Laserfiche WebLink
References to subparagraphs shall be construed as references to the same Section in <br />which the reference appears. The term "document" is used in its broadest sense and <br />encompasses agreements, certificates, opinions, consents, instruments and other written <br />material of every kind. The terms "including" and "include" mean "including (include) <br />without limitation." <br />1.4 Exhibits Incorporated. All attachments and exhibits to this Agreement, <br />as now existing and as the same may from time to time be modified, are incorporated <br />herein by this reference. <br />2. SCOPE OF WORK/ PROJECT BUDGET <br />A "Scope of Work" for the Property is attached hereto as Exhibit B. Any material <br />change to the Scope of Work requested by the Developer shall be subject to the prior <br />written approval of the Executive Director. <br />A line -item budget for the Project, including a summary statement of sources and <br />uses of funds, is incorporated into Exhibit C (the "Project Budget "). Any material change <br />to the Project Budget requested by Developer shall be subject to the prior written <br />approval of the Executive Director. <br />3. CITY LOAN <br />A. Amount and Purpose. Subject to the tenns and conditions of this <br />Agreement, City agrees to make a loan of HOME fiends to Developer in the principal <br />amount of up to $380,000 (the "City /HOME Loan") for the construction of the <br />development on the Property. <br />B. City /HOME Note and Deed of Trust. The City /HOME Loan shall be <br />evidenced by the City /HOME Loan Note in the form attached hereto as Exhibit F. The <br />City Loan shall be secured by the City /HOME Loan Deed of Trust in the form attached <br />hereto as Exhibit E. The City /HOME Deed of Trust shall be a deed of trust encumbering <br />the Property, subordinate to the Senior Loan(s) made to Developer. <br />C. City /HOME Loan Terms. The terms and conditions of the City /HOME <br />Loan are as set forth in the City /HOME Loan Note which is a residual receipts note. The <br />HOME compliance period is twenty (20) years, commencing on the date that all work is <br />complete and the Property is fully occupied. <br />4. CONDITIONS TO DISBURSEMENT OF LOAN PROCEEDS <br />4.1 Conditions Precedent. City's obligation to disburse the Loan Amount is subject <br />to the satisfaction, or waiver by the Executive Director, of the following conditions <br />precedent: <br />( a) Loan Documents. Developer shall have delivered to the City, <br />signed by the authorized officer or officers of Developer, with such signature(s) <br />acknowledged where necessary, each of the following documents: <br />7 <br />