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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
Creation date
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 />5. Annual Loan Repayment. <br />a. After any deferred Developer Fee has been paid, as set forth hereinabove, the <br />Borrower shall thereafter make a loan payment to the City annually, in the amount of the lesser <br />of the outstanding balance due under this Note or the City's Percentage of the Residual Receipts, <br />as provided in this Section 5. <br />b. Within ninety (90) days after the close of the initial Calendar Year following the <br />Real Estate Closing and on or before the 90th day of each Calendar Year thereafter, the <br />Borrower shall submit to the City a detailed statement of Gross Revenues and Operating <br />Expenses attributable to the Property for the applicable Calendar Year, along with a computation <br />of the amount of the Residual Receipts applicable to such Calendar Year with which to make a <br />City Loan payment then due. <br />c. Except as otherwise provided in Section 4, the Borrower shall pay to the City a total <br />of fifty percent (50 %) of the Residual Receipts as payment of principal and interest under their <br />loans. The remaining fifty percent (50 %) of the Residual Receipts shall remain with the <br />Borrower. <br />d. The Residual Receipts payment shall be made not later than one hundred fifty (150) <br />days after the close of the Calendar Year. Such payment shall be applied first to any accrued but <br />unpaid interest, if any, then to reduce the principal balance of the loans. <br />6. Reserved. <br />7. Loan Repayment from Refinaneine Proceeds. <br />The Borrower shall make a loan payment to the City from every Refinancing that occurs <br />during the tern of this Note not to exceed the outstanding balance of principal and interest on <br />this Note, to the extent of the City's Percentage of the Refinancing Proceeds (if any), as follows: <br />the cash proceeds from such Refinancing shall be applied first to pay Closing Costs; next, the <br />amount necessary to pay in full the balance remaining on the Senior Loan; next, the Borrower <br />shall pay to the City fifty percent (50 %) of the Refinancing Proceeds to the extent of the <br />outstanding balance on this Note. The remaining Refinancing proceeds shall remain with <br />Borrower. Such payment shall be due on the date of such Refinancing, and shall be applied first <br />to any accrued but unpaid interest, then to reduce the principal balance of the Loans. The City <br />shall not be required to reconvey the lien of the Deed of Trust if Sale Proceeds are insufficient to <br />repay the Loans in Rill. <br />8. Loan Repayment from Sale Proceeds. <br />The Borrower shall make a loan payment, not to exceed the outstanding balance of <br />principal and interest on this Note, to the City from any Sale that occurs during the term of the <br />City Loan, to the extent of the City's Percentage of the Sale Proceeds, as follows: gross sale <br />F <br />
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