FORM OF CONTRACT FOR LOAN GUARANTEE ASSISTANCEContract for Loan Guarantee Assistance • October 2nd, 2024
This Contract for Loan Guarantee Assistance ("Contract") is entered into between City of Laredo, Texas , as Borrower (the "Borrower"), and the Secretary of Housing and Urban Development ("Secretary"), as guarantor for the Guarantee made pursuant to section 108 ("Section 108") of title I of the Housing and Community Development Act of 1974, as amended (the "Act") and 24 CFR Part 570, Subpart M, of the promissory note executed contemporaneously herewith and numbered B-21-MC-48-0505 [Southern Hotel Affordable Housing Rehabilitation Project], in the Maximum Commitment Amount of $4,115,000, and any amended note or note issued in substitution for such note and having the same note number (the "Note"). This is the first Contract under the Funding Approval ("Commitment") of the same number, which was approved by the Secretary on January 11, 2023. The funds paid or credited to the account of the Borrower pursuant to the Note are referred to herein as the "Guaranteed Loan Funds." The Note (inclu