STATION DIST DDA WITH CRA - Laserfiche WebLink

Home Browse Search

Phase. The Agency Executive Director may a iv the requirements of this Section 314.3 in the event the Developer timely submits to the Agency a report prepared for any other federal, state or local govern men t agency that contains the information required by tt hmen t No. 10. The Residual receipts Report, or the report accepted b y the Executive Director in lieu of the Residual Receipts Report, must be prepared or audited by an entity independent of the Developer in order to satisfy the requirements of this Section 314.3. 14.4 Reporting Requirements for the For -Sale Portion of the Project. Within one hundred twenty (l days after the close of escrow of the sale of the last For - ale Unit the Developer shall submit to the Agency a financial statement setting forth the Profit Sharing Amount, and the Net Profit, Gross Sales Proceeds, For-Sale Units D ev lopmen t Cost, and For Sale Units Development Profit upon which the Profit Sharing Amount has bren calculated (as those terms are defined in the Phase FS Promissory Note. 314.5 a curi ty of Agency Loan. E aeh Promissory Note shall be secured by a deed of trust to be recorded as an encumbrance against the applicable Phase to hich such Promissory Note relates, which decd of trust shag be substantially in the form attached hereto as Attaclunent No. 9 attached hereto, which i s incorporated herein (the "Agency Deed of Trust" ). The Agency acknowledges that it will he necessary to subordinate each Agency Deed of Trust to deeds of trust securing other sources of financing obtained by the Developer. The Agency Executive Director i s authorized to execute any and all documents necessary in order to subordinate each Agency Deed of Trust, but only if and to the extent such subordination is reasonably necessary. 314.6 Disbursement of the Agency Loan. The proceeds of each Agency Loan shall he disbursed for hard and soft costs of construction for the applicable Phase to which such Agency Loan relates, and shall be disbursed to Developer's institutional construction lender for such Phase pro rata with the proceeds of the construction loan (subject to the approval of such institutional construction lender) at such time as Agency and such institutional construction 1 end er app ro gyres sue h di s burs emen t u p on comple ti on o f a line item under the B u d get. 315. Humeb u c r Assistance. 315.1 Homeb u e r Assistance Loan. The Agency hereby agrees to loan to each qu alifled Moderato Income Hornebu firer of are Affordable For-Sale Unit the amount of Thirty Thousand Dollars ,00 (each, a ;`Homebuyer Assistance Loan"), subject to the terms and conditions set forth in this Agreement, and subject further to the terms and conditions set forth within the documents n d i n s tru me n is executed by each Hom buyer, including the H mel u er Loan Agreement, all in compliance with applicable laws and regulations. The Agency s h all fund each Ho rnebu y r Assistance Loan solely from moneys from a Low and Moderate Income Housing Fund established pursuant to Section 33334.3 of the California Health and Safety Code, all withdn the meaning of Section 1720(c)(4) of the California Labor Code. 15.2 Repayment of Ho meb uy r Assistance Doan. Each Homeh u er' obligation to repay the Horneh uyer Assistance Loan shall be set forth in a promissory note substantially in the form attached to the Ho rmeh u e r Loan Agreement. The Homeh u y r Assistance Loan shall not accrue interest until and unless an event of acceleration occurs under 4 DOO11 40067 3 v ] 4 /20027 -000 1