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2020_0518_CCPacket
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2020_0518_CCPacket
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1/7/2022 9:35:26 AM
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Roseville City Council
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Council Agenda/Packets
Meeting Date
5/18/2020
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Attachment B <br />(e) The Funding Loan shall mature on June 1, 20__, subject to scheduled monthly <br />principal payments, and to optional and mandatory prepayment prior to maturity as provided in <br />Article III hereof. The unpaid principal balance of the Funding Loan shall be paid on the dates <br />and in the amounts set forth on the initial Governmental Note Amortization Schedule provided on <br />the Delivery Date and attached as Schedule 1 to the Governmental Note if the Conversion Date <br />occurs on or prior to the initial Forward Commitment Maturity Date. If the Forward Commitment <br />Maturity Date is extended by Freddie Mac in accordance with the Freddie Mac Commitment and <br />the Construction Phase Financing Agreement, the first principal payment date under the <br />Governmental Note Amortization Schedule shall automatically be extended to the first day of the <br />month immediately succeeding the Conversion Date (with the succeeding principal installments <br />remaining consistent with the original schedule, but occurring on later dates). Additionally, in the <br />event the outstanding principal amount of the Funding Loan on the Conversion Date is less than <br />the starting principal amount set forth in the initial Governmental Note Amortization Schedule, a <br />new Governmental Note Amortization Schedule will be generated on the Conversion Date at such <br />lesser outstanding principal amount based on the parameters set forth in the Freddie Mac <br />Commitment. In the event the initial Governmental Note Amortization Schedule is modified in <br />accordance with this Section 2.01(e), a replacement Governmental Note Amortization Schedule <br />will be provided by the Freddie Mac Seller/Servicer which will be attached to the Governmental <br />Note on the Conversion Date, and if requested the Initial Funding Lender or the Freddie Mac <br />Seller/Servicer, be accompanied (at the sole cost and expense of the Borrower) by a no adverse <br />effect opinion rendered by Bond Counsel upon which the Initial Funding Lender and the Freddie <br />Mac Seller/Servicer shall be entitled to rely. All unpaid principal and all accrued and unpaid <br />interest outstanding under the Funding Loan shall be due and payable on the Maturity Date. <br />(f) Payment of principal of, Prepayment Premium, if any, and interest on the Funding <br />Loan shall be paid by wire transfer in immediately available funds to an account within the United <br />States of America designated by the Funding Lender (unless otherwise directed by the Funding <br />Lender). <br />(g) Subject to Section 2.12 hereof, on or before the date fixed for payment, money shall <br />be deposited by the Borrower with the Fiscal Agent to pay, and the Fiscal Agent is hereby <br />authorized and directed to apply such money to the payment of, the Funding Loan, together with <br />accrued interest thereon to the date of payment. <br />(h) In no contingency or event whatsoever shall the aggregate of all amounts deemed <br />interest hereunder and charged or collected pursuant to the terms of this Funding Loan Agreement <br />exceed the highest rate permissible under any law which a court of competent jurisdiction shall, in <br />a final determination, deem applicable hereto. In the event that such court determines the Funding <br />Lender has charged or received interest hereunder in excess of the highest applicable rate, the <br />Funding Lender shall apply, in its sole discretion, and set off such excess interest received by the <br />Funding Lender against other obligations due or to become due under the Financing Documents <br />and such rate shall automatically be reduced to the maximum rate permitted by such law. <br /> 18 <br />12502516v3 <br /> <br />
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