25B - AGMT - 815 N HARBOR LOAN - Laserfiche WebLink

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References to subparagrapfis shall be construed as rvlorenccs to the same Section in which the reference appears. The term "document" is used in its broadest sense and encompasses agreements, certificates, opinions, Qonsents, instruments and other written material of every kind. The tornis "including" and "include" mean "including (include) without limitation." 1.4 Exhibits Incorporated, All attachments and exhibits to this Agreement, as now existing and as the same may from time to time be modified, are incorporated herein by this reference. 2, SCOPE OF WORIV PROJECT BUDGET A "Scope of Work" for the Property is attached hereto as Exhibit B. Any material change to the Scope of Work requested by the Developer shall be subject to the prior written approval of the Executive Director. A lint -item budget for the Project, including a N unn-nary statement of sources and uses of funds, is incorporated into Exhibit C ((he "project Budget" ), Any material change to the Project Budget requested by Developer shall be subject to the prior written approval of the Executive Director, 3. CITY LOAN A. Amount and Purpose. Subject to the terms and conditions of this Agreement, City agrees to make a Chan of HOME funds to Developer in the prmcipal amount of up to $380,000 (the "City4iOME Loan") for the construction or the development on the Property, B. City /HOME Note and Deed of Trust, The City/1-101NIE Loam shall be evidenced by the City/HOME Loan Note in the form attached hereto as Exhibit F. The City Loan shall be secured by the City/HOME Loan Deed of Trust in the form attached hereto as Exhibit E. The City/HOME Deed of Trust shall be a decd of trust encumbering the Property, subordinate to the Senior Loan(s) made to Developer. C. Cilly/fIONIE Loan Terms, The terms and conditions of the City/HOIVIE Loan tire as set forth in the City/HOME Loan Note which is a residual receipts note. The HOME compliance period is fifteen (15) years, oommencing on the date that all work is complete and the Property "is s fully o ecu pi cd. 4, CONDITIONS TO DISBURSEMENT OF LOAN PROCEEDS 4.1 Conditions Precedent, City's obligation to disburse the Loan Arnount is subject to the satisfaction, or waiver by the Executive Director, of the following conditions precedent: (a) Loan Documents. Developer shall have delivered to the City, signed by the authorized officer or officers, of Developer, with such signature(s) acknowledged where necessary, each oRhe following document,,: 25B -13