06-10-2026 Council Packet - Laserfiche WebLink

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4 Error! Unknown document property name. “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 G. “Other Project Financing Documents” shall mean the documents creating, evidencing or securing the Other Project Financing. “Permitted Encumbrances” shall mean those matters set forth on Exhibit B attached hereto. “Project” shall mean Borrower’s interest in the Land and the Project Improvements. “Project Improvements” shall mean new construction on the Land to provide an 106-unit, 100% age restricted affordable housing community, known as “LC Senior Apartments”, and related improvements comprising the Project. “Title” shall mean Guaranty Commercial Title, Inc., a Minnesota corporation. “Unavoidable Delays” shall mean delays in the performance of obligations for construction of the Project Improvements hereunder 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 p ublic 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. The LCDA Loan Section 2.01. Loan. The LCDA Proceeds are being loaned by Lender to Borrower pursuant to the terms of this Agreement. Borrower accepts the LCDA Loan as a loan pursuant to the terms of this Agreement. Section 2.02. Authorized Use of Loan Proceeds. The LCDA Proceeds shall be used to pay LCDA Project Costs actually incurred for the Project. If LCDA Proceeds are used to pay for any costs other than LCDA Project Costs, Borrower shall promptly repay Lender the amount of LCDA Proceeds used to pay such costs other than LCDA Project Costs. Lender shall not be responsible for any cost overrun which may be incurred by Borrower or others in undertaking the Project or the Project Improvements. The Borrower may not use the LCDA Loan for grants or loans to any subrecipients. Section 2.03. Repayment. The LCDA Loan shall be evidenced by the LCDA Loan Note, secured by the LCDA Mortgage and repaid with interest as follows: (1) Interest shall accrue on the outstanding principal balance of the LCDA Loan at the rate of zero percent (0.00%) interest per annum. (2) As of [December 31, 2066], the entire outstanding principal balance of the LCDA Loan, if not previously paid, shall be due and payable in full.