815 N. HARBOR, L.P.-2013 - Laserfiche WebLink

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Escrow Agent to apply the proceeds of the City Loan on behalf of Developer to the Purchase Price of the Property and related soft costs. Developer shall execute and deliver to the Escrow Agent the City Promissory Note, the City Deed of Trust and the Affordability Restrictions on Transfer of Property. 3.2 Authorized Use of City Loan. The City Loan proceeds may be used for the acquisition of the foreclosed Property, as well as pre- approved reasonable soft costs related to such purchase. 3.3 Loan Repayment. Developer shall make payments to the City as provided in Sections 3.4 (Residual Receipts), 3.5 (Refinancing Proceeds), 3.6 (Sale Proceeds) and 3.7 (Accelerated Loan Repayment). 3.4 Annual Loan Repavment/ Residual Receipts. a. The Developer shall make a loan payment to the City annually, in the amount of the lesser of the outstanding balance due under the City Promissory Note or the City's percentage of the residual receipts , as provided in this Section 3.4. b. Within one hundred fifty (150) days after the close of the initial Calendar Year following the issuance of the Certificate of Completion and on or before the 150`x' day of each Calendar Year thereafter, the Developer shall submit to the City an audited financial statement of gross revenues and operating expenses attributable to the Property for the applicable Calendar Year, along with a computation of the residual receipts due to the City for the Calendar Year. c. Except as otherwise provided, the Developer shall pay to the City fifty percent (50 %) of the Residual Receipts. Fifty percent (50 %) of the Residual Receipts shall remain with the Developer. d. The Residual Receipts payment shall be made not later than one hundred fifty (150) days after the close of the Calendar Year. Such payment shall be applied first to any late fees, then to reduce the principal balance of the loan. 3.5 Loan Repayment from Refinancing Proceeds. The Developer shall make a loan payment to the City from every refinancing that occurs during the term of this Agreement not to exceed the outstanding balance of principal on this City Promissory Note, to the extent of the City's percentage, which is fifty percent (50 %), of the Refinancing Proceeds (if any), as follows: the cash proceeds from such Refinancing shall be applied first to pay closing costs; next, the amount necessary to pay in full the balance remaining on the Senior Loan; next, the amount necessary to pay any deferred developer fee in full; and next, the Developer shall pay to the City the City's percentage of the remaining Refinancing Proceeds to the extent of the outstanding balance on this City Promissory Note. At least fifty percent (50 %) of the Refinancing proceeds shall remain with Developer, with all remaining Refinancing proceeds remaining with the Developer to the extent the outstanding balance of the City Promissory Note has been fully paid.. Such payment shall be due on the date of such Refinancing, and shall be applied to reduce the 9 1076A5311389382.1