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HELP LOAN AGREEMENT <br /> Pleasanton Assisted Living <br /> This HELP Loan Agreement (the "Agreement ") is entered into as of September 1, 2005, <br /> by and between the City of Pleasanton, a California municipal corporation ( "City "), and BLP <br /> Partnership, Inc., a California nonprofit public benefit corporation ( "Borrower "), with reference <br /> to the following facts: <br /> A. The Borrower intends to develop and operate an assisted living facility of <br /> approximately one hundred five (105) units (the "Project") on that certain real property located in <br /> the City of Pleasanton, more particularly described in Exhibit A attached hereto (the "Property "). <br /> 13. The City and the Borrower are entering into a Ground Lease (the "Lease ") <br /> pursuant to which the Borrower shall agree to develop and operate the Project and the City shall <br /> agree to lease the Property to the Borrower for fifty -five (55) years. <br /> C. The California Housing Finance Agency ( "CaIHFA ") has provided a loan to the <br /> City under the Housing Enabled by Local Partnerships ( "HELP ") Program (the "Ca1HFA Loan "), <br /> pursuant to that certain loan agreement executed by and between CaIHFA and the City and dated <br /> as of September 8, 2005 (the "Ca1HFA Loan Agreement "). Pursuant to the CaIHFA Loan <br /> Agreement, the CaIHFA Loan accrues simple interest at a rate of three percent (3 %) per annum. <br /> The City is required to repay the CaIHFA Loan to CaIHFA, including accrued interest, within ten <br /> (10) years of the date of the CalHFA Loan Agreement. <br /> D. The City intends to loan to the Borrower One Million Five Hundred Thousand <br /> Dollars ($1,500,000) in HELP funds to finance the Project (the "Loan "). <br /> E. The City will use the proceeds from the Borrower's repayment of the Loan to <br /> repay the CaIHFA Loan pursuant to the CaIHFA Loan Agreement. <br /> NOW, THEREFORE, the Parties agree as follows: <br /> ARTICLE 1 DEFINITIONS AND EXHIBITS <br /> Section 1.1 Definitions <br /> The following capitalized terms have the meanings set forth in this Section 1.1 wherever <br /> used in this Agreement, unless otherwise provided: <br /> (a) "Agreement" shall mean this Loan Agreement. <br /> (b) "Approved Financing" shall mean all of the following loans or other <br /> financial arrangements acquired by the Borrower and approved by the City for the purpose of <br /> financing the Project, in addition to the Loan. <br /> HELP Loan 1 <br /> 144 \105\272256.4 <br />