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SANTA ANA WBBB, LP 4
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Last modified
3/6/2017 1:21:10 PM
Creation date
4/6/2011 3:38:12 PM
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Contracts
Company Name
SANTA ANA WBBB, LP
Contract #
A-2011-051
Agency
COMMUNITY DEVELOPMENT
Council Approval Date
3/7/2011
Destruction Year
0
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firm commitment for a Senior Loan from a Senior Lender, all as reasonably approved by the <br />Executive Director based on documentation submitted by Developer. Agency/City shall approve or <br />disapprove such evidence of financing commitments within thirty (30) days of receipt of a complete <br />submission. Approval shall not be unreasonably withheld or conditioned. If Agency/City shall <br />disapprove any such evidence of financing, Agency/City shall do so by Notice to Developer stating <br />the reasons for such disapproval and Developer shall promptly obtain and submit to Agency/City <br />new evidence of financing (or terminate this Agreement as permitted by Section 2003). Agency/City <br />shall approve or disapprove such new evidence of financing in the same manner and within the same <br />times established in this Section 311.1 for the approval or disapproval of the evidence of financing as <br />initially submitted to Agency/City. Developer shall close the approved financing prior to or <br />concurrently with the first disbursement of the Loans. <br />Such evidence of financing shall include the following: (a) a copy of a legally <br />binding, firm and enforceable loan commitment(s) from an approved Senior Lender or Letter of <br />Credit obtained by Developer for 100% of the estimated cost to construct the Improvements, from <br />unrelated financial institutions for the Senior Loan for financing to fund the construction, operation <br />and maintenance of the Improvements, subject to such lenders' reasonable, customary and normal <br />conditions and terms, and/or (b) a certification from the chief financial officer of Developer that <br />Developer has sufficient funds to complete the construction, operation, and maintenance of the <br />Improvement and that such funds have been committed to such construction, and/or <br />(c) documentation showing that Developer has obtained allocations of tax exempt bond financing <br />from CDLAC and Tax Credits from TCAC, along with evidence that Developer has obtained a <br />commitment from a tax credit investor to provide equity in exchange for a limited partnership interest <br />in Developer pursuant to the Partnership Agreement, and/or (d) other documentation satisfactory to <br />the Agency/City as evidence of other sources of capital sufficient to demonstrate that Developer has <br />adequate funds to cover the difference between the total cost of the construction and completion of <br />the Improvements, less financing authorized by those loans set forth in subparagraph (a) above. <br />311.2 No Encumbrances Except Agency recorded documents (Deeds of <br />Trust/Affordability Restrictions on Transfer of Property). The Developer shall not enter into any <br />conveyance for financing prior to the Release of Construction Covenants without the prior written <br />approval of the Agency, which approval Agency agrees to give if any such conveyance for financing <br />is given to a responsible financial lending institution or person or entity ("Holder"). The Developer <br />may enter into a conveyance for financing after the completion of the Improvements as evidenced by <br />the recording of the Release of Construction Covenants without the approval of the Agency. <br />311.3 Holder Not Obligated to Construct Improvements. The Holder of any <br />mortgage or deed of trust authorized by this Agreement shall not be obligated by the provisions of <br />this Agreement to construct or complete the Improvements or any portion thereof, or to guarantee <br />such construction or completion; nor shall any covenant or any other provision in this Agreement be <br />construed so as to obligate such Holder. Nothing in this Agreement shall be deemed to construe, <br />permit or authorize any such Holder to devote the Property to any uses or to construct any <br />improvements thereon, other than those uses or improvements provided for or authorized by this <br />Agreement. <br />311.4 Notice of Default to Mortgagee or Deed of Trust Holders; Right to <br />Cure. With respect to any mortgage or deed of trust granted by Developer as provided herein, <br />whenever the Agency may deliver any notice or demand to Developer with respect to any Default by <br />Developer in completion of construction of the Improvements, the Agency may at the same time <br />DOCSOC/ 1469583 v5/200272-0003 <br />17
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