11-13-2024 Council Packet - Laserfiche WebLink

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135242317v3 15 and mandatory prepayment at the times, in the manner and on the terms, and have such other terms and provisions, as provided herein and in the Project Note. The outstanding principal balance of the Project Loan at any time shall be an amount equal to the proceeds of the Funding Loan advanced by Funding Lender and deposited by Fiscal Agent into the Project Loan Fund under the Funding Loan Agreement minus any amounts prepaid with respect to principal in accordance with the terms hereof and the Project Note. (b) Funding Lender Representative may appoint a Loan Servicer to service the Loans for all or a portion of the term of the Loans. The initial Loan Servicer of the Loans is Merchants Capital Corp. who shall service the Loans as required by Initial Funding Lender. On the Freddie Mac Purchase Date, Seller/Servicer shall become the Loan Servicer and shall service the Loans pursuant to the terms of the Freddie Mac Commitment and the Guide. Funding Lender Representative may remove a Loan Servicer or appoint a replacement Loan Servicer, in its discretion, by written notice provided to Governmental Lender, Fiscal Agent and Borrower. Any successor Loan Servicer shall signify its acceptance of the duties and obligations imposed upon it by the Funding Loan Agreement and this Project Loan Agreement by executing such instrument(s) as shall be acceptable to Funding Lender Representative, a copy of which shall be provided to the parties hereto. (c) During any period that Loan Servicer services the Loans, Borrower shall make all payments in connection with the Project Loan to Loan Servicer, and Loan Servicer will: (i) Retain the allocable portion of the monthly Servicing Fee (if any) for its own account; (ii) Remit to Funding Lender all payments of principal of, Prepayment Premium, if any, and interest due with respect to the Funding Loan, together with any other amounts due to Funding Lender; (iii) Remit to Fiscal Agent the Fiscal Agent’s Ordinary Fees and Expenses, together with any other amounts due to Fiscal Agent; and (iv) Remit to Governmental Lender the Governmental Lender Fee, together with any other amounts due to Governmental Lender. During any period in which there is no Loan Servicer, all notices to be sent to Loan Servicer shall be sent to Funding Lender Representative (to the extent not already provided) and all amounts to be paid to Loan Servicer by Borrower shall be paid directly to Fiscal Agent (unless otherwise directed by Funding Lender Representative). (d) Governmental Lender, Fiscal Agent and Borrower hereby acknowledge and agree that: (i) Funding Lender Representative has appointed Loan Servicer to service and administer the Project Loan.