AGENDA PACKET_2021-12-07 - Laserfiche WebLink

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AAV MII:1kWJ the Borrower shall pay to the Agency the Agency's Percentage of the Refinancing Proceeds of which Agency Percentage shall be used to repay this Agency Loan, to the extent of the outstanding balance on this Note. All remaining Refinancing proceeds shall remain with the Borrower to the extent the outstanding balance (including interest) of the Note has been fully paid. Such payment shall be due on the date of such Refinancing, and shall be applied to reduce the principal balance of the Loan in accordance with this Section 5. The Agency shall not be required to reconvey the lien of the Deed of Trust if Refinancing Proceeds are insufficient to repay the Loan in full. 6. Loan Repayment from Transfer Proceeds. The Borrower shall make a loan payment, not to exceed the outstanding balance of principal on this Note, to the extent of the Agency's Percentage of the Transfer Proceeds, as follows: gross transfer proceeds are applied first to pay Closing Costs; next, to pay in full the balance remaining on the Senior Loan; next, the amount necessary to pay any deferred developer fee in full; and next, the Borrower shall pay to the Agency the Agency's Percentage of the Refinancing Proceeds of which Agency Percentage shall be used to repay the Agency Loan, not to exceed the outstanding amount of principal due on this Note. All remaining Transfer Proceeds shall remain with the Borrower. Such payment shall be due on the date of such Transfer, and shall be applied to reduce the principal balance of the Loan in accordance with this Section 6. The Agency shall not be required to reconvey the lien of the Deed of Trust if Transfer Proceeds are insufficient to repay the Loan in full. 7. Accelerated Loan Payment. The full principal amount outstanding shall be due and payable on the earlier to occur of the following: a. Transfer or Refinancing of the Property, unless: (i) in the case of a Transfer in which the Transfer Proceeds are insufficient to repay in full the Agency Loan, the Agency approves such sale and the purchaser assumes the balance of the Agency Loan in accordance with the terms of this Note; or (ii) in the case of a Refinancing in which the Refinancing Proceeds are insufficient to repay in full the Agency Loan, the Agency approves such Refinancing and the Borrower remains obligated pursuant to the terms of this Note; b. In the event of default (subject to any applicable notice and cure provisions) pursuant to any of the Loan Documents or the Senior Loan Documents; or c. The date that is fifty-five (55) years after the date of execution of this Note. To the extent the Loan is not repaid by that date, the Agency agrees to review the performance of the Property and consider in good faith any reasonable request by Borrower to modify the terms or extend the Term of this Note, if applicable. 8. Prepayment City Council 16 — 151 12/7/2021