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400. [RESERVED] <br />500. LOANS <br />501. Agency Loan. <br />501.1 Amount and Purpose. Subject to the terms and conditions of this <br />Agreement, Agency agrees to make the Agency Loan to Developer from tax increment money in the <br />principal amount of up to $3,888,497 for those purposes described in this Agreement. <br />501.2 Agency Promissory Note and Deed of Trust. The Agency Loan shall be <br />evidenced by the Agency Promissory Note in the form attached hereto as Exhibit F. The Agency <br />Loan shall be secured by the Agency Deed of Trust in the form attached hereto as Exhibit H-1. The <br />Agency Deed of Trust shall be a deed of trust encumbering the Property in second position, <br />subordinate only to the Senior Loan Deed of Trust. <br />501.3 Use of Agency Loan Proceeds. Proceeds of the Agency Loan shall be used <br />only for costs incurred by Developer to construct the Improvements as set forth in the approved <br />Project Budget. <br />501.4 Agency Loan Terms. The terms and conditions of the Agency Loan are as <br />set forth in the Agency Promissory Note which is a residual receipts note. <br />502. City Loan. <br />502.1 Amount and Purpose. Subject to the terms and conditions of this <br />Agreement, City agrees to make the City Loan from HOME Program funds to Developer in the <br />principal amount of up to $2,500,000 for those purposes described in this Agreement. <br />502.2 City Promissory Note and Deed of Trust. The City Loan shall be <br />evidenced by the City Promissory Note in the form attached hereto as Exhibit G. The City Loan <br />shall be secured by the City Deed of Trust in the form attached hereto as Exhibit H-2. The City Deed <br />of Trust shall be a deed of trust encumbering the Property in third position, subordinate only to the <br />Senior Loan Deed of Trust, as approved by the Executive Director, and the Agency Deed of Trust. <br />502.3 Use of City Loan Proceeds. The proceeds of the City Loan shall be used <br />only for costs incurred by Developer to construct the Improvements as set forth in the approved <br />Project Budget. <br />502.4 City Loan Terms. The terms and conditions of the City Loan are as set <br />forth in the City Promissory Note which is a residual receipts note. The HOME Program compliance <br />period is fifteen (15) years, commencing on the date that all work is complete and the Property is <br />fully occupied. <br />250'-25