Agenda Packets - 2018/12/10 - Laserfiche WebLink

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Boulevard, Mounds View MHFA Dev. #8022 Master Subordination Agreement 2 12/03/2018 (Ver. 11/20/2017) A loan from MHFA through its HUD Risk-Sharing (Federal Financing Bank) Program. $6,497,000.00 Those documents set forth in Exhibit C attached to this Agreement. A loan from MHFA through its Flexible Financing for Capital Costs Program. $1,636,000.00 Those documents set forth in Exhibit D attached to this Agreement. A loan from the City through the Metropolitan Council Local Housing Incentive Account. A loan from the HRA through its HOME Program $500,000.00 $375,000.00 Those documents set forth in Exhibit E attached to this Agreement. Those documents set forth in Exhibit F attached to this Agreement. . C. The parties intend that the Loans, the corresponding Loan Documents, and other documents referred to in this Agreement and the liens created by the Loan Documents and other documents referred to in this Agreement have a certain order of priority. D. The parties wish to specify how the terms and conditions contained in the Loan Documents will be interpreted in the event of a conflict or inconsistency. NOW, THEREFORE, in consideration of good and valuable consideration, and in further consideration of the parties making and entering into the Loans, the parties to this Agreement agree as follows: 1. Definitions. For the purposes of this Agreement, the definitions set forth above are incorporated into this Section 1 by reference. The following terms have the meanings set out respectively after each term, and its meaning is equally applicable to both the singular and plural forms of the term defined: (a) “Bankruptcy Proceeding” means any bankruptcy, reorganization, insolvency, composition, restructuring, dissolution, liquidation, receivership, assignment for the benefit of creditors, or custodianship action or proceeding under any federal or state law with respect to Borrower, any guarantor of any of the Loan Documents, any of their respective properties, or any of their respective partners, members, officers, directors, or shareholders. (b) “City Loan” means a loan from the City of proceeds of a Local Housing Incentives Account grant from the Metropolitan Council in accordance with a Metropolitan Livable Communities Act Grant Agreement to Borrower in an original principal amount of $500,000.00.