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Boulevard, Mounds View MHFA Dev. #8022 <br />Master Disbursement Agreement 3 12/03/2018 <br />(Ver. 11/20/2017) <br />(e) “General Partner Loan” - A loan from the General Partner to Borrower in <br />an original principal amount of $500,000.00. <br /> <br />(f) “HRA Disbursement Agreement” – An agreement, whether verbal or <br />written, between the HRA, Borrower, and if applicable, Title Company, which provides <br />for the disbursement of the HRA ERF Grant and HRA Loan. <br /> <br />(g) “HRA ERF Grant” – A grant from the HRA through the Environmental <br />Response Fund to Borrower in an original principal amount of $49,520.00. <br /> <br />(h) “HRA Loan”- A loan from the HRA through the HOME Program to <br />Borrower in an original principal amount of $375,000.00. <br /> <br />(i) “Inverwood Disbursement Agreement” – An agreement, whether verbal or <br />written, between Inverwood, Borrower, and if applicable, Title Company, which provides <br />for the disbursement of the Inverwood Loan. <br /> <br />(j) “Inverwood Loan” – A loan from Inverwood to Borrower in an original <br />principal amount of $1,779,944.00. <br /> <br />(f) “MHFA Disbursement Agreement” - The Disbursement Agreement <br />between MHFA and Title Company of even date with this Agreement, which provides <br />for the disbursement of the Equity and the proceeds of the MHFA Bridge Loan and the <br />MHFA FFCC Loan. <br /> <br />(g) “MHFA Bridge Loan” - A loan from MHFA through its Bridge Loan <br />Program to Borrower in an original principal amount of $6,980,000.00. <br /> <br />(h) “MHFA FFCC Loan” - A loan from MHFA through its Flexible Financing <br />for Capital Costs Program to Borrower in an original principal amount of $1,636,000.00. <br /> <br />2. Order of Priority for Disbursement of Project Funds. Each party agrees that <br />the Title Company has already been, or will be from time to time, supplied with the Project <br />Funds and must disburse the Project Funds in the following order: <br /> <br />Source of Project Funds Order of Disbursement <br />Equity <br />HRA Loan (except for the <br />holdback of $1,000.00) <br />First <br />Second <br />HRA ERF Grant Third <br />MHFA Bridge Loan Fourth <br />City Loan Fifth <br />MHFA FFCC Loan <br />General Partner Loan <br />Inverwood Loan <br />HRA Loan (remaining holdback of <br />Sixth <br />Seventh <br />Eighth <br />Ninth