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<br /> 6 <br />Agency Loan. As Borrower repays its loans, the payment percentage applied to the remaining <br />loans shall increase. <br /> <br />e. The Residual Receipts payment shall be made not later than one hundred fifty (150) <br />days after the close of the Calendar Year. Such payment shall be applied first to any late fees, <br />then to reduce the principal balance of the loan. <br />6. Loan Repayment from Refinancing Proceeds. <br />The Borrower shall make a loan payment to the Agency from every Refinancing that <br />occurs during the term of this Promissory Note (other than refinancing of the conventional lender <br />acquisition and/or construction loan) not to exceed the outstanding balance of principal on this <br />Promissory Note, to the extent of the Agency’s Percentage of the Refinancing Proceeds (if any), <br />as follows: the cash proceeds from such Refinancing shall be applied first to pay Closing Costs; <br />next, the amount necessary to pay in full the balance remaining on the Senior Loan; next, the <br />Borrower shall pay to the Agency the Agency's Percentage of the Refinancing Proceeds of which <br />Agency Percentage shall be used to repay the Agency Loan to the extent of the outstanding <br />balance on this Promissory Note; and next, the amount necessary to pay any deferred developer <br />fee in full. At least fifty percent (50%) of the Refinancing proceeds shall remain with Borrower, <br />with all remaining Refinancing proceeds remaining with the Borrower to the extent the <br />outstanding balance of the Promissory Note has been fully paid. Such payment shall be due on <br />the date of such Refinancing, and shall be applied to reduce the principal balance of the Loan. <br />The Agency shall not be required to reconvey the lien of the Deed of Trust if Refinancing <br />Proceeds are insufficient to repay the Agency Loan in full. <br /> <br />7. Loan Repayment from Sale Proceeds. <br /> <br />The Borrower shall make a loan payment, not to exceed the outstanding balance of <br />principal on this Promissory Note subject to Section 14 herein, to the Agency from any Sale that <br />occurs during the term of the Agency Loan, to the extent of the Agency’s Percentage of the Sale <br />Proceeds, as follows: gross sale proceeds are applied first to pay Closing Costs, next to pay in <br />full the balance remaining on the Senior Loan; next, the Borrower shall pay to the Agency the <br />Agency's Percentage of the Refinancing Proceeds of which Agency Percentage shall be used to <br />repay the Agency Loan not to exceed the outstanding amount of principal due on this Promissory <br />Note; and next to pay the amount necessary to pay any deferred developer fee in full. At least <br />fifty percent (50%) of the Sale Proceeds shall remain with Borrower, with all remaining <br />Refinancing proceeds remaining with the Borrower to the extent the outstanding balance of the <br />Promissory Note has been fully paid. Such payment shall be due on the date of such Sale, and <br />shall be applied to reduce the principal balance of the Loan. The Agency shall not be required to <br />reconvey the lien of the Deed of Trust if Sale Proceeds are insufficient to repay the Loan in full. <br /> <br />8. Accelerated Loan Payment. <br /> <br />The full principal amount outstanding shall be due and payable on the earlier to occur of <br />the following: <br />EXHIBIT 3 <br />3-93