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Page 13 <br />o Any repayments to the soft loans must be based on the pro rata share of all <br />the soft loan balances (the same as the residual receipts splits). <br />•Remaining principal and accrued interest due upon the 55th anniversary of the <br />issuance of Certificate of Occupancy or earlier upon sale, refinancing or an <br />uncured default. On that date, the City agrees to review the performance of the <br />Property and consider in good faith any reasonable request by Developer to modify <br />the terms or extend the term of the City Promissory Note. Additionally, the City will <br />receive 50% of the net proceeds received from any sale or refinancing of the <br />Project in order to repay any outstanding principal or interest due on the City <br />Promissory Note, after payment of outstanding conventional debt, payment in full <br />of any deferred developer fee, payment for any necessary repairs, and <br />establishment of any reserves and transaction costs. <br />•Cost savings from the Project, if any, will be applied first to pay down the City <br />Assistance, subject to compliance with the Tax Credit Allocation Committee <br />("TCAC") Regulations and California Health and Safety Code, as applicable. <br />•After all other funding sources have been secured through enforceable funding <br />commitments, a HOME Subsidy Layering Review is required in order to confirm <br />the eligible amount of HOME-ARP funds committed to the Project. <br />•An environmental review in compliance with the National Environmental Policy Act <br />is required prior to entering into a Loan Agreement for the HOME-ARP funds <br />committed to the Project. <br />The HOME-ARP Loan shall also require specific HOME-ARP designated units in the <br />Project. The City's preliminary HOME-ARP Cost Allocation Analysis suggests that <br />approximately nine (9) units in the Project will be designated as HOME-ARP assisted­ <br />units. <br />The lnclusionary Loan shall have the same terms above and be for a maximum principal <br />amount of $484,000, or as much thereof as is disbursed for relocation benefits for current <br />WISEPlace residents in the event the residents are not matched with an alternative <br />housing or shelter option prior to the start of construction and would need to vacate the <br />site, provided from the lnclusionary Housing Fund. If relocation assistance is to be <br />provided to the site occupants per the same requirements as the Uniform Relocation Act <br />("URA") or California Relocation Regulations, the Owner will also contribute an equal <br />amount, dollar for dollar, in matching funds to the lnclusionary Loan. For example, if the <br />twenty (20) current WISEPlace residents are provided relocation assistance as calculated <br />per the requirements of the URA and California State Relocation Regulations, the <br />estimated total for relocation payments will be $968,000, to be paid equally by the <br />lnclusionary Loan and the Owner. The Owner will work with staff to relocate their 20 <br />WISEPlace residents prior to the start of construction of the project. The lnclusionary <br />Loan is for relocation purposes only, so if the Owner is able to relocate residents prior to <br />the start of construction of the project, then the lnclusionary Loan funds shall be <br />EXHIBIT 2