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07/12/2010 Council Packet
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07/12/2010 Council Packet
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City Council
Council Document Type
Council Packet
Meeting Date
07/12/2010
Council Meeting Type
Regular
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D. The HUD Loan will be evidenced by that certain Mortgage Note (the "HUD <br />Note ") executed by Developer in favor of Lender in the original principal amount of the Loan <br />and will be secured in part by (i) that certain Mortgage dated July 1, 2010 (the "HUD <br />Mortgage ") executed by Developer in favor of Lender, and by (ii) the Regulatory Agreement for <br />Multifamily Housing Projects dated July 1, 2010 (the "HUD Regulatory Agreement ") executed <br />by and between Landlord and the Secretary of Housing and Urban Development. The HUD <br />Note, the HUD Mortgage, the HUD Regulatory Agreement and all other loan and security <br />documents executed in connection with the Loan are collectively referred to herein as the "HUD <br />Loan Documents." <br />E. As a condition to the making of the Loan to Developer, Lender and HUD require <br />that the Development Contract be amended to include certain HUD provisions and that the <br />Development Contract be subordinated to the Loan and the HUD Loan Documents. <br />F. In connection with the assignment of the Development Contract from the Prior <br />Developer to Developer, the parties have further agreed to modify the Development Contract in <br />certain respects as described herein. <br />G. In addition, the parties have determined to replace certain restrictive covenants <br />(referred to in the Development Contract as the "Covenants ") with a new Declaration of <br />Covenant and Restriction of even date herewith, in the form attached as Exhibit B to this <br />Agreement (the "Replacement Covenant "). <br />NOW, THEREFORE, in consideration of foregoing recitals and of the mutual covenants and <br />agreements hereinafter set forth, it is agreed by and between Developer and the Authority as <br />follows: <br />1. Status of Development Contract. This Development Agreement remains in full force and <br />effect, and is not modified except as expressly provided in this Agreement. Should there <br />be any conflict or inconsistency between this Agreement and the Development Contract, <br />the terms and conditions of this Agreement shall prevail. <br />2. Amendment to Development Contract. The Development Contract is hereby amended to <br />add following Section 8.7 of the Development Contract entitled "Subordination" the <br />following Article 9: <br />ARTICLE IX <br />HUD REQUIREMENTS <br />Section 9.1. Notwithstanding anything in this Agreement to the contrary, <br />except the requirements in 26 U.S.C. 42(h)(6)(E)(ii), this Agreement is expressly <br />subordinate to (i) the Mortgage Note dated as of dated July 1, 2010 (the "HUD <br />Note ") executed by the Developer in favor of Dougherty Mortgage LLC, a <br />Delaware limited liability company ( "Lender "), (ii) the Mortgage dated July 1, <br />2010 (the "HUD Mortgage ") executed by the Developer in favor of Lender, (iii) <br />the Regulatory Agreement for Multifamily Projects dated July 1, 2010 (the "HUD <br />368750v2 SJB LN 140 -25 <br />• <br />• <br />• <br />
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