|
73495160v3
<br />
<br />
<br />18
<br />
<br />full of all capital contributions under the Partnership Agreement, any other transfer, assignment, pledge,
<br />hypothecation or conveyance of limited partner interests in, or change in the limited partners of, the
<br />Borrower (and the owners of such limited partners) not described above, in accordance with the terms of
<br />the Partnership Agreement, or (x) the extension, amendment or replacement of commercial leases approved
<br />by the Controlling Person.
<br />“Person” means any individual, for-profit or not-for-profit corporation, partnership, joint venture,
<br />association, limited liability company, limited liability partnership, joint-stock company, trust,
<br />unincorporated organization or government or any agency or political subdivision thereof.
<br />“Plans and Specifications” means, with respect to the Project Facilities, the plans and
<br />specifications for the construction of Improvements prepared by the Architect and more particularly
<br />identified on Schedule 5 attached to the Borrower Loan Agreement and approved by the Controlling Person,
<br />as the same may be amended, modified or supplemented as permitted under the Borrower Loan Agreement
<br />through Change Orders or otherwise.
<br />“Pledged Revenues” shall mean the amounts pledged under this Funding Loan Agreement to the
<br />payment of the principal of, prepayment premium, if any, and interest on the Funding Loan and the
<br />Governmental Note, consisting of the following: (i) all income, revenues, proceeds and other amounts to
<br />which the Governmental Lender is entitled (other than amounts received by the Governmental Lender with
<br />respect to the Reserved Rights) derived from or in connection with the Funding Loan Documents, including
<br />all Borrower payments due under the Borrower Loan Agreement and the Borrower Note and all amounts
<br />obtained through the exercise of the remedies provided in the Funding Loan Documents and all receipts
<br />credited under the provisions of this Funding Loan Agreement against said amounts payable, and (ii)
<br />moneys held in the funds and accounts established under this Funding Loan Agreement, together with
<br />investment earnings thereon.
<br />“Project Costs” means the costs, fees, and expenses associated with the acquisition, construction,
<br />and equipping of the Project Facilities for use as affordable rental housing including but not limited to the
<br />cost of materials, appliances, equipment, and other items of tangible personal property, the fees and
<br />expenses of architects, contractors, engineers, attorneys, accountants, developers, surveyors, payment of
<br />capitalized interest, payment of certain costs and expenses incidental to the issuance of the Governmental
<br />Note and payment of any other costs shown on the Development Budget.
<br />“Project Facilities” means the [__] acres of land and the multifamily apartment housing facilities
<br />consisting of a total of 60 units and related personal property and equipment, located in Little Canada,
<br />Minnesota, the acquisition, construction and equipping of a portion of which are being financed by the
<br />proceeds of the Funding Loan.
<br />“Proposed Budget” shall have the meaning given to such term in Section 6.24 of the Borrower
<br />Loan Agreement.
<br />“Project Fund” means the fund of that name created pursuant to Section 4.2 of this Funding Loan
<br />Agreement.
<br />“Punchlist Items” means any items necessary at the time of the issuance of a temporary use and
<br />occupancy permit to complete fully the construction of the Project Facilities in accordance with the Plans
<br />and Specifications for the Project Facilities, or required for the issuance of a final certificate of occupancy
<br />or its equivalent.
|