Res18 15644 - Laserfiche WebLink

Browse Search

of permanent conversion relative to the principal balances of other public lenders repaid from residual receipts, each net of any loan proceeds repaid from construction savings), or (b) equal to an amortized payment assuming 3% simple interest and a 55 year term. Payment will be first applied to outstanding interest and then to principal until the Note is paid in full. In the event this payment is less than accumulated interest owed plus current interest, any unpaid interest will carry over to the following year. Interest will not compound on this interest carry-over. The entire outstanding principal balance plus any unpaid accrued interest will be due and payable upon Note Maturity. ii. The first payment will be due immediately upon receipt of the Notification Letter and annually, thereafter. A copy of the annual independent financial audit delineating Residual Receipts payment to City will also be delivered to City no later than July 1 after the end of each of the Project's fiscal years, unless delayed due to prior approvals required by senior lenders. A self -certified financial statement shall be permitted in lieu of an independent audit. iii. Definitions: 1. "Residual Receipts" means, with respect to the Project's fiscal year, the amount by which "Gross Revenue" exceeds "Annual Operating Expenses", as defined below. 2. "Gross Revenue" is defined as all rental and incidental income from the Project, but excluding tenant security deposits, loan proceeds and capital contributions and any interest earned on said deposits; and interest on reserves, impounds and other restricted accounts. 3. "Annual Operating Expenses" means reasonable costs actually incurred for operations and maintenance of the Project to the extent that they are consistent with an annual independent audit performed by a certified public accountant using generally accepted accounting principles. A copy of the audit will be delivered with payment as specified above. Costs associated with the Project operations and maintenance include the following: property and other taxes and assessments imposed on the Project; premiums for property damage and liability insurance and other such insurance as may be required by Owner's senior lenders; utility services not paid for directly by the tenants, including but not limited to water, sewer, trash collection, gas, and electricity; maintenance and repairs, including but not limited to pest control, landscaping and grounds maintenance, painting and decorating, cleaning, common systems repairs, general ATTY/AGR/2018.027/MID PEN MOSIAC GARDENTS (ATHERTON COURT) REV: 02-06-18 JS Page 27 of 41