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55A - AGMT LEGACY APARTMENTS
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55A - AGMT LEGACY APARTMENTS
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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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Loan and obtaining a new Senior Loan, except for the payoff of the construction loan and its <br />replacement with permanent financing as contemplated by that Commitment with California <br />Community Reinvestment Corporation dated as of September 3, 2020, and any subsequent <br />transfer of the loan in whole or in part by CCRC <br />"Refinancing Proceeds" shall be disbursed as set forth in section 6 hereof. <br />"Residual Receipts" shall mean the Gross Revenues from the Property for each year, less <br />deductions for Operating Expenses from the same Property, applicable to each such year to the <br />extent not previously deducted as an Operating Expense. <br />"Sale" shall mean any transfer, assignment, conveyance or lease of the Property, or any <br />portion thereof, or any interest therein by the Borrower. Sale includes a sale in condemnation or <br />under threat thereof. Sale does not include dedications and grants of easements to public and <br />private utility companies of the kind customary in real estate development. Notwithstanding <br />anything to the contrary contained herein, a "Sale" shall not include any transaction not considered <br />a "transfer' under section 13, or under Section 16.2 of the Agreement or as otherwise permitted <br />under Section 16.3 or 16.4 of the Agreement. <br />"Senior Loan" shall mean a loan from the Senior Lender concurrent to the Inclusionary <br />Loan for payment of a portion of the acquisition and construction costs, and shall include any <br />subsequent loan that refinances the initial Senior Loan. <br />"Term of Affordability" or "Term" means the terms and conditions contained herein shall <br />remain in effect for fifty-five (55) years from the date of issuance of the Certificate of Occupancy <br />for the Project, or repayment of the Inclusionary Loan, whichever is longer. <br />"Very Low Income" means an adjusted income which does not exceed fifty percent (50%) <br />of the area median income for the Orange County, California PMSA, adjusted for household size, <br />as published by HUD. <br />3. Loan Repavment. <br />Borrower shall make payments to the City as provided in sections 5 (Residual Receipts), 6 <br />(Refinancing Proceeds), 7 (Sale Proceeds) and 9 (Accelerated Loan Repayment) of this Note. <br />4. Operating Capital Improvement Loan. <br />If the replacement reserve account ("Reserves") is depleted due to unforeseen repairs and <br />the General Partner makes a loan to the Partnership, the Reserves must be fully funded prior to <br />payment of said loan. The outstanding loan balance will be reflected in the annual report. <br />5. Annual Loan Repayment/ Residual Receipts. [To be Updated] <br />55A-97 <br />
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