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CCP 06-15-1992
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CCP 06-15-1992
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5/8/2007 1:09:07 PM
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<br /> ~ ARTICLE VI <br /> Financinll <br /> Section 6.1- Financinll. Wi thin thirty (30 ) days after <br /> entering into this Agreement, the Developer shall submit to the <br /> City evidence of a commitment for financing sufficient for <br /> construction of the Minimum Improvements (taking into account <br /> equity monies that will be provided by the Developer). If the City <br /> finds that the financing is sufficiently committed, adequate in <br /> amount to provide for the construction of the Minimum Improvements, <br /> and contains other terms and conditions which are not inconsistent <br /> with the objectives and needs of the City, then the City shall <br /> notify the Developer in writing of its approval. Such approval <br /> shall not be unreasonably withheld and either approval or rejection <br /> shall be given within five (5 ) days from the date when the City is <br /> provided the evidence of such financing. If the City rejects the <br /> evidence of financing as inadequate, it shall do so in writing <br /> specifying the basis for the rejection. In any event the Developer <br /> shall submit adequate evidence of financing within thirty (30) days <br /> after such rejection. <br /> Section 6.2. EQU i ty Funds. The Developer shall submit to the <br /> City evidence that at least twenty-five percent (25%) of the total <br /> . cost of the project has or will be paid by the Developer and will <br /> not come from borrowed funds. The 25% equity rate will be reduced <br /> to fifteen percent ( 15%) when permanent financing is taken out on <br /> the project. For the purpose of this section; the term "equity" <br /> shall include all debt service reserves established pursuant to the <br /> indenture of trust. <br /> Section 6.3. Revenue Bonds. To help this Program, the city <br /> has authorized Revenue Bonds to be sold with the proceeds to be <br /> paid to the Developer. <br /> Section 6.4. COpy of Notice of Default to Mortllallee. <br /> Whenever the City shall deliver any notice or demand to the <br /> Developer with respect to any breach or default by the Developer <br /> in its obligations or covenants under the Agreement, the City shall <br /> at the same time forward a copy of such ~tice or demand to each <br /> Holder of any Mortgage authorized by the Agreement at the last <br /> address of such Holder shown in the records of the City. <br /> Section 6.5. Mortllallee's Option to Cure Defaults. After any <br /> breach or default referred to in Section 8.1 hereof, each such <br /> Holder shall (insofar as the rights of the City are concerned) have <br /> the right, at its option, to cure or remedy such breach or default <br /> (or such breach or default to the extent that it relates to the <br /> part of the Development Property covered by its mortgage) and to <br /> . acid the cost the reo f to the Mortgage debt and the lien of its <br /> Mo rtgage: Provided, that if the breach or default is with respect <br /> - to construction of the Minimum Improvements, nothing contained in <br /> 14 <br />
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