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ANR HOMES, INC. -2011
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ANR HOMES, INC. -2011
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Last modified
1/3/2012 3:24:56 PM
Creation date
9/15/2011 9:20:54 AM
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Contracts
Company Name
ANR HOMES, INC.
Contract #
A-2011-170
Agency
COMMUNITY DEVELOPMENT
Council Approval Date
6/20/2011
Insurance Exp Date
5/19/2012
Destruction Year
0
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EXHIBIT E <br />to a Low or Moderate Income Household, for primary residential occupancy of the <br />Property, as approved by City. <br />(g) Upon the sale of the Property, approved by City in accordance with <br />the Agreement and the Deed of Trust, City shall release the applicable Property from the <br />Deed of Trust and execute a reconveyance of the lien of the Deed of Trust from the <br />Property. <br />(h) The City shall not unreasonably withhold, condition or delay its <br />approval of any matter for which its approval is required hereunder. Any disapproval <br />shall be in writing and contain the City's reasons for disapproval. <br />7. Borrower agrees for itself, its successors and assigns, that the use of the <br />Property shall be subject to the restrictions on income and occupancy set forth in the <br />Agreement and the Deed of Trust. <br />8. The City Loan evidenced hereby is a nonrecourse obligation of the <br />Borrower. Neither Borrower nor any other party shall have any personal liability for <br />repayment of the City Loan. The sole recourse of City under this Note and the Deed of <br />Trust for repayment of the City Loan shall be the exercise of its rights against the <br />Property and related security thereunder. The foregoing shall not: (1) constitute a <br />waiver of any obligation evidenced by this Note or the Deed of Trust; (2) limit the right <br />of the City to name Borrower as a party defendant in any action or suit for judicial <br />foreclosure and sale under this Note and the Deed of Trust or any action or proceeding <br />hereunder so long as no judgment in the nature of a deficiency judgment shall be asked <br />for or taken against Borrower; (3) release or impair this Note or the lien of the Deed of <br />Trust: (4) prevent or in any way hinder City from exercising, or constitute a defense, an <br />affirmative defense, a counterclaim, or other basis for relief in respect of the exercise of, <br />any other remedy against the Property or any other instrument securing this Note or as <br />prescribed by law or in equity in case of default; (5) prevent or in any way hinder City <br />from exercising, or constitute a defense, an affirmative defense, a counterclaim, or other <br />basis for relief in respect of the exercise of, its remedies in respect of any <br />deposits, insurance proceeds, condemnation awards or other monies or other collateral or <br />letters of credit securing this Note; (6) relieve Borrower of any of its obligations under <br />any indemnity delivered by Borrower to City; or (7) affect in any way the validity of any <br />guarantee from any person of all or any of the obligations evidenced and secured by this <br />Note and the Deed of Trust. The foregoing provisions of this paragraph are limited by <br />the proviso that in the event of the occurrence of a default, Borrower and its successor <br />and assigns shall have personal liability hereunder for any deficiency judgment, but only <br />if and to the extent Borrower, its principals, shareholders, partners or its successors and <br />assigns received revenues, or other payments or proceeds in respect of the Property, <br />which other revenues, or other payments or proceeds have not been used for the payment <br />of ordinary and reasonable operating expenses of the Property, ordinary and reasonable <br />capital improvements to the Property, debt service on this Note, real estate taxes in <br />respect of the Property and basic management fees, but not incentive fees, payable to an <br />entity or person unaffiliated with Borrower in connection with the operation of the <br />4
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