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1996 NS Project Homestart Agreement
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1996 NS Project Homestart Agreement
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Last modified
11/21/2013 4:43:42 PM
Creation date
11/13/2013 12:22:09 PM
Metadata
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Template:
BOCC
Date
11/4/1996
Meeting Type
Regular Meeting
Document Type
Agreement
Agenda Item
9c
Document Relationships
Agenda - 11-04-1996 - 9c
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\Board of County Commissioners\BOCC Agendas\1990's\1996\Agenda - 11-04-1996
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terms of the mortgage have been made by the Agency, the construction loan will <br /> roll over into a permanent loan, at which time the Conversion Date, as hereinafter <br /> defined, occurs. If the final cost certification is not approved by November 1, 1997, <br /> then the Loan will be in default. <br /> 1.3 "Conversion Date" as used herein shall mean that date when the construction loan <br /> is converted into a permanent mortgage. Upon the Conversion Date and upon the <br /> Borrower duly complying with all of the terms and conditions of the Commitment <br /> Letter and with all other terms, covenants and conditions concerning the Loan <br /> evidenced by the loan documents, the Promissory Note for the construction loan <br /> shall be automatically converted to a permanent mortgage note and shall be <br /> restated as a first leasehold mortgage not to exceed $150,000.00. <br /> 1.4 The maximum loan amount is set forth in item 1.1. The loan amount may be <br /> reduced, or the commitment may be terminated, in accordance with the terms of <br /> this Commitment Letter, prior to the Conversion Date, for any one of the following <br /> reasons: <br /> (a) Failure to provide the Cost Certification required by provision 4.3 of this <br /> Commitment Letter; <br /> (b) Lower costs of the improvements than set forth in Borrower's Application <br /> and detailed in Exhibit A; <br /> (c) Lower Total Replacement Cost than set forth in Borrower's Application and <br /> detailed in Exhibit A; <br /> (d) A change in interest rate, loan amount, or term of any financing sources <br /> from the information contained in the Borrower's Application and detailed <br /> in Exhibit A; <br /> (e) A change in projected cash flow, resulting in a change in projected net <br /> income from the information contained in Borrower's Application and <br /> detailed in Exhibit A; <br /> (f) A change in the sources or amounts of equity, including but not limited to a <br /> change in general partner contribution, limited partner contribution, stock <br /> purchase, or the purchase of any beneficial ownership interest in the <br /> Borrower, from the information contained in Borrower's Application and <br /> detailed in Exhibit A; <br /> (g) Any change in any representation or information contained in the <br /> Borrower's Application as detailed in Exhibit A relating to the financial <br /> structure or beneficiary population of the Project; and <br /> (h) Termination of the Lease or amendment to the Lease without the Agency's <br /> prior written consent. <br /> 2 <br />
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