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CORNERSTONE HOUSING PARTNERS LP; C/O JAMBOREE HOUSING CORPORATION
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CORNERSTONE HOUSING PARTNERS LP; C/O JAMBOREE HOUSING CORPORATION
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Last modified
12/18/2018 2:31:07 PM
Creation date
12/18/2018 2:19:20 PM
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Contracts
Company Name
CORNERSTONE HOUSING PARTNERS LP; C/O JAMBOREE HOUSING CORPORATION
Contract #
A-2018-280
Agency
COMMUNITY DEVELOPMENT
Council Approval Date
11/20/2018
Destruction Year
0
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The City now commits itself, subject to the terms of this letter, to permit the New Owner <br />to assume the City Loans and to subordinate the lien of the deeds of trust securing the <br />City Loans and the regulatory agreements encumbering the Property related to the City <br />Loans to the lien of the deed of trust securing the Senior Loan (the "Assumption"), but <br />not the Carryback Loan on the following terms and conditions: <br />Borrower: Cornerstone Housing Partners LP <br />Collateral: Deed of Trust encumbering the Property subordinate to the <br />Senior Loan, but senior to the Carryback Loan. <br />Assumed Loan <br />Amount: Outstanding principal balance and accrued and unpaid interest <br />on the City Loans, less any net proceeds from the sale of the <br />Property to New Owner (but excluding the Carryback Loan). <br />Non -Recourse: The City Loans shall remain non-recourse to New Owner and <br />the partners of New Owner. <br />Assumption <br />Documents: The form of the assumption agreement and Subordination <br />Agreements for the Senior Loan shall be approved by the City <br />and Housing Authority after the New Owner obtains their Tax <br />Credits. <br />Commitment <br />Expiration Date: November 20, 2020 <br />Additional Terms: The City and Authority agree to subordinate the City Loans to a <br />maximum of $8.7 million in Bonds. <br />The City Loans will continue to be repaid from 50% of the <br />residual receipts generated by the Project. <br />Residual receipts will be defined as cash flow remaining after <br />payment of approved cash operating expenses, Bond debt <br />service, repayment of the deferred Developer Fee, and payment <br />of approved Limited and General Partner asset management <br />fees. <br />100% of the Project's cash flow after payment of operating <br />expenses and Bond debt service will be allocated to repaying <br />the deferred Developer Fee. <br />The payment of Limited Partner asset management fees will <br />terminate at the end of 15 years. <br />
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