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55A - AGMT LEGACY APARTMENTS
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55A - AGMT LEGACY APARTMENTS
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Last modified
12/10/2020 5:00:39 PM
Creation date
12/10/2020 4:55:21 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
55A
Date
12/15/2020
Destruction Year
2025
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modified. References herein to Articles, Sections and Exhibits shall be construed as <br />references to this Agreement unless a different document is named. References to <br />subparagraphs shall be construed as references to the same Section in which the reference <br />appears. The term "document" is used in its broadest sense and encompasses agreements, <br />certificates, opinions, consents, instruments and other written material of every kind. The <br />terms "including" and "include" mean "including (include) without limitation." <br />1.4 Exhibits Incorporated. All attachments and exhibits to this Agreement, <br />as now existing and as the same may from time to time be modified, are incorporated herein <br />by this reference. <br />2. [RESERVED] <br />SCOPE OF WORK/PROJECT BUDGET <br />A "Scope of Work" and "Schedule of Performance" for the Property is attached <br />hereto as Exhibit F. Any material change to the Scope of Work/Schedule of Performance <br />requested by the Developer shall be subject to the prior written approval of the City Project <br />Manager. The Scope of Work/Schedule sets forth the construction work that shall be <br />performed on the Property and timeframes for approvals of such work. <br />A line -item budget for the Project, including a summary of statement of sources <br />and uses of funds, is incorporated into Exhibit E ('Project Budget"). Any material change <br />to the Project Budget requested by Developer shall be subject to the prior written approval <br />of the City Project Manager. <br />4. [RESERVED] <br />INCLUSIONARY LOAN: <br />The Inclusionary Loan shall be evidenced by the Inclusionary Promissory Note in <br />the form attached hereto as Exhibit D. The Inclusionary Loan shall be secured by the <br />Inclusionary Deed of Trust in the form attached hereto as Exhibit C. The terms and <br />conditions of the Inclusionary Loan are as set forth in the Inclusionary Promissory Note. <br />The Term of Affordability for the Project is fifty-five (55) years from the date of issuance <br />of Certificate of Occupancy for the Project, or repayment of the Inclusionary Loan, <br />whichever is longer. <br />5.1. Inclusionary Funds: <br />A. Amount and Purpose. Subject to the terms and conditions of this <br />Agreement, City agrees to make a loan to Developer from the Inclusionary Housing Fund <br />in the principal amount of up to $3,170,547.00 for the acquisition, construction, ownership, <br />operation, rehabilitation and other costs of the Project. <br />6. CONDITIONS TO DISBURSEMENT OF LOAN <br />55A-21 <br />
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