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25B - AGMT - 815 N HARBOR LOAN
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02/17/2015
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25B - AGMT - 815 N HARBOR LOAN
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Last modified
2/12/2015 4:45:31 PM
Creation date
2/12/2015 4:13:11 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
25B
Date
2/17/2015
Destruction Year
2020
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"C <br />Lfty_j.qqW' shall mean the loan evidenced by this Note repayable to the City in accordance with <br />the teens of this Note and secured by the Deed of Trust. <br />with reference to the Residual Receipts, shall mean filly percent (50%) of the <br />total Residual Receipts from the Property as further de6cribcd in Section 5 hcreof. <br />I'Qqs 11 shaltmeaw <br />W In the case of a Sale, rcasonablo brokerage commissions payable to a broker as a result <br />of the Sale, which shall riot in any event exceed the customary amount charged-for similar transactions in <br />the imirkedim market place, costs of title insurance premiums, documentary stamp taxes, escrow fees, <br />recording charges, loan repayment charps and other costs reasonably ineurrud with respect to the <br />Property, in each case actually paid by Borrower as a condition cif the Sak <br />(ii) In the case of a Refinancing, the reasonable and necessary costs of completing <br />such Refinancing, including, without limitation, loan fees, loan rLTaymoat charges, costs of title insurance <br />premiums, escrow fees. recording fees and altoracys'few. <br />"Deed of Trust" shall mean the Deed ofTrUSt in finvor of the City, securing the City HOME Loan. <br />"Qross Revenues" shall mean all revenues and receipts of every kind actually received by <br />Borruwcr froun operating the Property, and all parts thereof, including, but not limited to, income frorn <br />both cash and credit transicL[ous, i-enuil from leased and/or subleased spaces and parking foes and chirges <br />(but not including sccuriiy deposits and other tenant deposits, except to the extent such deposits are <br />forfeited to the Borrower under the tenant's Gros% Revenues also includes any casualty insurance <br />proceeds in excess of those used to restore the Property and any rental interi-aption insurance proceeds. <br />Any credit consideration shall be included in Gross Revenues at the tirne cash proceeds (principal an0or <br />other) are received. Borrower shall establish and maintain accounts fur the Gross Revenues (the "'Project <br />Accounts") that are segregated from ruvenuos and income received by Borrower from all other projects, <br />Gross Revenues shall also inolude all interest carried on the Project Accounts, <br />"LIOMF AqsLs!-qdJQnqs" shall mean those rental units constructed on the Property which are <br />ti- <br />aubj ect to the tortir orriffordabIlity, <br />"I IOME Fund <br />"'W-W shall mean the money provided under the I IONIE Program for 1110 dovelopmenIt <br />of the rental units hercunder, <br />"Low Income" nions an a(k1usted income which does not exceed eighty percont (80%) <br />of the area median income for the Orange County, California PMSA, adjusted for household size, as <br />published by 11M <br />"0 <br />werating Expew"es" shall mean the sum of the following; <br />0) payments orpriticipal and interest and all other cluirgus relating to the Senior <br />Loan(s)� <br />a property rawtagemein fee equal to 8% of &ross rents; <br />(Iii) Owner Administration ree of 5% of gross routs; <br />107011MIMM4.1 2 <br />25B-67 <br />
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