CORNERSTONE HOUSING PARTNERS LP (3)

Home Browse Search

excess of five percent (5%) of the aggregate budget, shall be subject to the prior written approval of the Executive Director. A line -item budget for the Project, including a summary statement of sources and uses of funds, is incorporated into Exhibit C (the "Project Budget"). Any material change to the Project Budget in excess of ten percent (10%) of any individual line item or in excess of five percent (5%) of the aggregate budget shall be subject to the prior written approval of the Executive Director which if not granted or denied within five (5) Business Days, shall be deemed approved; provided, however, that in all events, Developer shall at all times obtain and maintain all required permits and approvals from the City's Planning and Building Agency. Notwithstanding the foregoing, the Agency's approval of a change order shall not be required unless the approval of the Senior Lender is required with respect to such change order. 4. [RESERVED] 5. LOANS A. AGENCY LOAN: 1. Amount and Purpose. Subject to the terms and conditions of this Agreement, Agency agrees to make a loan of Housing Successor Agency funds to Developer in the principal amount of up to TWO MILLION, FIFTY-FOUR THOUSAND, THREE HUNDRED AND TWENTY-SEVEN DOLLARS ($2,054,327) (the "Housing Successor Agency Loan") for the rehabilitation of the Property. No new Housing Successor Agency funds are being provided to the project. The Loan consolidates ten existing Housing Successor Agency loans for the purpose of enabling the Developer to resyndicate and rehabilitate the Property. 2. Housing Successor Agency Note and Deed of Trust. The Housing Successor Agency Loan shall be evidenced by the Housing Successor Agency Loan Note in the form attached hereto as Exhibit E. The Housing Successor Agency Loan shall be secured by the Housing Successor Agency Loan Deed of Trust in the form attached hereto as Exhibit D. The Housing Successor Agency Loan Deed of Trust shall be a deed of trust encumbering the Property, subordinate to the Senior Loan(s) made to Developer and the Senior Loan Documents. 3. Housing Successor Agency Loan Terms. The terms and conditions of the Housing Successor Agency Loan are as set forth in the Housing Successor Agency Loan Note which is a residual receipts note. 6. CONDITIONS TO RETAIN EXISTING LOANS Developer shall comply with this Section until the Certificate of Completion is issued. 6.1 Conditions Precedent. Agency's obligation to provide the Loan Amount is subject to the satisfaction, or waiver by the Executive Director, of the following conditions precedent: