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City of Pleasanton
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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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instructions as City or Developer may provide and which are consistent with the intent of this <br /> Agreement or which are otherwise mutually agreed upon by City and Developer, shall serve as <br /> escrow instructions for the Closing. <br /> 3.3 Closing. The Closing Date shall be a date that is mutually acceptable to the <br /> Parties. Prior to the Close of Escrow,Developer shall deposit into escrow the City Documents to <br /> which Developer is a party, executed and acknowledged as applicable, and Developer's share of <br /> closing costs. Provided that all conditions precedent to Close of Escrow have been satisfied or <br /> waived, City shall deposit into escrow executed copies of the City Documents to which City is a <br /> party.. On the Closing Date the Escrow Agent shall cause the Memorandum,the Regulatory <br /> Agreement,the Deed of Trust and the City HOME Deed of Trust to be recorded in the Official <br /> Records. <br /> ARTICLE IV <br /> CITY FINANCIAL ASSISTANCE <br /> 4.1 Loan and Note; Predevelopment Loans. <br /> 4.1.1 HOME Loan. Pursuant to that certain HOME Investments Partnerships <br /> Program(HOME) Agreement dated as of October 24, 2014, and executed by and between City <br /> and MidPen (the"City HOME Loan Agreement"), the City has provided a loan to fund certain <br /> Project predevelopment expenses using HOME investment partnership funds in the amount of <br /> Four Hundred Fifty Thousand Dollars ($450,000) (the "City HOME Loan"). MidPen's <br /> obligation to repay the City HOME Loan is evidenced by that certain Promissory Note dated as <br /> of October 24, 2014, and executed by MidPen for the benefit of City (the"City HOME Note"). <br /> Pursuant to the Assignment and Assumption Agreement, Developer has assumed MidPen's <br /> rights and obligations under the City HOME Loan Agreement and the City HOME Note. As of <br /> the Effective Date, approximately Four Hundred Forty Thousand Dollars($440,000)of the <br /> proceeds of the City HOME Loan have been disbursed. At the Closing, Developer will execute <br /> the City HOME Deed of Trust which will be recorded against the Project and Developer's <br /> leasehold interest in the Property to secure repayment of the City HOME Loan. <br /> 4.1.2 Predevelopment Loan. Pursuant to the DDA, the City has provided a loan <br /> to MidPen using City Low-Income Housing Funds to fund certain Project predevelopment <br /> expenses in the amount of Two Million, Eight Hundred Thousand Dollars ($2,800,000) (the <br /> "Predevelopment Loan"). MidPen's obligation to repay the Predevelopment Loan is <br /> evidenced by a Predevelopment Promissory Note dated as of November 22, 2013 (the <br /> "Predevelopment Note"). Pursuant to the Assignment and Assumption Agreement, Developer <br /> has assumed MidPen's rights and obligations under the Predevelopment Note. As of the <br /> Effective Date, [One Million, One Hundred Six Thousand Dollars ($1,106,000)] of the proceeds <br /> of the Predevelopment Loan have been disbursed, leaving an undisbursed balance of One <br /> Million, Six Hundred Ninety-Four Thousand Dollars($1,694,000). As of the Effective Date, <br /> interest in the amount of[ Dollars ($ )] has accrued on the <br /> outstanding principal balance of the Predevelopment Loan. <br /> OAK#4822-6539-6013 v3 8 <br />
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