06-08-2022 Council Packet - Laserfiche WebLink

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73495160v3 16 “Operating Reserve Trigger” shall have the meaning ascribed to such term in Section 8.4 of the Borrower Loan Agreement. “Origination Fee” shall mean the origination fee set forth on the Schedule of Financial Terms and payable pursuant to Section 2.2(a) of the Borrower Loan Agreement. “Outside Stabilization Date” means the date by which Stabilization must be achieved as specified on the Schedule of Financial Terms. “Partnership Agreement” means the Amended and Restated Agreement of Limited Partnership of the Borrower dated as of June__, 2022, as may be amended, modified or supplemented from time to time. “Payment and Performance Bonds” shall mean dual-obligee payment and performance bonds (or a letter of credit in lieu of such bonds) relating to the Contractor (or, if required by Controlling Person, each contractor that enters into a Major Contract with Borrower), issued by a surety company or companies authorized to do business in the State and acceptable to Controlling Person, and in form and content reasonably acceptable to Controlling Person, in each case in an amount not less than the full contract price; together with a dual obligee and modification rider naming the Funding Lender and the Controlling Person and in the form and substance acceptable to Controlling Person which shall be attached thereto. “PBGC” shall have the meaning ascribed to such term in Section 5.11 of the Borrower Loan Agreement. “Permitted Encumbrances” means only: (i) the Land Use Restriction Agreement; (ii) the Mortgage; (iii) the [Declaration of Land Use Restrictive Covenants for Low-Income Housing Credits] (iv) liens securing the Subordinate Debt; (v) Impositions not yet due and payable or being contested in good faith and by appropriate proceedings promptly initiated and diligently conducted if such proceedings do not in the opinion of the Controlling Person involve the risk of the sale, forfeiture or loss of the property subject to such lien or interfere with the operation of the Project Facilities, and provided that the Borrower shall have established a reserve or made other appropriate provision, if any, as shall be required by the Controlling Person, and any foreclosure, distraint, sale or other similar proceedings shall have been effectively stayed; (vi) statutory liens of landlords and liens of carriers, warehousemen, mechanics and materialmen incurred in the ordinary course of business for sums not yet due or being contested by appropriate proceedings promptly initiated and diligently conducted if (1) such proceedings do not in the opinion of the Controlling Person involve the risk of the sale, forfeiture or loss of the property subject to such lien or interfere with the operation of the Project Facilities, and provided (2) such liens have been bonded or the Borrower shall have established a reserve or made other appropriate provision, if any, as shall be required by the Controlling Person; and