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400. PRESERVED] <br />500. LOANS <br />501. Agency Loau. <br />501.1 Amount and Purpose. Subject to the terms and conditions of this <br />Agreement, Agency agrees to make the Agency Loan to lleveloper 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 <br />evidenced by the Agency Promissory Nole in the loan <br />Loan shall be secured by the Agency Deed of Trust in tl <br />Agency Deed of Trust shall be a deed of trust efiet <br />subordinate only to the Senior Loan Deed of Tnisl, <br />501.3 Usc of Agency Loan <br />only for costs incurred by lleveloper to con <br />Project Budget. <br />501.4 Agency Loans` <br />set forth in the Agency Promissory Note <br />502. City <br />502.1 Amu <br />Agreement, City agreesto m <br />principal amount of up to $2f <br />s02.z cty <br />evidenced"by the City Prom: <br />shall be secy~ed by the Citq D, <br />of Trust shall;j3,~, a deed of tri <br />Senior Loan 17ee'~ of Trust, as <br />)egd of~~Trust. The Agency Loan shall be <br />tttachcd hereto as Exhibit F. 'fhe Agency <br />_, for•matl~ched hereto as Exhibit H-1. The <br />iibering thCYroperty in second position, <br />Proceeds of the Agency Loan shall he used <br />mprgv"~itents as set focll} in the approved <br />terms anSi;~onditions of the Agency Loan are as <br />sidualicceipts,notc. <br />Sib~ect to ~tle terms and conditions of this <br />nn HOME Program funds to Developer in the <br />ses described in this Agreement. <br />y Note attd" >5eed of Trust. The City Loan shall be <br />in the foiKn' attached hereto as Exhibit G. "fhe City Loan <br />p;in the form attached hereto as Exhibit H-2. The City Deed <br />tag the Property in third positon, subordinate only to the <br />y Lle Executive Director, and the Agency Deed of'frust. <br />502 3 s, Use of ~ify Loan Proceeds. The proceeds of the City Loan shall be used <br />only for costs mcuued''iby Developer to construct the Improvements as set forth in the approved <br />Project Budget. <br />502.4 City Loan 'Germs. The terms and conditions of the City Loan are as set <br />forth in the City Promissory Notc which is a residual receipts note. 'fhe HOMF. Program compliance <br />period is fifteen (15) years, connnenciug on the date that all work is complete and the Property is <br />fully occupied. <br />19 <br />