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Boulevard, Mounds View MHFA Dev. #8022 <br />Master Disbursement Agreement 2 12/03/2018 <br />(Ver. 11/20/2017) <br />A loan from City through the Metropolitan Council Local Housing <br />Incentives Account none of which has been disbursed as of the <br />effective date of this Agreement. <br />A loan from the HRA through the HOME Program, none of which <br />has been disbursed as of the effective date of this Agreement. <br />A loan from the General Partner, none of which has been disbursed <br />as of the effective date of this Agreement. <br />A loan from Inverwood, none of which has been disbursed as of <br />the effective date of this Agreement. <br />$500,000.00 <br /> <br />$375,000.00 <br /> <br />$500,000.00 <br /> <br />$1,779,944.00 <br />Funds to be supplied by Borrower, as further described in Section 1 <br />(c) of this Agreement, none of which has been disbursed as of the <br />effective date of this Agreement. <br />$753,539.00 <br /> <br />C. MHFA, the HRA, City, General Partner and Inverwood have entered into <br />agreements with Borrower and/or Title Company regarding the disbursement of the Project <br />Funds. <br /> <br />D. The parties have agreed that the Project Funds are to be disbursed in a certain <br />order of priority. <br /> <br />E. The parties wish to establish how the Project Funds are to be disbursed and the <br />order of priority for the disbursement. <br /> <br />NOW, THEREFORE, the parties agree as follows: <br /> <br />1. Definitions. The definitions set forth above are incorporated into this Section 1 by <br />reference. The following terms have the meanings set out respectively after each such term, and <br />such meaning are equally applicable to both the singular and plural forms of the term defined: <br /> <br />(a) “City Disbursement Agreement” - An agreement, whether verbal or <br />written, between the City, Borrower, and, if applicable, Title Company, which provides <br />for the disbursement of the City Loan. <br /> <br />(b) “City Loan” – A loan from the City through the Metropolitan Council <br />Local Housing Incentives Account to Borrower in an original principal amount of <br />$500,000.00. <br /> <br />(c) “Equity” – Cash monies in an amount of $753,539.00 to be supplied to <br />Title Company by Borrower. <br /> <br />(d) “General Partner Disbursement Agreement” – An agreement, whether <br />verbal or written, between the General Partner, Borrower, and, if applicable, Title <br />Company, which provides for the disbursement of the General Partner Loan. <br />