Laserfiche WebLink
10/1 /08 <br />311. Financing of the Improvements. <br />311.1 Financing. Pursuant to this Agreement, the Agency commits to <br />provide financing to Developer to acquire the three Sites for the purpose of constructing <br />three single family homes that will be sold at an affordable price to income qualified <br />households. Acquisition and construction financing to Developer will be provided on the <br />terms more fully described in the First Trust Deed Promissory Note, attached hereto and <br />incorporated herein as Exhibit H and secured through a First Deed of Trust attached <br />hereto and incorporated herein as Exhibit I. Developer acknowledges that these <br />documents will be fully executed and recorded as part of the conveyance of each of the <br />three Sites. <br />Acquisition Financing for each of the three Sites is summarized as follows: <br />1006 N. Logan - $182,000 <br />1012 N. Logan - $168,000 <br />1015 N. Logan - $185,000 <br />Construction Financing for each of the three Sites is summarized as follows: <br />1006 N. Logan - $434,954 <br />1012 N. Logan - $559,223 <br />1015 N. Logan - $559,223 <br />Agency and Developer agree to utilize a construction disbursement account through <br />AmeriNational Community Services for the purpose of authorizing and releasing <br />construction progress payments. <br />Agency and Developer further agree that the value of donated materials, labor and <br />supplies associated with the development of the Improvements/Project shall not be used <br />for purposed of calculating contractor overhead or profit. <br />311.2 No Encumbrances Except Agency recorded documents (Deeds <br />of Trust/Affordability Restrictions on Transfer of Property) The Developer shall not <br />enter into any conveyance for financing prior to the Release of Construction Covenants <br />without the prior written approval of the Agency, which approval Agency agrees to give <br />if any such conveyance for financing is given to a responsible financial lending <br />institution or person or entity ("Lender"). The Developer may enter into a conveyance <br />for financing after the completion of the Improvements as evidenced by the recording of <br />the Release of Construction Covenants without the approval of the Agency. <br />400. COVENANTS AND RESTRICTIONS <br />401. Use in Accordance with Redevelopment Implementation Plan. The <br />Developer covenants and agrees for itself, its successors, assigns, and every successor in <br />interest to the Sites or any part thereof, that upon the Closing and during construction and <br />19 <br />