Agmt05 First Community Housing - Laserfiche WebLink

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fee shall be $1,474,751, or the maximum amount allowed by the California Tax Credit Allocation Committee, whichever is higher. In the event of a breach of this Agreement, the Affordability Covenants or the Redevelopment Covenants, as defined below, and after notice of such breach as set forth herein, and a failure to cure or commence curative or mitigating actions (if such cure reasonably requires in excess of the applicable cure period), the Development Loan and Fee Subsidy shall be deemed to have accrued interest at a rate of five percent (5%) per annum from the date that they were disbursed and shall be accelerated so as to be payable in full upon demand. If the Development Loan is disbursed in increments, each portion of the Development Loan advanced shall bear interest from the date of such advance. c. The Agency's duty to provide the Agency Assistance to the Developer, and to disburse the proceeds of the Development Loan as more fully set forth in Section 2.02(e) hereof, shall be expressly subject to the following conditions precedent: (1) The Developer shall have submitted to the Agency evidence reasonably satisfactory to the Agency that the Developer has obtained (i) firm commitments for the receipt of Multifamily Housing Program ("MHP") funds and of other adequate funding in amounts sufficient to fund the Project's development costs in excess of the amount of the Development Loan (collectively, the "Public Assistance"), and/or (ii) firm and fully executed commitments for construction financing and sufficient equity capital and/or firm and fully executed commitments for permanent financing, all as may be necessary for the development and construction of the Project on the Property in accordance with this Agreement, and (iii) a firm construction contract reasonably acceptable by the Agency. In lieu of the foregoing, the Developer may submit evidence to the Agency reasonably satisfactory to the Agency in its sole discretion that the Developer has sufficient funds of its own for the purposes set forth in this Section. (2) Any and all financing for the development of the Property shall be obtained from reputable, recognized financial institutions or lending sources including, but not limited to, banks, savings and loan institutions, government agencies, insurance companies, real estate investment trusts, pension funds and the like. Whenever the source of financing for all or any part of the development of the Project is from other than the Developer, the Developer shall promptly submit the following to the Agency: 5 REDW\OO06\DOC\001-S 1/27/05 7:00 /mve