05-27-2026 Council Packet - Laserfiche WebLink

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9 199386222v3 “Direct Note Payment Fund” means the Direct Note Payment Fund created pursuant to Section 4.2 herein. “Direct Note Proceeds Account” means the Direct Note Proceeds Account of the Project Fund created pursuant to Section 4.2 herein. “Draw-Down Notice” means a notice described in Section 1.01 of the Contingency Draw-Down Agreement regarding the conversion of the Funding Loan from a draw down loan to a fully funded loan. “Draw-Down Termination Date” shall have the meaning set forth in the Schedule of Financial Terms. “Effective Gross Revenues” of the Borrower means, for the Testing Period prior to the determination of Stabilized NOI, the annualized aggregate revenues during such period generated from all tenants and others occupying or having a right to occupy or use the Project Facilities or any portion thereof pursuant to leases, including (at the Controlling Person’s reasonable discretion, taking into account whether such income is recurring and is appropriate for a stabilized property), payments under any HAP Contract, vending machine income, cable TV revenues, laundry service and parking income, as adjusted in the Controlling Person’s judgment for factors including but not limited to: (i) seasonal fluctuation in the rental rate in the market in which the Project Facilities are located; (ii) evidence of rent deterioration; (iii) concessions, reductions, inducements or forbearances (such as any cash reduction in monthly rent during the term of a lease, any free rent before, during or after the term of a lease, any rent coupons, gift certificates and tangible goods or any other form of rent reduction or forbearance); (iv) economic vacancy at the higher of: (1) Underwritten Economic Vacancy, or (2) actual economic vacancy based on the annualized vacancies of the Project Facilities; (v) 30-day or more delinquencies; (vi) low-income restrictions required by any applicable federal, state or local subsidy program, or any restrictive covenant or regulatory agreement; and (vii) other applicable adjustments as reasonably determined by the Controlling Person. Notwithstanding any of the foregoing to the contrary, Effective Gross Revenues shall exclude: (i) revenues from portable tenant vouchers to the extent such revenues cause the rent on any unit to exceed the maximum allowable tax credit rent designated for such unit, (ii) interest income, and (iii) business interruption insurance proceeds. “Engineer’s Agreement” means the agreement, if any, between the Borrower and the structural engineer for the Project Facilities approved by the Controlling Person, relating to the construction of the Improvements, as the same may be amended, modified or supplemented from time to time. “Engineering Consultant” means a consultant licensed to practice in the State and chosen by the Controlling Person. “Environmental Audit” means the written Phase I environmental site assessment for the Project Facilities prepared by Stantec dated November 23, 2022 (Project Number: 227703777) and the written Phase II environmental site assessment for the Project prepared by Bruan Intertec Corporation dated [March 9], 2026 (Project Number: 1005290.001). “Environmental Completion Conditions” shall have the meaning set forth in the Partnership Agreement. “Environmental Indemnity” means the Environmental Indemnity Agreement dated as of the date hereof, by the Borrower and Guarantor in favor of the Funding Lender.