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1 <br /> IMPORTANT NOTICE: The North Carolina Housing Finance Agency makes loans <br /> under the Special Needs Housing Demonstration Program on a competitive basis <br /> based upon the information submitted in the Borrower's Application.Any change <br /> which occurs after the date of the Application, including the availability of <br /> additional financing from sources other than the Special Needs Housing <br /> A self-supporting Demonstration Program, will result in the Agency re-evaluating the qualifications <br /> public agency <br /> of the Borrower for this loan program, and may result in a reduction of the loan <br /> amount or the cancellation of this commitment. <br /> A.Robert Kucab October 14, 1996 <br /> Executive Director <br /> Ms. Rita Gray <br /> Inter-Faith Council for Social Services, Inc. <br /> PO Box 28066 207 Wilson Street <br /> Raleigh,NC Chapel Hill, North Carolina 27514 <br /> 27611.8066 <br /> Dear Ms. Gray: <br /> 3801 Lake Boone Trail Based on the application dated June 15. 1994 as revised and supplemented ("Application"), <br /> Suite 200 and supporting information, the request by Inter-Faith Council for Social Services Inc. <br /> Raleigh,NC ("Borrower") for a reservation of construction/permanent mortgage loan funds under the <br /> 27607-2926 Special Needs Housing Demonstration Program ("Program") for the new construction of <br /> three buildings containing a total of fifteen units for a transitional housing facility serving <br /> homeless families with children and women with children who are victims of domestic <br /> TEL.919-781-6115 violence in Chapel Hill and Orange County, North Carolina has been approved by the <br /> FAX.919-781-5623 North Carolina Housing Finance Agency ("Agency"). Subject to the conditions of this letter, <br /> the Agency commits to fund a construction/permanent leasehold mortgage loan in the <br /> maximum total amount of$150,000.00 (the "Loan"). <br /> I. Significant Loan Terms <br /> 1.1 The Loan shall be executed for the maximum amount of$150,000.00 and shall be <br /> for a term through June 20. 2020, unless accellerated pursuant to its terms. The <br /> Loan shall be secured by a Deed of Trust on the Borrower's leasehold interest in <br /> 3.497 acres on Homestead Road in Chapel Hill, North Carolina ("Project") and shall <br /> be subject to the terms of a Regulatory Agreement. UCC fixture filings shall secure <br /> all personal property and fixtures. The Deed of Trust and UCC fixture filing shall <br /> be a first priority lien on the Borrower's leasehold interest in that certain <br /> g roundlease between the Borrower and Orange County (the "County) dated June <br /> 30, 1995 (the "Lease") including the Borrower's interest in the three (3)buildings to <br /> be constructed. The Borrower agrees that the new construction project funded by <br /> the Loan will have three one-story buildings with fifteen residential units as well <br /> as kitchens, bathrooms, resident staff bedrooms office and common areas, and that <br /> all will receive Loan assistance. <br /> 1.2 The Loan shall be structured as follows: $150,000 for construction costs of the new <br /> facilities until September 1. 1997 or the date a final Cost Certification is received <br /> and approved by the Agency, whichever is later. When the final Cost Certification <br /> is reviewed and approved by the Agency, and any adjustments to the amount or <br />