11-13-2024 Council Packet - Laserfiche WebLink

Home Browse Search

135242345v3 6 Agent, Borrower, Initial Funding Lender and Freddie Mac pursuant to the Construction Phase Financing Agreement: (a) Stating that the Conditions to Conversion have been satisfied on or before the Forward Commitment Maturity Date or, if any Condition to Conversion has not been satisfied on or before the Forward Commitment Maturity Date, stating that such Condition to Conversion has been waived in writing by Freddie Mac (if a waiver is permitted and is granted by Freddie Mac in its sole and absolute discretion) on or before the Forward Commitment Maturity Date; (b) Confirming the Conversion Date; and (c) Providing a revised Funding Loan Amortization Schedule and Project Loan Amortization Schedule, as described in Section 2.01(e) hereof. “Cost,” “Costs” or “Costs of the Project” means costs paid with respect to the Project that: (a) Are properly chargeable to capital account (or would be so chargeable with a proper election by Borrower or but for a proper election by Borrower to deduct such costs) in accordance with general federal income tax principles and in accordance with United States Treasury Regulations Section 1.103-8(a)(1), (b) Are paid with respect to a qualified residential rental project or projects within the meaning of Section 142(d) of the Code, (c) Are paid after the earlier of (i) 60 days prior to the date of a resolution of Governmental Lender to reimburse costs of the Project with proceeds of the Loans or (ii) the Delivery Date, and (d) If previously paid and to be reimbursed with proceeds of the Loans, were: (i) Costs of Issuance of the Governmental Note, (ii) Preliminary capital expenditures (within the meaning of United States Treasury Regulations Section 1.150-2(f)(2)) with respect to the Project (such as architectural, engineering and soil testing services) incurred before commencement of acquisition or construction of the Project that do not exceed twenty percent (20%) of the issue price of the Governmental Note (as defined in Section 1.148-1 of the Treasury Regulations), or (iii) Capital expenditures with respect to the Project that are reimbursed no later than eighteen (18) months after the later of the date the expenditure was paid or the date the Project is placed in service (but no later than three (3) years after the expenditure is paid); provided however, that if any portion of the Project is being constructed or developed by Borrower or an affiliate (whether as a developer, a general contractor or a