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940 S. MINNIE, LP - 2014
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940 S. MINNIE, LP - 2014
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7/7/2014 3:04:49 PM
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7/7/2014 3:02:07 PM
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Contracts
Company Name
940 S. MINNIE, LP
Contract #
A-2014-077
Agency
COMMUNITY DEVELOPMENT
Council Approval Date
3/18/2014
Insurance Exp Date
9/1/2014
Destruction Year
0
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Exhibit F <br />increasing or reducing the amount of the existing Senior Loan, paying off the existing Senior <br />Loan and obtaining new Senior Loan. <br />"Refinancing Proceeds" shall be disbursed as set forth in Section 7 hereof. <br />"Residual Receipts" shall mean the Gross Revenues from the Properties located at 940 <br />S. Minnie Street, Santa Ana, California, for each year, less deductions for Operating Expenses <br />from the same buildings, applicable to each such year less the iterns listed in Article 5 of the <br />Partnership Agreement, to the extent not already deducted as an Operating Expense. <br />"Sale" shall mean any transfer, assignment, conveyance or lease (other than to a tenant <br />for occupancy or a transaction between the Partners /Limited Partners) of the Property or any <br />portion thereof, or any interest therein by the Borrower, and includes any transfer, assignment or <br />sale of any partnership interest in the Borrower by an individual or entity which is a general or <br />limited partner in the Borrower, or any interest by any individual or entity which holds an <br />interest in any such general or limited partner in the Borrower, which brings the cumulative total <br />of all such direct and indirect transfers, assignments and sales during the tern of this Note to <br />more than thirty -five percent (35 %) of the ownership interests in the Borrower, and any such <br />transfer, assignment or sale of a direct or indirect partnership interest thereafter. Sale includes a <br />sale in condemnation or under threat thereof. Sale does not include dedications and grants of <br />easements to public and private utility companies of the kind customary in real estate <br />development. <br />"Sale Proceeds" shall be disbursed as set forth in Section 8 hereof. <br />"Senior Loan" shall mean the senior loan being made by Farmers and Merchants Bank, <br />concurrent to the City Loan for payment of a portion of the Acquisition and Rehabilitation Costs, <br />and shall include any subsequent loan that refinances the initial Senior Loan. <br />"'Perm" the term for repayment of this Note shall mean fifty -five (55) years from the <br />date of recording. <br />3. Loan Repayment. <br />Borrower shall make payments to the City as provided in Sections 5 (Residual Receipts), <br />7 (Refinancing Proceeds), 8 (Sale Proceeds) and 10 (Accelerated Loan Repayment). <br />4. Operating Capital Improvement Loan. <br />If the replacement reserve account ( "reserves ") is depleted due to unforeseen repairs and <br />the General Partner makes a loan to the Partnership, the reserves must be fully funded prior to <br />repayment of said loan. Such loan shall be repaid with net cash flow prior to the residual receipt <br />split. The outstanding loan balance will be reflected in the annual report. <br />
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