FULL AGENDA PACKET_2021-04-20 - Laserfiche WebLink

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EXHIBIT 3 Agreement of Limited Partnership (the "Partnership Agreement'), including, without limitation, repayment of any loans to the BO1TOwer by a partner or lax credit recapture Or deficiency payment,. (vii) Deferred Developer Fees. (viii) A social scrviccs adminisn-ativcc fcc- "Pro,ject" shall mean the acquisition and rehabilitation of the Property by Borrower pursuant to the Loan Agreement. "Properly" shall mean the real property located at 1108 N Harbor Blvd, Santa Ana, California described in the City Deed of Tnut. "Itofinancing" shall mean changing the then existing financing on the Properly hy, without limitatiml, modifying final maturity date of an existing Senior Loan, increasing the stated maximum principal amount of an existing Senior Loan, paying off art existing Senior Loan in lull and obtaining a new Senior Loan. "Refinancing Proceeds" shall he disbursed as set forth in Section 7 hereof. "Residual Receipts" shall nican the Grow RCVCmteS horn the Property, for cash year, Tess deductions for Operating Fxpenses fiom the Property, applicable to each such year to the extent not already deducted as an Operating Expense. "Sale" shall mean any [ranstcr, assignment, conveyance or ]case (other- than to a tenant for occupancy Or a lransactlon set forth tit Section 15(c) hereof) of the Property or any portion thereof, or any interest therein by the Borrower, and includes any transfer, assiginnent or sale of any partnership interest in the Borrower by an individual or entity which is a general partner in the Bon-ower, or any interest by any individual or entity which holds an interest in any such general partner in the Bonuwet, which brings the cumulative total of all such direct and indirect transtcrs, assignments and sales during the term of this Note to more than toity-trine percent (49%) of the ownership interests in the Iorrower, and any such transfer, assignment or sale of a direct or indirect partnership interest thereafter. Sale includes a sale in condemnation or under threat thc-oof. Sale does not include dedications and grants of casements to public and private utility companies of thee kind customary in real estate dcvcloptncnt, not transfers of Limited Partnership interests or transfers of General Partner interests caused by the removal of the ( ieneral Partner pursuant to the terms of the Partnership Agreement - "Sale Proceeds" shall be disbursed as set lurth in Section 8 hereof' "Senior Loan" shall mean (i) the senior loan made by JPMorgan Chase (lank, N.A. (the "Chase I.o;in"), prior LO the C'ily Loan Ibr payment of a portion of the Acquisilion and Rehabilitation Costs, and (it) the senior loan fiam the Veteran Homelessness Prevention Program (the `VHHP Loan") that will be made at pc-manent loan conversion by the Department of 4 City Council 21 — 75 4/20/2021