Laserfiche WebLink
"Replacement Reserves" shall mean reserves maintained during the Term of <br />Agreement and funded out of Residual Receipts, loan advances, equity, or other sources <br />and set aside for replacement of roofing, furniture, fixtures, equipment and other capital <br />expenditures. The annual amount set aside for Replacement Reserves shall be a minimum <br />of two hundred fifty dollars ($250) per unit but shall not exceed five hundred dollars ($500) <br />per unit and may increase by 3% per year, or such higher amount as may be required by <br />the Tax Credit Investor or the Senior Lender and approved by City (such approval not to <br />be unreasonably withheld or delayed). <br />"Residual Receipts" has the meaning set forth in the City/NSP Loan Note. <br />"Restricted Unit" means each of the eighty-five (85) dwelling units restricted to <br />Extremely Low Income households per this Agreement. <br />"Senior Construction Lender" means U.S. Bank National Association. or such <br />senior construction lender designated by the Developer and approved in advance by the <br />City for the Project. <br />"Senior Construction Loan" means the construction loan made by Senior <br />Construction Lender to Borrower. <br />"Senior Lender" means the Senior Construction Lender prior to the Conversion <br />Date and, thereafter, the Senior Permanent Lender during the remainder of the Term of <br />Agreement, or any other holder of the Senior Loan Note(s) or any refinancing of the Senior <br />Loan Note(s). <br />"Senior Loan" shall mean the Senior Construction Loan being made by Senior <br />Lender concurrent to the City Loan for payment of a portion of the acquisition of a <br />leasehold interest in the Project (and related costs) and new construction costs, the Senior <br />Permanent Loan and shall include any subsequent loan that refinances the initial Senior <br />Loan. <br />"Senior Loan Deed of Trust" means the deed of trust securing the Senior Loan <br />by encumbering the Property, as the same maybe amended and restated from time to time. <br />"Senior Loan Documents" means, collectively, the loan agreement governing the <br />Senior Loan, the Senior Loan Note, the Senior Loan Deed of Trust, and any other <br />agreement, document or instrument that the Senior Lender requires in connection with the <br />Senior Loan, as the same may be amended and restated from time to time. <br />"Senior Loan Note" means the promissory note evidencing the Senior Loan from <br />Senior Lender, as the same may be amended and restated from time to time. <br />"Senior Permanent Lender" means California Community Reinvestment <br />Corporation, a California nonprofit public benefit corporation, or such senior permanent <br />The Crossroads at Washington <br />City NSP Uan Agreement <br />