Laserfiche WebLink
• Architectural, engineering, design and reproduction fees; <br />Consulting and professional fees paid to third parties with respect to the Agreement <br />and the construction of Phase PS; <br />Development, permit and inspection fees charged by any public agency incurred and <br />paid by the Borrower; <br />An overhead fee payable to the Borrower which shall not exceed three percent 3VO <br />of the gross sales prices of the For -Sale Units and other project revenue; <br />Construction loan fees and points; <br />Repayment of construction loan principal, interest and contingent int r st; <br />Repayment ent of equity loans and contributions, including principal, interest and <br />preferred returns; <br />Peii anent loan fees and points payable by the Borrower; <br />Other fees and costs of construction loans and equity financing; <br />Property taxes, insurance costs, security costs, utility costs and maintenance expenses <br />hicurred during the construction period; <br />Homeowners' association dues payable by the Borrower; <br />Sales commissions payable to the Borrower's agents and brokers (not to exceed 2°/ <br />and cooperating buyers' agents and brokers for the sale of the For -Sale Units; <br />0 Other reasonable and actual costs of conveying the For -Sale Units to horn buyers, <br />including escrow fees, title insurance fees, taxes and fees imposed with respect to the <br />sale of the For -Sale Units; <br />• udder's warranty reserve funds not to exceed $4,000 per For -Sale Unit; and <br />Any other actual costs to the Borrower of planning, designing, finalising, constructing <br />and developing Phase PS which have not been pale by the Agency or other parties. <br />"For-Sale Units Development Prof f' shall mean. twelve percent (12%) of the sum of (i) <br />the total base sales prices for the For -Sale Units, plus (ii) the Gross options and Upgrades <br />Proceeds for the For -Sale Units. This amount shall be paid to and/or retained by the Borrower <br />prior to the payment of the Profit Sharing Amount, if any, to the. Agency hereunder. <br />For the purpose of facilitating the calculation the For -Sale Units Sales Proceeds, Gross <br />Options and Upgrades Proceeds, and Net Options and Upgrades Proceeds, the purchase and sale <br />agreement for each For -Sale Unit shall delineate the base sales pace and the price charged to the <br />buyer for Options and Upgrades. <br />5, Security, This Note is secured by a ]deed of Trust the `Deed of Trust") dated as <br />of the same date as this Note. The Deed of Trust shall be recorded in second priority and shall <br />be subordinate only to the deed of trust securing Borrower's construction financing for the <br />Project as approved by Agency pursuant to the Agreement. The Deed of Trust shall provide for <br />a patlial reconvey nce of the Deed of Trust in connection with the sale of each individual For- <br />Sale Unit. Agency understands that the Deed of Trust will be fully reconveyed Prior to lie <br />payment made p ursuant to Section 3 hereof, <br />l onr course, Until the full reconveyance of the Deed of Trust, this Note shall <br />constitute a nonrecourse obligation of Borrower, and neither Borrower nor any of its i ember <br />shall have any personal liability for p yinent or performance of this Note. In the event of a <br />ATTACHMENT N. 8A -3 <br />DOCSO C11 400673v 13/200272-0001 <br />