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C TRUCTION LOAN AGREEI~VT ~~~ ~
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<br />BOrrOWer: ROTARY CLUB OF PLEASANTON NORTH (TIN:) Lender:
<br />GO LARRY SMITH, 6140 STONERIDGE MALL
<br />ROAD, SUITE 500
<br />PLEASANTON, CA 94568
<br />COMMUNITY FIRS
<br />PLEASANTON MAII
<br />P. O. BOX 637
<br />749 MAIN STREET
<br />PLEASANTON,CA
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<br />94668
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<br />THIS CONSTRUCTION LOAN AGREEMENT between ROTARY CLIP OF PLEASANTON NORTH ("Borrower") and COMMUNITY FIF ST
<br />NATIONAL BANK ("Lender") k made and executed on the following terms and conditions. Borrower has applied to Lender for loans In the
<br />told prlnclpd amount of U.S.1797,314.1)0 In order to construct the Improvements on the Real Property described below. Lender Is willlnl to
<br />knd the Bart amount to Borrower solely under the terms and conditions specified In this Agreement and In the Related Documents, to each of
<br />which Borrower agrees, Borrower understands and agrees that: (a) In granting, renewing, or extending any Loan, Lender is retying ul ion
<br />Borrower's representations, warranties, and agreements as set forth In this Agreement, and (b) dl such Loans shall be and remain subject to
<br />the following terms and conditions of this Agreement.
<br />TERM. This Agreement shall be effective as of May 27, 1993 and shall continue thereafter until all Indebtedness has been paid in full and all of •ier
<br />obligations of Borrower hereunder have been performed in full and the parties terminate this Agreement in writing.
<br />DEFINITIONS. The following words shall have the following meanings when used in this Agreement. Terms not otherwise defined in this Agreen• ant
<br />shall have the meanings attributed to such terms in the Uniform Commercial Code. All references to dollar amounts shall mean amounts in la~r ~ful
<br />money of the United States of America.
<br />Agreement. The word "Agreement" means this Construction Loan Agreement, as this Construction Loan Agreement may be amendecl or
<br />modified from time to time, together with all exhibits and schedules attached to this Construction Loan Agreement from time to time.
<br />Architecture Contract. The words "Architecture Contract" mean the contract dated December 11, 1992 between Borrower and GOLD WOR1! •iY
<br />ARCHITECTURAL GROUP, who designed the Project
<br />Borrower. The word "Borrower" means each and Query person or entity signing the Note, including without limitation ROTARY CLUB :)F
<br />PLEASANTON NORTH.
<br />Collaterd. The word "Collateral" means and includes without limitation all property and assets granted as collateral security for a Loan, wheal per
<br />real or personal property, whether granted directly or indirectly, whether granted now or in the future, and whether granted in the form of a secu •ity
<br />interest, mortgage, deed of trust, assignment, pledge, chattel mortgage, chattel trust, factor's lien, equipment trust, conditional sale, trust racer pt,
<br />,/" lien, charge, lien or title retention contract, lease or consignment intended as a security device, or any other security or lien interest whatsoe~~ er,
<br />~r~' ,N~~ ~~ hether created by law, contract, or otherwise.
<br />~ mpktlon Guaranty. The words "Completion Guaranty" mean the Guaranty of Completion and Performance of the construction of the Proj pct
<br />~ eCUted and delivered by C P CASPERSEN CONSTRUCTION to and for the benefit of Lender. Qiff
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<br />nstruction Contract. The words "Constru~cfion Contract" mean and include the contract between Borrower and ~ CASPERSEN, C/O ~; P
<br />~i ~ ASPERSEN CONSTRUCTION, the general contractor for the Project, and any subcontracts with subcontractors, mate-rialmen, laborers, or , ny
<br />~, ~,. other person or entity for performance of work on the Project or the delivery of materials to the Project.
<br />Event of Oetault. The words "Event of Default" mean and include any of the Events of Default set forth below in the section titled "Eveni;~ of
<br />Default "
<br />Grantor. The word "Grantor" means and includes each and all of the persons or entities granting a Security Interest in any Collateral for he
<br />Indebtedness, including without limitation all Borrowers granting such a Security Interest.
<br />Guarantor. The word "Guarantor" means and includes without limitation all guarantors, sureties, and accommodation parties, including with gut
<br />limitation all guarantors under the Completion Guaranty.
<br />Improvements. The word "Improvements" means and includes without limitation all existing and future buildings, structures, facilities, foctw• 3s,
<br />additions, and similar construction on the Property.
<br />Indebtedness. The word "Indebtedness" means and includes without limitation all Loans, together with all other obligations, debts and liabilil E's
<br />of Borrower to Lender, or any one or more of them, as well as all claims by Lender against Borrower, or any one or more of them; whether noN~ •or
<br />hereafter existing, voluntary or involuntary, due or not due, absolute or contingent, liquidated or unliquidated; whether Borrower may be list ale
<br />individually or jointly with others; whether Borrower may be obligated as a guarantor, surety, or otherwise; whether recovery upon si.::h
<br />Indebtedness may be or hereafter may become barred by any statute of limitations; and whether such Indebtedness may be or hereafter m Fly
<br />become otherwise unenforceable.
<br />Lender. The word "Lender" means COMMUNITY FIRST NATIONAL BANK, its successors and assigns.
<br />Loan. The word "Loan" means the loan made to Borrower under this Agreement and the Related Documents as described below.
<br />Loan Fund. The words "Loan Fund" mean the undisbursed proceeds of the Loan under this Agreement together with any equity funds or otl er
<br />deposits required from Borrower under this Agreement.
<br />Note. The word "Note" means the promissory note or credit agreement dated May 27, 1993, to the original principd amount of 1797,314, :b
<br />from Borrower to Lender, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for I •ie
<br />promissory note or agreement.
<br />Plans and Speciflcatlons. The words "Plans and Specifications" mean the plans and specifications for the Project which have been approv ~~d
<br />and initialed by Lender, together with such changes and additions as may be approved by Lender in writing.
<br />Project. The word "Project" means the construction and completion of all Improvements contemplated by this Agreement, including withi ut
<br />limitation the erection of the building or structure, installation of equipment and fixtures, landscaping, and all other work necessary to make I •~e
<br />Property usable and complete for the intended purposes. The Project includes the following work:
<br />CONSTRUCTION OF SEVEN (7) AFFORDABLE HOUSING SINGLE FAMILY HOMES
<br />Project Documents. The words "Project Documents" mean the Plans and Specifications, all studies, data and drawings relating to the Proja! ::t,
<br />whether prepared by or for Borrower, the Construction Contract, the Architecture Contract, and all other contracts and agreements relating to I •~e
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