2020_0518_CCPacket - Laserfiche WebLink

Home

Attachment C selection or removal of any Servicer or Financial Monitor is and shall be in the sole and absolute discretion of the Funding Lender Representative; and (iii) neither the Governmental Lender, nor the Fiscal Agent shall terminate or attempt to terminate any (1) Servicer as the servicer for the Project Loan or appoint or attempt to appoint a substitute servicer for the Project Loan, or (2) Financial Monitor as the financial monitor for the Loans or appoint or attempt to appoint a substitute financial monitor for the Loans. The Governmental Lender, the Fiscal Agent, and the Borrower further hereby acknowledge and agree with respect to the Servicer during the Permanent Phase that: (i) the Guide is subject to amendment without the consent of the Fiscal Agent, the Governmental Lender or the Borrower; and (ii) none of the Fiscal Agent, the Governmental Lender or the Borrower shall have any rights under, or be a third party beneficiary of, the Guide. Section 3.03 Deposits. On the Delivery Date, (i) $0.00 of the initial advance of the Funding Loan pursuant to the Funding Loan Agreement shall be deposited with the Fiscal Agent into the Project Account of the Project Loan Fund in accordance with Sections 2.11 and Section 4.02 of the Funding Loan Agreement; and (ii) $4,346,852 of the initial advance of the Funding Loan pursuant to the Funding Loan Agreement shall be deposited with the Fiscal Agent into the Refunding Fund in accordance with Section 4.07 of the Funding Loan Agreement and the Fiscal Agent will immediately transfer such proceeds to the Prior Lender, the sole holder of the Prior Note. 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 for deposit into the Project Account of the Project Loan Fund. On each date of an advance of the proceeds of the Funding Loan (except for any advance to pay interest and other amounts due to the Initial Funding Lender as provided in Section \[2.05\] \[_____\] of the Construction Continuing Covenant Agreement), such proceeds shall be deposited into the Project Account of the Project Loan Fund. On the Delivery Date, from the Borrower Equity Deposit, the Borrower will deposit with the Fiscal Agent the sum of (i) $0.00 for credit to the Cost of Issuance Fund; and (ii) $0.00 for credit to the Borrower Equity Account of the Project Loan Fund. On the Delivery Date, the Borrower will deposit with the Servicer the sum of $0.00 as the Initial Debt Service Deposit. Subject to the conditions listed in Section 3.01 hereof, amounts on deposit in the Project Loan Fund are to be disbursed by the Fiscal Agent to the Title Company for further disbursement in accordance with the Construction Continuing Covenant Agreement and the Disbursing Agreement, or otherwise as provided in Section 2.11(d) of the Funding Loan Agreement. To the extent that amounts in the Cost of Issuance Fund from the above-mentioned sources are insufficient to pay all costs of closing the Loans, the Borrower shall cause the payment of such additional costs of closing the Loans to be made on its behalf as such amounts become due. Section 3.04 Assignment to Fiscal Agent. The parties hereto acknowledge, and the Borrower consents to, the pledge and assignment by the Governmental Lender to the Fiscal Agent pursuant to the Funding Loan Agreement of all of the Governmental LenderÓs right, title, and interest in, to and under this Project Loan Agreement (excluding the Unassigned Rights), the Project Loan, the Project Note, the Security Instrument, and the Revenues as security for the payment of the principal of, Prepayment Premium, if any, and interest on the Governmental Note and the payment of any other amounts due under the Financing Documents. 16 12502464v3