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940 S. MINNIE, LP - 2014
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940 S. MINNIE, LP - 2014
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Last modified
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 />proceeds are applied first to pay Closing Costs, next to pay in full the balance remaining on the <br />Senior Loan; next the Borrower shall pay to the City fifty percent (50 %) of the total Sale <br />Proceeds, not to exceed the outstanding amount of principal and interest due on this Note. This <br />fifty percent (50 %) represents the total payment due under the City Note. The remaining Sale <br />Proceeds shall remain with Borrower. Such payment shall be due on the date of such Sale, and <br />shall be applied first to any accrued but unpaid interest, then to reduce the principal balance of <br />the Loans. The City shall not be required to reconvey the lien of the Deed of Trust if Sale <br />Proceeds are insufficient to repay the Loans in fall. <br />9. Buy Out Option. <br />In the event that there is a decision to sell the Property to an outside entity not affiliated <br />with the Developer or its Developer General Partner, the Managing General Partner of Borrower <br />(Orange Housing Development Corporation) shall be given the first right of refusal or the <br />General Partners may exercise the purchase option pursuant to the Borrower's Partnership <br />Agreement. If neither of these options or the right of first refusal are exercised by the General <br />Partners of Borrower, then the City shall have the second right of refusal. <br />10. Accelerated Loan Payment. <br />The full principal amount outstanding plus accrued but unpaid interest thereon, shall be <br />due and payable on the earlier to occur of the following: <br />a. Sale or Refinancing of the Property as provided further in Section 15 hereof, <br />unless: (i) in the case of a Sale in which the Sale Proceeds are insufficient to repay in full the <br />City Loan, the City approves such sale -and the purchaser assumes the balance of the City Loan <br />in accordance with the terms of this Note; or (ii) in the case of a Refinancing in which the <br />Refinancing Proceeds are insufficient to repay in full the City Loan, the City approves such <br />Refinancing and the Borrower remains obligated pursuant to the terms of this Note. <br />b. In event of default pursuant to any of the Loan Documents or the Senior Loan <br />Documents. <br />c. Any default by Borrower as to any other loan or loans by City to Borrower <br />with respect to the Property; or <br />d. The date that is fifty five (55) years after the date of execution of this Note. On <br />that date, the City agrees to review the performance of the Property and consider in good faith <br />any reasonable request by Borrower to modify the terns or extend the Term of this City Loan <br />Note. <br />6 <br />
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