06-20-2022 Council Packet - Laserfiche WebLink

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73850847v2 3 "Net Proceeds" shall mean, when used with respect to any insurance or condemnation award, the gross proceeds from the insurance or condemnation award remaining after payment of all expenses incurred to collect such award. "Other Project Financing" shall mean the funding sources listed on Exhibit B attached hereto. "Other Project Financing Documents" shall mean the documents creating, evidencing or securing the Other Project Financing. "Project" shall mean the new construction an approximately 90,902 square-foot rentable apartment community that will comprise an approximately 60-unit multifamily housing development for households of low and moderate income, and functionally related facilities, including an underground parking garage, expected to be known as Twin Lake Apartments, located at the northwest corner of Twin Lake Boulevard and Bankers Drive, in the City. "Regulatory Agreement" shall mean that certain Regulatory Agreement by and between the City, Fiscal Agent, and the Borrower, dated as of July 1, 2022, relating to the City's $9,319,750 Multifamily Housing Revenue Note (Twin Lake Apartments Project), Series 2022. "Subordination Agreement" means the subordination agreement to be entered into by the Lender and the lenders of the Other Project Financing dated as of the Date of Closing. "TIF Loan" means the loan in the amount of $1,000,000 loaned to Borrower for the Project by the Lender and the loan made pursuant to this Agreement. "TIF Loan Documents" shall mean this Agreement, the Guaranty, and the TIF Loan Note, and all exhibits and incorporation therefor. "TIF Loan Note" shall mean the promissory note, the form of which is attached hereto as Exhibit A, of Borrower evidencing the TIF Loan dated as of the Date of Closing in the original principal amount of $1,000,000, payable to Lender. "TIF Loan Proceeds" shall mean the funds available from the TIF Loan to be disbursed through this Agreement and used to pay Eligible Project Costs. "Unavoidable Delays" shall mean delays in the performance of obligations for construction of the Project due to unforeseeable causes beyond the control of Borrower and without its fault or negligence, including but not limited to acts of God, acts of public enemy, the direct result of strikes, other labor troubles, fire, floods, epidemics, quarantines, restrictions, unavailability of power, unavailability of materials, acts of governmental entities including legislative or administrative action, unusually severe weather or delays of subcontractors due to such causes, or other casualty to the improvements and litigation commenced by third parties which by injunction or other similar judicial action directly results in delays and other events beyond the control of Borrower.