2020_0518_CCPacket - Laserfiche WebLink

Home

Attachment B (b) Upon compliance by the Borrower with all applicable conditions in the Construction Continuing Covenant Agreement, an initial advance of the proceeds of the Funding Loan in the amount of $4,346,852 shall be delivered by the Initial Funding Lender to the Fiscal Agent on behalf of the Governmental Lender on the Delivery Date and thereafter on a draw-down basis as provided for in Section 2.01(b) hereof. The Borrower shall cause the Prior Lender to advance and transfer the proceeds of the Prior Note and earnings, if any, in excess of amounts required to pay the Prior Note in full to the Fiscal Agent. Upon receipt, the Fiscal Agent shall deposit (i) such transferred Prior Note proceeds and $0 of proceeds evidenced by the Governmental Note to the credit of the Project Account of the Project Loan Fund and (ii) $4,346,852 of proceeds evidenced by the Governmental Note to the credit of the Refunding Fund. Amounts in the Project Loan Fund shall be disbursed as provided in subsection (d) below, subject to the conditions set forth in Section 3.01 of the Project Loan Agreement. Upon the disbursement of all amounts to be disbursed from the Project Loan Fund, the Fiscal Agent shall close the Project Loan Fund. (c) The Borrower shall deliver or cause to be delivered from sources other than the Loans, (i) to the Fiscal Agent, on or prior to the Delivery Date, any Borrower Equity Deposit for deposit to the credit of the Borrower Equity Account of the Project Loan Fund and the Cost of Issuance Fund, and (ii) to the Servicer any Initial Debt Service Deposit. The Fiscal Agent shall also deposit in the Borrower Equity Account any additional amounts delivered from time to time to the Fiscal Agent and directed by the Borrower or Servicer to be deposited therein, excluding any proceeds of the Loans. (d) Upon the making of the initial deposits described above in this Section 2.11, the Governmental Lender shall concurrently originate the Project Loan pursuant to the Project Loan Agreement and the Fiscal Agent shall make the initial disbursement of amounts in the Project Loan Fund to (i) the Title Company for further disbursement in accordance with the Disbursing Agreement, or (ii) otherwise as provided in Section 4.02 hereof. A portion of the initial disbursement of Funding Loan proceeds may be used to pay Costs of Issuance. Section 2.12 Direct Loan Payments to Servicer; Servicer Disbursement of Fees. (a) Notwithstanding any provision in this Funding Loan Agreement to the contrary, during any period that a Servicer is engaged with respect to the Loans, the Governmental Lender and the Fiscal Agent agree that all payments of principal of, Prepayment Premium, if any, and interest on the Funding Loan and all fees due hereunder and under the Project Loan Agreement shall be paid by the Borrower to the Servicer. The Servicer shall remit all payments collected from the Borrower of principal of, Prepayment Premium, if any, and interest on the Funding Loan, together with other amounts due to the Funding Lender, directly to the Funding Lender (without payment through the Fiscal Agent) per the instructions of the Funding Lender Representative. The Servicer shall be entitled to retain its Servicing Fee (if any) collected from the Borrower (but during the Construction Phase only to the extent set forth in the Servicing Agreement) and shall remit the Governmental Lender Fee (if any) to the Governmental Lender and shall remit the Fiscal AgentÓs Ordinary Fees and Expenses to the Fiscal Agent, together with any other amounts due to the Governmental Lender and the Fiscal Agent collected by the Servicer from the Borrower, in each case in accordance with their respective instructions. Any payment made in accordance with the provisions of this Section shall be accompanied by sufficient information to identify the source 24 12502516v3