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05
City of Pleasanton
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CITY CLERK
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2019
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100119
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CITY CLERK
CITY CLERK - TYPE
AGENDA REPORT
DOCUMENT DATE
10/1/2019
DESTRUCT DATE
15Y
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ATTACHMENT 2 <br />partners and lenders, and allow any such parties the right to cure a <br />default by the tenant under the Ground Lease. <br />x. Encumbrances. The Ground Lease will permit Developer to <br />encumber its leasehold interest in the Land and ownership interest <br />in the Improvements to secure loans to finance the Project, subject <br />to City approval. Any funds from a loan secured by the <br />Developer's interest in the Property must be used for the <br />development, maintenance, rehabilitation or operation of the <br />Project. The Developer agrees and acknowledges that nothing in <br />this Agreement or the Ground Lease will permit the tenant to <br />encumber City's fee interest in the Land <br />xi. Affordability Restrictions. The Ground Lease will require the <br />Project to be restricted for occupancy by lower income households <br />at affordable rents with the specific affordability restrictions to be <br />determined by agreement of the parties. The City may require <br />recordation of a separate regulatory agreement imposing <br />affordability requirements. Any affordability restrictions in the <br />Ground Lease and any regulatory agreement shall be subordinated <br />to the deeds of trust securing the repayment of the Project's <br />conventional construction and permanent loans but shall not be <br />subordinated to any other deeds of trust. In addition, if required by <br />the Project's tax credit investor based on the Project's residual <br />value analysis test, the Ground Lease and regulatory agreement <br />may permit increases in the maximum rent and income levels after <br />the 55th year of the Ground Lease term, but only to the extent <br />necessary to satisfy the Project's residual value analysis test. <br />xii. The Ground Lease, the Takeback Loan Documents, and additional <br />documents to be executed by the parties relating to the Project may <br />contain additional terms and conditions as agreed upon by the <br />parties. <br />c. Takeback Loan. The Parties agree that the Takeback Loan shall <br />close on the date that construction financing closes for the Project (the "Closing Date"). The <br />Takeback Loan shall be documented in a Takeback Loan Agreement. Developer's obligation to <br />repay the Takeback Loan shall be evidenced by a promissory note (the "Takeback Note") and <br />secured by a deed of trust recorded against Developer's leasehold interest in the Land and fee <br />interest in the Improvements (the "Takeback Deed of Trust", and together with the Takeback <br />Note, and the Takeback Loan Agreement, the "Takeback Loan Documents"), and shall be <br />subject to the terms and conditions set forth in the Takeback Loan Documents and the Ground <br />Lease. The Takeback Loan will be in the amount of the Capitalized Rent. The Takeback Loan <br />shall have a maturity date that is 55 years from the conversion of the Project construction loan to <br />permanent financing ("Maturity Date"), and shall bear interest at the long-term applicable <br />federal rate. The Takeback Loan shall be repaid in annual payments from 50% of available <br />4 <br />OAK #4811-5363- l 135 v2 <br />
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