Common use of Additional Proceeds Clause in Contracts

Additional Proceeds. In the event and to the extent any of the Sources of Financing for the Project exceed the amounts shown in this Method of Financing and the Project Budget, then the resulting Additional Proceeds shall first be used to pay for any increased costs of the Project as set forth in a revised Project Budget approved in writing by the Agency Executive Director for which there are no other Sources of Financing, and thereafter, fifty percent (50%) of such Additional Proceeds shall be used to pay the Deferred Developer Fee and the other fifty percent (50%) of such Additional Proceeds shall be used to reduce or repay the Agency Loan, and provided that, upon the Construction Closing, the Housing Commission and the Agency enter into that certain Agency/Housing Commission Agreement, the applicable portion of such remaining Additional Proceeds shall be used to reduce or repay the Housing Commission Loan and the Agency Loan in proportion to their respective original principal balances. Based on the anticipated original principal balances of such two loans, out of the 50% of Additional Proceeds allocated to the Agency and the Housing Commission, 20.84% of the such Additional Proceeds shall be paid to the Agency to reduce the principal amount of the Agency Loan and 79.16% of such Additional Proceeds shall be paid to the Housing Commission to reduce the principal amount of the Housing Commission Loan. Owner shall make any payment of Additional Proceeds to the Agency within thirty (30) days following written request from the Agency or its authorized designee. Additional Proceeds shall be deemed to exist to the extent Owner obtains (i) a Permanent Loan in a principal amount in excess of the estimated amount of the Permanent Loan shown in the Sources of Financing table in Section 2 above, (ii) any additional grant funds (including, without limitation energy efficiency rebates), (iii) equity raised from the sale of Low Income Housing Tax Credits in excess of the estimated amount of the Low Income Housing Tax Credits shown in the Sources of Financing table in Section 2 3. above, or (iv) proceeds from the refinancing of the initial Permanent Loan in excess of (y) the amount needed to pay in full the then-current balance of the Permanent Loan, plus (z) any amount actually used by Owner to repair, maintain, upgrade, renovate or perform similar work on the Leasehold or Project in a manner consistent with the terms and conditions of the OPA and Agreement Affecting Real Property as reasonably determined by the Agency Executive Director. The allocation of Additional Proceeds described in this paragraph shall not apply in favor of the Agency or the Housing Commission, or shall be adjusted as reasonably necessary, to the extent that such allocation is prohibited by any established federal or State law, regulation or policy governing the use of any Sources of Financing issued by federal or State agencies or will cause an adverse effect under any established federal or State law, regulation or policy with respect to the calculation of the “tiebreaker” score attributable to the application submitted by Owner to CTCAC seeking an allocation of Low Income Housing Tax Credits toward the Project.

Additional Proceeds. In the event and to the extent any of the Sources of Financing for that the Project exceed the amounts shown in this Method of Financing and the Project Budget, then the resulting Additional Proceeds shall first be used to pay for any increased costs of the Project as set forth in obtains a revised Project Budget approved in writing by the Agency Executive Director for which there are no other Sources of Financing, and thereafter, fifty percent (50%) of such Additional Proceeds shall be used to pay the Deferred Developer Fee and the other fifty percent (50%) of such Additional Proceeds shall be used to reduce or repay the Agency Loan, and provided that, upon the Construction Closing, the Housing Commission and the Agency enter into that certain Agency/Housing Commission Agreement, the applicable portion of such remaining Additional Proceeds shall be used to reduce or repay the Housing Commission Loan and the Agency Loan in proportion to their respective original principal balances. Based on the anticipated original principal balances of such two loans, out of the 50% of Additional Proceeds allocated to the Agency and the Housing Commission, 20.84% of the such Additional Proceeds shall be paid to the Agency to reduce the principal amount of the Agency Loan and 79.16% of such Additional Proceeds shall be paid to the Housing Commission to reduce the principal amount of the Housing Commission Loan. Owner shall make any payment of Additional Proceeds to the Agency within thirty (30) days following written request from the Agency or its authorized designee. Additional Proceeds shall be deemed to exist to the extent Owner obtains (i) a Permanent Senior Loan in a principal amount in excess of the estimated amount of the Permanent Loan shown in the Sources of Financing table in Section 2 above, then the resulting “Senior Loan Additional Proceeds” shall first be used to pay for any increased costs of the Project as set forth in the Project Budget (iias updated pursuant to Section 3 hereof) and approved in writing by the Mayor, for which there are no other Sources of Financing, and thereafter, 100% of such Senior Loan Additional Proceeds shall be used to reduce or repay the City Loan. In the event and to the extent that the Project obtains any of the financing set forth in subsections (i) through (iii) below, then the resulting “Additional Proceeds” shall first be used to pay for any increased costs of the Project as set forth in the Project Budget (as updated pursuant to Section 3 hereof) approved in writing by the Mayor for which there are no other Sources of Financing, and thereafter, twenty-five percent (25%) of such Additional Proceeds shall be paid to Developer to be used first to pay any Deferred Developer Fee, and the other seventy-five percent (75%) of such Additional Proceeds shall be used to reduce or repay the City Loan. Developer shall make any payment of Additional Proceeds to the City within thirty (30) days following written request from the City or its authorized designee. Additional Proceeds shall be calculated at Carryover, Closing and at the Occupancy Date based upon an Updated Budget and shall be deemed to exist to the extent Developer obtains any of the following in excess of increased Acquisition and Development Costs: (i) any additional subordinate loan or grant funds (including, without limitation energy efficiency rebates), other than those shown in the financing table in Section 2 above; provided, however, that if such funds are in the form of rental assistance or other subsidy for the Supportive Housing Units, such funds may be utilized without a reduction in the amount of the City Loan, (iiiii) equity raised from the sale of Low Income Housing Tax Credits in excess of the estimated amount of the Low Income Housing Tax Credits shown in the Sources of Financing table in Section 2 3. above, or (iviii) proceeds Net Proceeds from a Refinancing as set forth in the refinancing of the initial Permanent City Loan in excess of (y) the amount needed to pay in full the then-current balance of the Permanent Loan, plus (z) any amount actually used by Owner to repair, maintain, upgrade, renovate or perform similar work on the Leasehold or Project in a manner consistent with the terms and conditions of the OPA and Agreement Affecting Real Property as reasonably determined by the Agency Executive DirectorNote. The allocation of Additional Proceeds described in this paragraph shall not apply in favor of the Agency or the Housing CommissionCity, or shall be adjusted as reasonably necessary, to the extent that such allocation is prohibited by any established federal or State law, regulation or policy governing the use of any Sources of Financing issued by federal or State agencies or will cause an adverse effect under any established federal or State law, regulation or policy with respect to the calculation of the “tiebreaker” score attributable to the application submitted by Owner Developer to CTCAC TCAC seeking an allocation of Low Income Housing Tax Credits toward the Project.

Additional Proceeds. In As further described in the Method of Financing, in the event and to the extent any of the Sources of Financing for the Project exceed the amounts shown in this the Method of Financing and the Project Budget, then the resulting excess portion of the Sources of Financing (“Additional Proceeds”) shall be used as follows: (i) upon Construction Closing, any such Additional Proceeds shall first be used to pay for any increased costs of the Project as set forth in a revised Project Budget approved in writing by the Agency Executive Director Mayor for which there are no other Sources of Financing; (ii) upon completion of a cost certification performed not later than six (6) months following Completion of the Project, and thereafterat Borrower’s expense, fifty percent by an independent certified public accountant acceptable to the City (50%) of such or its authorized designee), any resulting Additional Proceeds shall be used to pay the Deferred Developer Fee and the other fifty percent (50%) of such Additional Proceeds shall be used to reduce or repay the Agency Loan, and provided that, upon the Construction Closing, the Housing Commission and the Agency enter into that certain Agency/Housing Commission Agreement, the applicable portion of such remaining Additional Proceeds shall be used to reduce or repay the Housing Commission Loan and the Agency Loan in proportion to their respective original principal balances. Based on the anticipated original principal balances of such two loans, out of the 50% of Additional Proceeds allocated to the Agency and the Housing Commission, 20.84% of the such Additional Proceeds realized shall be paid to the Agency to reduce the principal amount of the Agency Loan and 79.16% as follows: first, seventy-five percent (75%) of such Additional Proceeds shall be paid to the Owner solely for Owner’s payment of amounts due under the Land Note, and twenty-five percent (25%) of such Additional Proceeds shall be paid to, or shall reduce loan amounts attributable to the construction of the Affordable Units on a proportionate basis relative to the respective loan amounts as follows: (a) to the City, to reduce the principal amount of the City Loan, (b) to the Housing Commission Commission, to reduce the principal amount of the Housing Commission Loan. Owner shall make , and (c) to HCD, to reduce the amount of the ▇▇▇ Loan; and (iii) third, after the Land Note is paid in full, twenty-five percent (25%) of any payment of Additional Proceeds to the Agency within thirty (30) days following written request from the Agency or its authorized designee. remaining Additional Proceeds shall be deemed paid to exist Owner, and seventy-five percent (75%) of such Additional Proceeds shall be paid to, or shall reduce loan amounts attributable to the extent Owner obtains (i) a Permanent Loan in a principal amount in excess construction of the estimated Affordable Units on a proportionate basis relative to the respective loan amounts as follows: (a) to the City, to reduce the principal amount of the Permanent Loan shown in the Sources of Financing table in Section 2 aboveCity Loan, (iib) any additional grant funds (includingto the Housing Commission, without limitation energy efficiency rebates), (iii) equity raised from to reduce the sale of Low Income Housing Tax Credits in excess of the estimated principal amount of the Low Income Housing Tax Credits shown in Commission Loan, and (c) to HCD, to reduce the Sources of Financing table in Section 2 3. above, or (iv) proceeds from the refinancing amount of the initial Permanent Loan in excess of (y) the amount needed to pay in full the then-current balance of the Permanent ▇▇▇ Loan, plus (z) any amount actually used by Owner to repair, maintain, upgrade, renovate or perform similar work on the Leasehold or Project in a manner consistent with the terms and conditions of the OPA and Agreement Affecting Real Property as reasonably determined by the Agency Executive Director. The allocation of Additional Proceeds described in this paragraph shall not apply in favor of the Agency or City, the Housing CommissionCommission or HCD, or shall be adjusted as reasonably necessary, to the extent that such allocation is prohibited by any established federal or State law, regulation or policy governing the use of any Sources of Financing issued by federal or State agencies or will cause an adverse effect under any established federal or State law, regulation or policy with respect to the calculation of the “tiebreaker” score attributable to the application submitted by Owner to CTCAC seeking an allocation of Low Income Housing Tax Credits toward the Projectpolicy.

Additional Proceeds. In the event and to the extent any of the Sources of Financing for the Project exceed the amounts shown in this Method of Financing and the Project Budget, then the resulting Additional Proceeds shall first be used as follows: (i) upon Construction Closing, any such Additional Proceeds shall be used to pay for any increased costs of the Project as set forth in a revised Project Budget approved in writing by the Agency Executive Director Mayor for which there are no other Sources of Financing; (ii) upon completion of a cost certification performed not later than six (6) months following Completion of the Project, and thereafterat Borrower’s expense, fifty percent by an independent certified public accountant acceptable to the City (50%) of such or its authorized designee), any resulting Additional Proceeds shall be used to pay the Deferred Developer Fee and the other fifty percent (50%) of such Additional Proceeds shall be used to reduce or repay the Agency Loan, and provided that, upon the Construction Closing, the Housing Commission and the Agency enter into that certain Agency/Housing Commission Agreement, the applicable portion of such remaining Additional Proceeds shall be used to reduce or repay the Housing Commission Loan and the Agency Loan in proportion to their respective original principal balances. Based on the anticipated original principal balances of such two loans, out of the 50% of Additional Proceeds allocated to the Agency and the Housing Commission, 20.84% of the such Additional Proceeds realized shall be paid to the Agency to reduce the principal amount of the Agency Loan and 79.16% as follows: first, seventy-five percent (75%) of such Additional Proceeds shall be paid to the Owner solely for Owner’s payment of amounts due under the Land Note, and twenty-five percent (25%) of such Additional Proceeds shall be paid to, or shall reduce loan amounts attributable to the construction of the Affordable Units on a proportionate basis relative to the respective loan amounts as follows: (a) to the City, to reduce the principal amount of the City Loan, (b) to the Housing Commission Commission, to reduce the principal amount of the Housing Commission Loan, and (c) to HCD, to reduce the amount of the ▇▇▇ Loan; and second, after the Land Note is paid in full, twenty-five percent (25%) of any remaining Additional Proceeds shall be paid to Owner, and seventy- five percent (75%) of such Additional Proceeds shall be paid to, or shall reduce loan amounts attributable to the construction of the Affordable Units on a proportionate basis relative to the respective loan amounts as follows: (a) to the City, to reduce the principal amount of the City Loan, (b) to the Housing Commission, to reduce the principal amount of the Housing Commission Loan, and (c) to HCD, to reduce the amount of the ▇▇▇ Loan. Owner Borrower shall make any payment of Additional Proceeds to the Agency City within thirty (30) days following written request from the Agency City or its authorized designee. Additional Proceeds shall be deemed to exist to the extent Owner Borrower obtains (i) a Permanent Loan in a principal amount in excess of the estimated amount of the Permanent Loan shown in the Sources of Financing table in Section 2 aboveof the Method of Financing (Attachment No. 3 to the OPA), (ii) any additional grant funds (including, without limitation energy efficiency rebates), or (iii) equity raised from the sale of Low Income Housing Tax Credits in excess of the estimated amount of the Low Income Housing Tax Credits shown in the Sources of Financing table in Section 2 3. above, or (iv) proceeds from the refinancing of the initial Permanent Loan in excess Method of (y) the amount needed to pay in full the then-current balance of the Permanent Loan, plus (z) any amount actually used by Owner to repair, maintain, upgrade, renovate or perform similar work on the Leasehold or Project in a manner consistent with the terms and conditions of the OPA and Agreement Affecting Real Property as reasonably determined by the Agency Executive DirectorFinancing,. The allocation of Additional Proceeds described in this paragraph shall not apply in favor of the Agency or City, the Housing CommissionCommission or HCD, or shall be adjusted as reasonably necessary, to the extent that such allocation is prohibited by any established federal or State law, regulation or policy governing the use of any Sources of Financing issued by federal or State agencies or will cause an adverse effect under any established federal or State law, regulation or policy with respect to the calculation of the “tiebreaker” score attributable to the application submitted by Owner to CTCAC seeking an allocation of Low Income Housing Tax Credits toward the Projectpolicy.