Laserfiche WebLink
<br />EXHIBIT 3 <br />interest and the leasehold interest under the Ground Lease in the Property, subordinate to <br />the Senior Loan(s) made to Developer and the Senior Loan Documents. <br />(c)City/HOME-ARP Loan Terms. The terms and conditions of the <br />City/HOME-ARP Loan are as set forth in the City/HOME-ARP Loan Note, which is a <br />residual receipts note. The HOME-ARP Compliance Period will end twenty (20) years <br />from the issuance of the Certificate of Completion. <br />Section 6. <br />Developer shall comply with this Section until the Certificate of Completion is issued. <br />6.1. Conditions Precedent. City's obligation to disburse the City/HOME-ARP <br />CONDITIONS TO DISBURSEMENT OF LOAN PROCEEDS <br />Loan is subject to the satisfaction, or waiver by the Executive Director, of the following <br />conditions precedent: <br />(a)Loan Documents.Developer shall have delivered to the Escrow <br />Holder, signed by the authorized officer or officers of Developer, with such signature(s) <br />acknowledged where necessary, each of the following documents: <br />(i)this Agreement; <br />(ii) <br />(iii) <br />(iv) <br />(v) <br />The City/HOME-ARP Loan Note; <br />The City/HOME-ARP Loan Deed of Trust; <br />The Affordability Restrictions on Transfer of Property; <br />The Project Budget; and <br />(vi)All other documents and instruments reasonably required by <br />the City to be executed and delivered, all in form and <br />substance reasonably satisfactory to the City. The City has <br />received and approved all required Environmental Reports. <br />(b)Title Insurance. City shall have received an LP-10 ALTA Lender’s <br />loan policy of title insurance (2006 edition), or evidence of a commitment therefor <br />satisfactory to City, issued by Commonwealth Land Title Company and in form and <br />substance satisfactory to City, together with all endorsements and binders required, <br />naming City as the insured, in a policy amount of not less than the City/HOME-ARP <br />Loan Amount, showing Developer as the ground lessee of the Property under the Ground <br />Lease and insuring the City/HOME-ARP Loan Deed of Trust to be a valid lien on the <br />Property. This Agreement, the City/HOME-ARP Loan Note, and City/HOME-ARP Loan <br />Deed of Trust shall be subordinate to the Senior Loan Note, Senior Loan Deed of Trust <br />and the other Senior Loan Documents. The Affordability Restrictions on Transfer of <br />Property and City/HOME-ARP Loan Deed of Trust shall be reflected as an encumbrance <br />on the fee simple interest and the leasehold interest of the Property. <br />11 <br />WISEPlace Permanent Supportive Housing <br />City HOME-ARP Loan Agreement