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(aa) "Unit" means one (1) of the one hundred five (105)-apartment units to be <br /> constructed on the Leasehold Estate. <br /> Section 1.2 Exhibits <br /> The following exhibits are attached to this Agreement and incorporated into this <br /> Agreement by this reference: <br /> EXHIBIT A: Legal Description of the Property <br /> EXHIBIT B: Approved Development Budget <br /> ARTICLE 2 LOAN PROVISIONS <br /> Section 2.1 Loan. <br /> The City shall loan to the Borrower the Loan in the principal amount of Two Million <br /> Four Hundred Ninety Thousand Dollars ($2,490,000) for the purposes set forth in Section 2.5 of <br /> this Agreement. The obligation to repay the Loan shall be evidenced by the Note. <br /> Section 2.2 Interest. <br /> The outstanding principal balance of the Loan shall accrue simple interest at the rate of <br /> ten percent (10%)per annum, commencing on the later of the date of this Agreement or the date <br /> of disbursement. <br /> Section 2.3 Repayment of the Loan. <br /> (a) Definitions. The following definitions shall apply for the purposes of this <br /> Section 2. <br /> (i) "Asset Management Fee" shall mean the annual asset management fee in <br /> the amount of Ten Thousand Dollars ($10,000) (increased by three percent (3%) annually. <br /> (ii) "Annual Operating Costs" shall mean, with respect to a particular fiscal <br /> year, costs incurred for operation and maintenance of the Project, including but not limited to: <br /> property taxes and assessments imposed on the Project; debt service currently due on Approved <br /> Financing (excluding debt service owed to the City on the Loan and debt service owed to the <br /> City on the HELP Loan); annual fees charged in connection with any Approved Financing, <br /> property management fees and reimbursements, insurance premiums; utility services not paid for <br /> directly by tenants; maintenance and repair; any annual license or occupancy fees required for <br /> operation of the Project; security services; advertising and marketing; mandatory deposits into <br /> reserve funds; payment of any previously unpaid portion of the Borrower fee; extraordinary <br /> operating costs specifically approved in writing by the City; payments of deductibles in <br /> connection with casualty insurance claims; the amount of uninsured losses actually replaced, <br /> repaired or restored, replacement reserve deposits, other ordinary and reasonable operating <br /> expenses included in the Borrower's annual budget; other ordinary and reasonable operating <br /> 4 <br /> 144V105\217525.16 <br />