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ORANGE HOUSING DEVELOPMENT CORPORATION/C&C DEVELOPMENT
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ORANGE HOUSING DEVELOPMENT CORPORATION/C&C DEVELOPMENT
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Last modified
6/9/2017 12:18:54 PM
Creation date
11/13/2009 9:35:44 AM
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Contracts
Company Name
ORANGE HOUSING DEVELOPMENT CORPORATION/C&C DEVELOPMENT
Contract #
A-2009-036
Agency
Community Development
Council Approval Date
4/6/2009
Expiration Date
9/20/2064
Insurance Exp Date
2/15/2010
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reasonable expenses, compensation or fees which would be payable to unrelated third parties in <br />arms -length transactions for similar services in the Santa Ana, California area. <br />(vi) Any other expenses necessary to meet senior lender requirements and <br />requirements of Borrower's limited partner, or its assignee, as set forth in Borrower's Agreement <br />of Limited Partnership (the "Partnership Agreement"). <br />"Deed of Trust" shall mean the Deed of Trust in favor of the City, securing the City <br />Loan, substantially in the form attached to the Agreement as Exhibit B, which is incorporated <br />herein by this reference. <br />"Neighborhood Stabilization Program" (NSP) has the meaning set forth in the <br />Recitals above. <br />"NSP Assisted Units" shall mean those rental units purchased and rehabilitated on <br />Eligible Properties which are subject to the term of affordability. <br />"NSP Funds" shall mean the money provided under the NSP Program for the acquisition <br />and rehabilitation of the homes hereunder. <br />"Property" shall mean that property located at 1410-1412 Durant Street, Santa Ana, <br />California. <br />"Refinancing" shall mean changing the then existing financing on the Property by, <br />without limitation, modifying the interest rate and/or the term of the existing Senior Loan, <br />increasing or reducing the amount of the existing Senior Loan, paying off the existing Senior <br />Loan and obtaining new Senior Loan. <br />"Refinancing Proceeds" shall be disbursed as set forth in Section 6 hereof. <br />"Residual Receipts" shall mean the Gross Revenues from the Property for each year, less <br />deductions for Operating Expenses from the same building, applicable to each such year less the <br />items listed in Article 5 of the Partnership Agreement, to the extent not already deducted as an <br />Operating Expense. <br />"Sale" shall mean any transfer, assignment, or conveyance or lease of the Property or any <br />portion thereof, or any interest therein by the Borrower, and includes any transfer, assignment or <br />sale of any partnership interest in the Borrower by an individual or entity which is a general or <br />limited partner in the Borrower, or any interest by any individual or entity which holds an <br />interest in any such general or limited partner in the Borrower, which brings the cumulative total <br />of all such direct and indirect transfers, assignments and sales during the term of this Note to <br />more than thirty-five percent (35%) of the ownership interests in the Borrower, and any such <br />transfer, assignment or sale of a direct or indirect partnership interest thereafter. Sale includes a <br />sale in condemnation or under threat thereof. Sale does not include dedications and grants of <br />LI <br />
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