Common use of Payment Dates and Amounts Clause in Contracts

Payment Dates and Amounts. The Borrower shall submit in good faith an application to the California Tax Credit Allocation Committee (“TCAC”), or state agency that shall administer the Low Income Housing Tax Credit Program (“Tax Credits”), for an allocation of Federal and/or State Tax Credits. The Commission and Borrower acknowledge that if an allocation of Tax Credits is granted to the Borrower, the Tax Credits shall be syndicated to the limited partnership investors to raise equity proceeds for the Project in an amount estimated to be in the minimum amount of TWO MILLION THREE HUNDRED TWENTY SEVEN THOUSAND TWO HUNDRED ONE DOLLARS ($2,327,201) (“Equity Proceeds”). In the event that Tax Credits obtained for the Project exceed the specified amount, upon receipt of the equity payments from the syndication of the Tax Credits, the Borrower shall apply the proceeds of the equity payments from the syndication of Tax Credits in the following order of priority: 1) to pay for the project’s construction costs as described in Exhibit M, and 2) to the Commission as repayment on the outstanding balance of the HOME Loan, including accrued interest, as described in Exhibit M. If any proceeds received from the syndication of the Tax Credits exceed the estimated minimum amount of $2,327,201; or the proceeds received from the tax-exempt permanent loan of $2,500,000 exceed the uses in the Proforma attached as Exhibit M, the excess amount shall be applied to pay down any outstanding balance, including accrued interest, on the HOME Loan. The Borrower will also use any excess HOME loan proceeds that result from lower construction costs than originally stated in the Proforma, attached as Exhibit M for the subject development, to pay down the HOME Loan, to be determined at the discretion of the Community Development Commission of the County of Los Angeles (the “Lender”) at the time of the paydown. The prorata share of excess proceeds that Borrower shall repay Lender is 50%. Except as otherwise provided in this Agreement and the HOME Note, Borrower shall repay the HOME Loan with accrued interest in arrears in annual installments on March 15th of each calendar year for the previous calendar year, commencing on March 15, 2005. Absent prepayment or acceleration, each of the annual payments due March 15, 2005 through and including March 15, 2035 (“HOME Maturity Date”) shall be made out of Residual Receipts (as defined in the HOME Note) from the immediately preceding calendar year. The amount of each such annual payment to the Commission, when combined with the annual payment to the City of Arcadia (“City”) shall equal fifty percent (50%) of all Residual Receipts for such year. The fifty percent (50%) amount shall be split on a prorata percentage between the Commission and the City. Residual Receipts shall be calculated and reported by Borrower (as defined in the HOME Note) to the Commission annually for each calendar year no later than March 15th of the following calendar year on forms specified and provided by the Commission from time to time. All calculations and records are subject to audit by the Commission. The report shall include, without limitation, a description of all applications made to federal, state and local agencies, private organizations and all other funding sources for grants, subsidies and other assistance. Pertinent supporting documentation, such as grant applications, expense reports and internal memoranda shall be attached to the annual report. Notwithstanding any other provision of the HOME Note or of this Agreement, unless due sooner, the entire outstanding principal balance of the HOME Loan together with any outstanding interest and any other sums payable under this Agreement and/or the HOME Note shall be due and payable in full on the HOME Maturity Date; and certain reserved amounts described in Section 1.4.3 of the HOME Note (and any interest thereon) shall be applied to the repayment of the HOME Loan, as set forth in Section 1.2 of the HOME Note. Notwithstanding anything to the contrary in this Section 2.3, obligations of Borrower accruing or to be performed in any calendar year may be deemed to accrue or be performed in the Borrower’s fiscal year, subject to the approval of the Commission’s Executive Director, which approval may be withheld in the Executive Director’s sole and absolute discretion.

Payment Dates and Amounts. The Borrower shall submit As set forth in good faith an application to the California Tax Credit Allocation Committee (“TCAC”), or state agency that shall administer the Low Income Housing Tax Credit Program (“Tax Credits”), for an allocation of Federal and/or State Tax Credits. The Commission and Borrower acknowledge that if an allocation of Tax Credits is granted to the Borrower, the Tax Credits shall be syndicated to the limited partnership investors to raise equity proceeds for the Project in an amount estimated to be greater detail in the minimum amount of TWO MILLION THREE HUNDRED TWENTY SEVEN THOUSAND TWO HUNDRED ONE DOLLARS ($2,327,201) (“Equity Proceeds”). In the event that Tax Credits obtained for the Project exceed the specified amount, upon receipt of the equity payments from the syndication of the Tax Credits, the Borrower shall apply the proceeds of the equity payments from the syndication of Tax Credits in the following order of priority: 1) to pay for the project’s construction costs as described in Exhibit M, and 2) to the Commission as repayment on the outstanding balance of the HOME Loan, including accrued interest, as described in Exhibit M. If any proceeds received from the syndication of the Tax Credits exceed the estimated minimum amount of $2,327,201; or the proceeds received from the tax-exempt permanent loan of $2,500,000 exceed the uses in the Proforma attached as Exhibit M, the excess amount shall be applied to pay down any outstanding balance, including accrued interest, on the HOME Loan. The Borrower will also use any excess HOME loan proceeds that result from lower construction costs than originally stated in the Proforma, attached as Exhibit M for the subject development, to pay down the HOME Loan, to be determined at the discretion of the Community Development Commission of the County of Los Angeles (the “Lender”) at the time of the paydown. The prorata share of excess proceeds that Borrower shall repay Lender is 50%. Except as otherwise provided in this Agreement and the HOME Note, Borrower shall repay the HOME Loan Loan, together with accrued interest at the Basic Rate in arrears arrears, in annual installments on the 15th day of March 15th of each calendar year for the previous calendar fiscal year, commencing on March 15, 20052009. Absent prepayment or acceleration, each of the annual payments due March 15, 2005 2010 through and including March 15, 2035 2064 (“HOME Maturity Date”) shall be made out in an amount equal to eleven and three tenths percent (11.3%) of “Residual Receipts Receipts” (as defined in the HOME Note) from for the immediately preceding prior calendar year. The amount Housing Authority of each such annual payment the County of Los Angeles (“HACOLA”) will be entitled to receive nine and twenty-five hundredths (9.25%) of Residual Receipts as repayment for the Industry permanent loan it is providing to the Commission, when combined with Project. The California Department of Housing and Community Development will receive twenty-seven and nine tenths percent (27.9%) of residual receipts for the annual payment Multifamily Housing Program (“MHP”) loan that it is providing to the City project, and the AHP program will be entitled to receive one and fifty-five hundredths percent (1.55%) of Arcadia (“City”) shall equal Residual Receipts as repayment for the permanent loan that it is providing. Finally, the Borrower will be entitled to receive fifty percent (50%) of all Residual Receipts for such year. The fifty percent (50%) amount shall be split on a prorata percentage between the Commission and the CityReceipts. Residual Receipts shall be calculated and reported by Borrower (as defined in the HOME Note) to the Commission annually for each calendar fiscal year no later than March 15th of the following calendar year on forms specified and provided by the Commission from time to time. All calculations and records are subject to audit by the Commission. The report shall include, without limitation, a description of all applications made to federal, state and local agencies, private organizations and all other funding sources for grants, subsidies and other assistance. Pertinent supporting documentation, such as grant applications, expense reports and internal memoranda shall be attached to the annual report. Notwithstanding any other provision of the HOME Note or of this Agreement, unless due sooner, the entire outstanding principal balance of the HOME Loan together with any outstanding interest and any other sums payable under this Agreement and/or the HOME Note shall be due and payable in full on the HOME Maturity Date. The term of this Agreement (the “Term”) shall be from the date of this Agreement through and including the Maturity Date; and certain reserved amounts described provided, however, that the use restrictions in Section 1.4.3 of 10 and the HOME Note (and any interest thereon) shall be applied to the repayment of the HOME Loan, as set forth nondiscrimination covenants in Section 1.2 of 11 shall extend beyond the HOME Note. Notwithstanding anything to the contrary Term as provided in this Section 2.3, obligations of Borrower accruing or to be performed in any calendar year may be deemed to accrue or be performed in the Borrower’s fiscal year, subject to the approval of the Commission’s Executive Director, which approval may be withheld in the Executive Director’s sole and absolute discretionthose sections.