FULL AGENDA PACKET_2021-04-20 - Laserfiche WebLink

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EXHIBIT 3 Developer shall at all times obtain anti maintain all required permits and approvals from the City's Planning and Building Agency- Nohvillhstanding the foregoing, the 01-y's approval of a change order shall not be reluircd unlesS the approval oC a Senior Lendcr is required with respect to Snell change order. 4. jRF.SFRVFDj 5. LOANS A. CiTV LOAN- 1. Amount and Purpose. Subject to the terms and conditions of his Agreement, City agree; to make a loan of CDBG ftmdS to Developer in the principal amount of up to $1,087,0'17 (the "City/CDBG Loan") for the acquisition of the Property to provide tar nn adaptive reuse as arrordable housing. 2. City/CDBG Note and Deed of Trust. The City/CDBG Loan shall be evidenced by the City/CDBG Loan Note in the form attached hereto as Exhibit E. The City Loan shall be secured by the City/CDBG Loan Deed of Trust in the foffit attached hereto as Exhibit D. The City/CDBG Deed of Trust shall be a deed of gust encumbering the Property, subordinate to the Senior- Loan(s) made to Developer and the Senior Loan DUCtnncnta. 3. City/C.DRG Loan Ferms.'I'he Leans and conditions of the ('i1y/0)B(j Loan are as set forth in the City/CDBG Loam Note which is a residual receipts note- The CDBG Compliance Period is fifteen (15) years, cornntencing on the datc iliac all work is complcte and the Property is fully occupied. G. CONDITIONS TO DISBURSEMENT OF LOAN PROCEEDS Developer shall comply with 1111S Section until the Certificate of Compliance is issued. 6.1 Conditions Precedent. City's obligation to disburse the Loan Amount is subject to the salislaclion, or waiver by the Executive Director, ol'lhe Billowing conditions prec echo: (a) Loan Documents. Developer shall have delivered to the Fscrow Holder, signed by the authorized officer or officers of Developer, with such signature(s) acknowledged where necessary, each of the following documents: (i) the Loan Agreement; (ii) The Cily/CDBG Loan Note. (in) The City/CDBG Decd of Trust, and (iv) The Affordability Restrictions on Transfer of Property. City Council 8 21 — 12 4/20/2021