DEPOT AT SANTIAGO, LP - 2013 - Laserfiche WebLink

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5. CITY LOAN: The City Loan shall be evidenced by the City Promissory Note in the form attached hereto as Exhibit D. The City Loan shall be secured by the City Deed of Trust in the form attached hereto as Exhibit C. The terms and conditions of the City Loan are as set forth in the City Promissory Note which is a residual receipts note. The HOME compliance period is twenty (20) years, commencing on the date that all work is complete and the Property is fully occupied, however the term of affordability for the Project is fifty -five years or repayment of the City Loan, whichever is longer. A. HOME FUNDS: 1. Amount and Purpose. Subject to the terms and conditions of this Agreement, City agrees to make a loan to Developer from HOME funds in the principal amount of up to $2,634,566.00 for the Property acquisition and other costs of the Project. B. CDBG FUNDS: 1. Amount and Purpose. Subject to the terms and conditions of this Agreement, City agrees to make a loan of CDBG funds to Developer in the principal amount of up to $365,434 solely for the Property acquisition - related costs of the Project. 6. CONDITIONS TO DISBURSEMENT OF LOAN PROCEEDS 6.1 Conditions Precedent. City's obligation to disburse the loan is subject to the satisfaction, or waiver by the City Project Manager, of the following conditions precedent: (a) Loan Documents. Developer shall have delivered to the Escrow Holder, signed by the authorized officer or officers of Developer, with such signature(s) acknowledged where necessary, each of the following documents: (i) this Loan Agreement; (ii) the City Promissory Note; (iii) the City Deed of Trust; and (iv) the Affordability Restrictions on Transfer of Property. (b) Title Insurance. City shall have received an LP -10 ALTA Lender loan policy of title insurance (1970 edition), or evidence of a commitment therefore satisfactory to City, issued by First American Title Insurance Company and in form and substance satisfactory to City, together with all endorsements and binders required, naming City as the insured, in a policy amount of not less than the total City Loan Amount, showing Developer as the fee owner of the Property and insuring the City Deed of Trust to be a valid priority lien on the Property.