CHFA LOAN CLOSING - Laserfiche WebLink

Agency and entitleo "Deposit Agreement for CHFA's Advance of State /Local Loan Funds ". In the event that the Permanent Mortgage Loan is made, the Agency shall also make a State /Local Permanent Loan to the Borrower to provide additional permanent mortgage financing for the Development. The maximum principal amount of the State /Local Permanent Loan shall be the amount of the principal and interest then due under the State /Local Construction Loan. The State /Local Permanent Loan shall accrue interest at the rate of 3% per annum from the date of loan closing until repayment. All principal and accrued interest on the State /Local permanent loan shall be payable on or before a date which is ten (10) years after the date of loan closing. The State /Local permanent loan shall be evidenced by a promissory note in the form of that certain "Promissory Note (Permanent Financing)" (Form CHFA 51P Ridge View /Second) and secured by a second deed of trust on the Development in the form of that certain "Permanent Deed of Trust with Assignment of Rents, Security Agreement and Fixture Filing, State /Local Feasibility Loan" (Form CHFA 51 P). By accepting this final commitment, the Borrower /Developer acknowledges that it has received and reviewed such note and deed of trust forms. 9. Survival of Obligations. The obligations of the Borrower /Developer as set forth in this final commitment letter shall survive the Permanent Mortgage Loan closing, and the Borrower /Developer shall continue to cooperate with the Agency and furnish all documents, exhibits or showings required herein. 10 Special Conditions. This final commitment shall be subject to the following special conditions: a. The fee interest in the property shall be subject to the Agency's Deeds of Trust and Regulatory Agreement. b. The Agency has reviewed and approved that certain draft Ground Lease of the Development dated March 30, 1988 which is intended to be entered into between the Borrower /Developer as lessor and the City of Pleasanton as lessee. c. Evidence from the City of Pleasanton shall be provided in the form acceptable to the Agency which evidences that the Development has received Article 34 voter approval. d. All non - Agency loans shall be subordinated to the Agency's deeds of trust and Regulatory Agreement. 11. Integration. This Agreement, together with the Appendices hereto, sets forth all of the promises, agreements and understandings to date among the parties hereto with respect to the Development, and there are no promises, agreements, or CHFA 60 -5- 4/5/88