11-13-2024 Council Packet - Laserfiche WebLink

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135242345v3 17 Notwithstanding anything in this Funding Loan Agreement to the contrary, no additional amounts of the Funding Loan may be drawn down and funded hereunder after the Advance Termination Date. Any extension of the Advance Termination Date shall be subject to receipt by Fiscal Agent of (i) the prior written consent of Initial Funding Lender and Freddie Mac and (ii) an opinion of Bond Counsel (which shall also be addressed to Funding Lender Representative) to the effect that such extension will not adversely affect the tax- exempt status of the Governmental Note. (c) Fiscal Agent shall maintain in its books a log which shall reflect the principal amount of the Funding Loan advanced by Initial Funding Lender from time to time in accordance with the provisions of Section 2.01(b) above and Section 2.01 (i) below (the “Record of Advances”). The principal amount due on the Governmental Note shall be only such amount as has been advanced by Initial Funding Lender as reflected in the Record of Advances and not otherwise prepaid pursuant to the terms of this Funding Loan Agreement. The records maintained by Fiscal Agent in such regard will be conclusive evidence of the outstanding principal amount of the Funding Loan (absent manifest error). Fiscal Agent shall notify Governmental Lender, Seller/Servicer, Freddie Mac and Borrower if any advance of the proceeds of the Funding Loan is not made by Initial Funding Lender when due hereunder. (d) The Funding Loan shall bear interest payable on each Funding Loan Payment Date at (i) the Construction Phase Interest Rate during the Construction Phase and (ii) the Permanent Phase Interest Rate during the Permanent Phase. Interest shall accrue on the principal amount of the Funding Loan which has been advanced hereunder and is outstanding as reflected in the Record of Advances. (e) The Funding Loan shall mature on the Maturity Date, subject to scheduled monthly principal payments and to optional and mandatory prepayment prior to maturity as provided in Article III hereof. If the Conversion Date occurs on or prior to the initial Forward Commitment Maturity Date, then the unpaid principal balance of the Funding Loan shall be paid on the dates and in the amounts set forth on the initial Funding Loan Amortization Schedule provided on the Delivery Date and attached as Schedule 1 to the Governmental Note, provided that, at Funding Lender’s discretion, a new Funding Loan Amortization Schedule may be provided on the Conversion Date that reflects the Conversion Date and the term of the Permanent Phase. If the Forward Commitment Maturity Date is changed by Freddie Mac in accordance with the Freddie Mac Commitment and the Construction Phase Financing Agreement, the first principal payment date under the Funding Loan Amortization Schedule may be changed consistent with the terms thereof; provided, however, if the Forward Commitment Maturity Date is extended, the Funding Loan Amortization Schedule shall automatically be extended (i) to the first day of the month immediately succeeding the Conversion Date if the Conversion Date occurs on the first calendar day of a month or (ii) the first day of the second month immediately succeeding the Conversion Date if the Conversion Date occurs on a day other than the first calendar day of the month (in either case with the succeeding principal installments remaining consistent with the original schedule but for them occurring on later dates) and any change of amortization shall be subject to the receipt by Fiscal Agent, Initial Funding Lender, and Governmental Lender of an opinion of Bond Counsel (which shall