2020_0518_CCPacket - Laserfiche WebLink

Home

Attachment B Ð Permanent Phase Ñ means the permanent phase of the Project Loan, which time period shall commence on the Conversion Date and remain in effect through the remaining term of the Project Loan. Ð Permanent Phase Interest Rate Ñ means, during the Permanent Phase, the fixed interest rate of ___% per annum; provided that during the continuance of any Event of Default hereunder, the Permanent Phase Interest Rate shall be the Default Rate, in each case computed on the basis of a 360-day year consisting \[of twelve 30-day months\] \[the actual number of days elapsed\]. ÐPersonÑ means an individual, a corporation, a partnership, an association, a joint stock company, a joint venture, a trust, an unincorporated association, a limited liability company or a government or any agency or political subdivision thereof, or any other organization or entity (whether governmental or private). ÐPledged SecurityÑ shall have the meaning given to that term in Section 2.02 hereof. Ð Pre-Conversion Loan Equalization Payment Ñ means a prepayment of the Project Loan by the Borrower (and corresponding prepayment of the Funding Loan hereunder) prior to the Forward Commitment Maturity Date in order to equalize the principal amount of the Project Loan and the Funding Loan to the Actual Project Loan Amount. Ð Prepayment Premium Ñ shall mean any premium payable hereunder in connection with a prepayment of the Funding Loan, which premium shall be in an amount equal to (i) during the Construction Phase, the amount of premium, if any, payable by the Borrower under the Project Note, and (ii) during the Permanent Phase, the amount of premium payable by the Borrower under the Project Note, in each case in connection with a prepayment of the Project Loan. ÐPrincipal Office of the Fiscal AgentÑ means the office of the Fiscal Agent referenced in Section 11.04(a) hereof, or such other office or offices as the Fiscal Agent may designate in writing from time to time, or the office of any successor Fiscal Agent where it principally conducts its business of serving as Fiscal Agent under indentures pursuant to which municipal or governmental obligations are issued. ÐPrior LenderÑ means Bridgewater Bank, a Minnesota banking corporation, as the purchaser and sole holder of the Prior Note. ÐPrior NoteÑ means the Governmental LenderÓs Multifamily Housing Revenue Note (Twin Lakes Family Apartments Project) Series 2019, with an original issue date of November 25, 2019, in the original principal amount of $4,346,852. ÐProjectÑ means, collectively, the land and residential rental apartment units, and related fixtures, equipment, furnishings and site improvements to be known as Twin Lakes Family Apartments located at 1717 and 1743 County Road C West, in Roseville, Ramsey County, Minnesota, including the real estate described in the Security Instrument. ÐProject AccountÑ means the Project Account of the Project Loan Fund established by the Fiscal Agent pursuant to Section 2.11 hereof. 12 12502516v3