03-25-2013 EDA Packet - Laserfiche WebLink

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C. Dougherty Mortgage LLC, a Delaware limited liability company ("Lender"), has agreed to make a refinancing loan to Developer in the original principal amount of Two Million Seven Hundred Ninety -One Thousand One Hundred and 00/100 Dollars ($2,791,100.00) (the "HUD Loan") which loan shall be insured by the Federal Housing Administration (the "FHA") of the United States Department of Housing and Urban Development ("HUD") under Section 207/223(f) pursuant to Section 223(a)(7) of the National Housing Act of 1934, as amended, pursuant to the Commitment for Mortgage Insurance dated January 30, 2013 (FHA Project No. 092-11339) (the "FHA Commitment"). D. The HUD Loan will be evidenced by that certain Amended and Restated Note (the "HUD Note") executed by Developer in favor of Lender in the original principal amount of the HUD Loan and will be secured in part by (i) that certain Amended and Restated Multifamily Mortgage, Assignment of Leases and Rents and Security Agreement and Fixture Filing dated , 2013 (the "HUD Mortgage"), executed by Developer in favor of Lender, and by (ii) the Regulatory Agreement for Multifamily Housing Projects dated , 2013 (the "HUD Regulatory Agreement"), executed by and between the Developer and the Secretary of Housing and Urban Development. The HUD Note, the HUD Mortgage, the HUD Regulatory Agreement and all other loan and security documents executed in connection with the Loan are collectively referred to herein as the "HUD Loan Documents." E. As a condition to the making of the HUD Loan to Developer, Lender and HUD require that the Declaration be amended to include certain HUD provisions and that the Declaration be subordinated to the Loan and the HUD Loan Documents. AGREEMENT: NOW, THEREFORE, in consideration of the foregoing recitals and of the mutual covenants and agreements hereinafter set forth, it is agreed by and between Developer and the Authority as follows: 1. Agreement to Prevail. The terms and conditions of this Agreement supersede the terms of the Declaration, and, should there be any conflict or inconsistency between this Agreement and the Declaration, the terms and conditions of this Agreement shall prevail. 2. Amendment of SECTION 9.1. SECTION 9.1 of the Declaration is hereby deleted and amended in its entirety to state as follows: Section 9.1 438732.2 Notwithstanding anything in this agreement to the contrary, except the requirements in 26 U.S.C. 42(h)(6)(E)(ii), this Agreement is expressly subordinate to (i) the Amended and Restated Note dated as of , 2013 (the "HUD Note"), executed by the Developer in favor of Dougherty Mortgage LLC, a Delaware limited liability company ("Lender"), (ii) the Amended and Restated Multifamily Mortgage, Assignment of Leases and Rents and Security Agreement and Fixture Filing dated , 2013 (the "HUD Mortgage"), executed by the Developer in favor of Lender, (iii) the Regulatory Agreement for 2