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03
City of Pleasanton
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CITY CLERK
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2016
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030116
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03
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2/25/2016 4:13:47 PM
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CITY CLERK
CITY CLERK - TYPE
AGENDA REPORT
DOCUMENT DATE
3/1/2016
DESTRUCT DATE
15Y
DOCUMENT NO
03
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Regulatory Agreement shall remain effective for the full term of the Regulatory Agreement and <br /> shall survive the repayment of this Note. The Loan Agreement,the City HOME Loan <br /> Agreement,this Note, the City HOME Note, the Regulatory Agreement,the Deed of Trust,the <br /> City HOME Deed of Trust, and the Ground Lease are collectively referred to herein as the"City <br /> Documents." <br /> 1. PAYMENTS. <br /> 1.1 PAYMENT DATES; MATURITY DATE. Annual payments on this Note shall <br /> be payable on a residual receipts basis with seventy-five percent(75%) of all Surplus Cash <br /> (defined below) payable to City and the other Subordinate Lenders (defined below)on a pro rata <br /> basis as described below. Payments shall be credited first to any unpaid late charges and other <br /> costs and fees then due,then to accrued interest, and then to principal. In no event shall any <br /> amount due under this Note become subject to any rights, offset, deduction or counterclaim on <br /> the part of Borrower. The entire outstanding principal balance of this Note, together with interest <br /> accrued thereon and all other sums accrued hereunder shall be payable in full on the date (the <br /> "Maturity Date") which is the earlier of(i)the fifty-fifth (55th) anniversary of the date upon <br /> which the City issues a final certificate of occupancy or equivalent for the Project, or(ii)the fifty- <br /> seventh(57th)anniversary of the date hereof; provided however, the Maturity Date shall not be <br /> earlier than the date of expiration or termination of the Regulatory Agreement to be recorded by <br /> the California Tax Credit Allocation Committee (TCAC)against the Property in connection with <br /> an allocation of federal Low-Income Housing Tax Credits for the Project at about the time that <br /> the Project is placed in service. <br /> 1.2 ANNUAL PAYMENTS FROM SURPLUS CASH. By no later than June 1 of <br /> each year following the issuance of a final certificate of occupancy or equivalent for the Project, <br /> Borrower shall pay to City City's Share (defined below) of Seventy-Five percent(75%)of <br /> Surplus Cash generated by the Project during the previous calendar year to reduce the <br /> indebtedness owed under this Note. <br /> The respective annual shares of Surplus Cash that the City and the County of Alameda <br /> ("County") shall be entitled to receive shall be based on the proportional share of financing that <br /> each such entity has provided for development of the Project. Based upon: (i) City loans in the <br /> approximate aggregate amount of Fourteen Million, Two Hundred Thousand Dollars <br /> ($14,200,000), and(ii) County loans in the approximate aggregate amount of One Million, Three <br /> Hundred and Five Thousand, Four Hundred and Eighty-Nine Dollars($1,305,489),the City share <br /> will be Ninety-One and 58/100 percent(91.58%) ("City's Share") and the County share will be <br /> Eight and 42/100 percent(8.42%)("County's Share"). City and County are collectively <br /> referred to herein as the"Subordinate Lenders." On an annual basis, each Subordinate Lender's <br /> share of Surplus Cash shall be calculated by applying their respective percentage share of <br /> subordinate financing to 75%of Surplus Cash. If the City or County loan amounts differ from <br /> the amounts stated above, the respective shares of Surplus Cash payable to each Subordinate <br /> Lender shall be specified in the Loan Agreement or an amendment thereto, and if applicable, in <br /> an amendment to this Note. <br /> To summarize the foregoing, annual distributions of Surplus Cash shall be made in <br /> accordance with the following schedule: <br /> OAK#4829-4624-9261 v2 2 <br />
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