Laserfiche WebLink
(o.0 -)4 <br />habitable for occupancy. The Participating Owner shall include as <br />part of its marketing efforts: <br />• outreach to homeless and at -risk of being homeless households <br />transitioning through one of the various homeless an.3 self <br />sufficiency assistance programs operating in the City of Redwood <br />City, and <br />• provide notice of vacancies or opening of waiting lists to Fair <br />Oaks Community Center, a CORE Referral agency for San Mateo <br />County Human Services operation. <br />The City shall be responsible for providing the Participating Owner <br />with a pool of qualified applicants to fill the HOME U nits. <br />Preference for initial HOME occupancy is established under this <br />Agreement for incorporated Redwood City residents who are of age <br />fifty -five (55) years or older ( Households ") and then to <br />non - Senior Households residing within San Mateo County. <br />b. The Agency' Ass i stance. The Agency hereby agrees <br />that in order to assist the Participating Owner in the completion <br />of the Project, the Agency will, subject to the terms and <br />conditions contained herein, provide a loan in a total amount not <br />to exceed One Hundred Fifty Thousand Dollars ($150,000). <br />C. The Note and Deed. The Public Assistance, <br />representing the entire collective amount of assistance from the <br />City and the Agency as provided above shall be evidenced by a <br />Promissory Note in favor of the City and the Agency for their <br />respective share of the Public Assistance, in the form attached <br />hereto as Exhibit "C" (the "Promissory Note ") and secured by a deed <br />of trust on the Property (the "Deed of Trust"), in the form <br />attached hereto as Exhibit "D ". The Promissory Note shall provide <br />that the Public Assistance loan will be deferred for the first <br />thirty (30) years of the Loan Term (as defined below) and then <br />fully amortized at four percent (4 %) over the remaining twenty -five <br />(25) years of the Loan Term, except in the case of default as <br />hereinafter provided, and shall be repaid at the end of the Loan <br />Term (as defined below), except in the case of a default as <br />hereinafter provided in which case repayment may be accelerated. <br />d. The Loan Term. For the purposes of this Agreement, <br />the "Loan Term" shall be the date which is fifty five (55) years <br />from the date that the Certificate of Completion, as provided <br />hereinafter, is issued by the Agency. In the event of a breach of <br />this Agreement, the Affordability Covenants, the Redevelopment <br />5 <br />