06-08-2022 Council Packet - Laserfiche WebLink

Home Browse Search

73495160v3 21 “Stabilization Date” means the earlier to occur of: (i) the date specified by the Controlling Person that all of the conditions to achievement of Stabilization have been satisfied; or (ii) the Outside Stabilization Date, as the same may be extended pursuant to Section 6.37 of the Borrower Loan Agreement. “Stabilized NOI” means, for any period, (x) Effective Gross Revenues for such period less (y) Expenses for such period, as determined or approved by the Controlling Person. “State” means the State of Minnesota. “Subordinate Debt” means, collectively, those certain loans in the maximum amounts set forth in the Schedule of Financial Terms from the Subordinate Lender to the Borrower, evidenced and secured by the Subordinate Debt Documents. “Subordinate Debt Documents” means all documents evidencing or securing the Subordinate Debt or otherwise executed and delivered by the Borrower in connection therewith or as a condition of the advance of the proceeds thereof, together with a subordination agreement executed by lender of such Subordinate Debt, all in form and substance acceptable to the Controlling Person. “Subordinate Lender” shall mean the Subordinate Lender(s) specified on the Schedule of Financial Terms. “Subordination Agreement” means those certain Subordination Agreements dated on or about the Closing Date among the Governmental Lender, the Funding Lender, the Borrower and Subordinate Lender, as subordinate lender, as may be amended, modified or supplemented from time to time. “Substantial User” means, with respect to any “facilities” (as the term “facilities” is used in Section 144(a) of the Code), a “substantial user” of such “facilities” within the meaning of Section 147(a) of the Code. “Tax Counsel” means an attorney, or firm of attorneys, nationally recognized and experienced in legal work relating to the financing of facilities through the issuance of tax-exempt Governmental Note, reasonably acceptable to the Controlling Person. “Tax and Insurance Escrow Account” means the Account of that name created pursuant to Section 4.2(a) of this Funding Loan Agreement. “Tax Certificate” means the Borrower Tax Certificate dated the Closing Date from the Borrower and endorsed by the Governmental Lender, as may be amended, modified or supplemented from time to time. “Testing Period” means the period for testing set forth on the Schedule of Financial Terms immediately preceding the date of such determination. “Third Party Costs” means the ongoing Governmental Lender Fees, Fiscal Agent Fees and the fees of the Rebate Analysts or any other third party in connection with the Governmental Note. “Title Company” means the title insurance company insuring the lien of the Mortgage on the Closing Date together with any successor title company approved by the Controlling Person. “Title Policy” means the mortgagee’s title insurance policy relating to the Project Facilities issued by the Title Company to the Funding Lender, effective on the date of recording of the Mortgage, as the