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<br />Section 1.2 Exhibits <br /> <br />The following exhibits are attached to this Agreement and incorporated into this <br />Agreement by this reference: <br /> <br />EXHIBIT A: <br /> <br />Legal Description of the Property <br /> <br />EXHIBIT B: <br /> <br />Approved Development Budget <br /> <br />ARTICLE 2 LOAN PROVISIONS <br /> <br />Section 2.1 Loan. <br /> <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 /> <br />Section 2.2 Interest. <br /> <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 /> <br />Section 2.3 Reoayment of the Loan. <br /> <br />The Loan shall be repaid as follows: <br /> <br />(a) <br />Secti on 2. <br /> <br />Definitions. The following definitions shall apply for the purposes of this <br /> <br />(i) "Asset Management Fee" shall mean the annual asset management fee in <br />the amount ofTen Thousand Dollars ($10,000) (increased by three percent (3%) annually. <br /> <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 but including debt service owed <br />to the 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 ofthe 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 /> <br />4 <br /> <br />144\105\217525.14 <br />