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JAMBOREE HOUSING CORPORATION-2017
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JAMBOREE HOUSING CORPORATION-2017
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Last modified
2/13/2018 5:15:58 PM
Creation date
10/27/2017 2:24:43 PM
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Contracts
Company Name
JAMBOREE HOUSING CORPORATION
Contract #
A-2017-015
Agency
COMMUNITY DEVELOPMENT
Council Approval Date
2/7/2017
Expiration Date
2/29/2020
Insurance Exp Date
5/1/2018
Destruction Year
0
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(e) Request for Notice. For the benefit of City, Loan Holder shall <br />have recorded a request for notice of default of the Senior Loan (the "Request for Notice <br />of Default"). <br />(f) Insurance. City shall have received evidence satisfactory to the City <br />Attorney that all of the policies of insurance required by Section 19 of this Agreement are <br />in full force and effect. <br />(g) Representations and Warranties. The representations and <br />warranties of Developer contained in this Agreement and the other Loan Documents shall <br />be correct as of the Close of Loan as though made on and as of that date, and if requested <br />by the Executive Director, City shall have received a certificate to that effect signed by <br />Developer's Representative. <br />(h) No Default. No Event of Default by Developer shall have occurred, <br />and no event shall have occurred which, with the giving of notice or the passage of time <br />or both, would constitute an Event of Default by Developer under this Agreement, and if <br />requested by the Executive Director, City shall have received a certificate to that effect <br />signed by Developer's Representative. <br />6.2 Disbursement Procedures for Loan. <br />A portion of the Loan proceeds shall be disbursed through Escrow to finance the <br />rehabilitation of the ,Property (as evidenced in Exhibit Q. The Loan proceeds shall not be <br />used for any purpose other than for rehabilitation costs of the Property, including a <br />Developer fee and soft costs related to development of the Project (costs all subject to City's <br />prior review). The City allows for eligible costs to be paid by HOME loan funds that were <br />incurred not more than 24 months prior to the HOME funds commitment date of this loan <br />agreement in accordance with HOME regulations. <br />6.3 First Disbursement. Agency/City's obligation to make the first disbursement of <br />the Rehabilitation Proceeds is subject to satisfaction of the following conditions <br />precedent: <br />(a) General Contractor. If the Executive Director has not yet approved the General <br />Contractor, the Executive Director shall have approved the identity and qualifications of <br />the General Contractor. <br />(b) Rehabilitation Contract. If the Executive Director has not yet approved the <br />Rehabilitation Contract, the Executive Director shall have approved the Rehabilitation <br />Contract. <br />(c) Relocation Plan. If the relocation of any existing tenants is <br />contemplated by the parties, the Executive Director shall have approved a plan for the <br />relocation of such tenants of the Property determined by the Executive Director to be <br />eligible for relocation assistance. <br />
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