gear} commencing i n the year after the issuance of the first certificate of occupancy for such Phase* submit to the Agency an audited financial statement and a Residual receipts Report} in the form attached hereto as Attachment No. 10 and incorporated herein, which shall provid e the basis for the f evelop r } s payment of Residual receipts to the Agency with respect to such 41 DOGS 00 14 0067 3 v 141200272-0001