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14-20 Cedar Glen Bond Ordinance Addendums
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14-20 Cedar Glen Bond Ordinance Addendums
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3/18/2020 2:57:42 PM
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3/18/2020 2:55:23 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
3/23/2020
Bill Number
14-20
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"LURA" shall mean that certain Regulatory Agreement executed by and among Issuer, MBI and <br /> Borrower in conjunction with the Bonds. <br /> "Management Agreement" shall mean the Management Agreement between the Borrower and <br /> the Property Manager dated , which agreement provides for the marketing and <br /> management services for the Project by the Property Manager. <br /> "Maturity Date" shall have the meaning for such term as defined in the Note. <br /> "MBI" shall mean Merchants Bank of Indiana. <br /> "Minimum Set-Aside Test" shall mean the set-aside test selected by the Borrower pursuant to <br /> Section 42(g) of the Code with respect to the percentage of units in the Project to be occupied by tenants <br /> with incomes equal to no more than a certain percentage of area median gross income. The Borrower has <br /> selected the 40/60 Set-Aside Test as the Minimum Set-Aside Test. <br /> "Mold" shall mean mold or any fungus, bacteria, spores or other airborne microbial <br /> contaminants of a type that could pose a risk of any kind to human health or the indoor or outdoor <br /> environment or could negatively impact the value of the Project. <br /> "Net Income" shall mean, for any period, gross revenues (excluding extraordinary income) less <br /> all operating expenses (including without implied limitation any monthly management fees), determined <br /> in accordance with generally accepted accounting principles. In determining Net Income, real estate <br /> taxes, insurance premiums and any other expenses which are incurred or are payable less frequently than <br /> on a monthly basis shall be annualized and treated as expenses incurred in equal monthly amounts based <br /> upon the amount of the most recent bills and invoices for such items(regardless of whether the same shall <br /> have been paid or have become due and payable during such period). <br /> "Non-Contingent Required Equity" shall mean, from time to time, that portion of the Required <br /> Equity for which the conditions set forth in the Partnership Agreement for the contribution of such funds <br /> to Borrower have been fully satisfied. <br /> "Note" shall mean that certain Promissory Note of even date herewith evidencing the Loan, <br /> executed by Borrower and Co-Maker in favor of Issuer and negotiated to MBI in the principal amount of <br /> Three Million Eighty-One Thousand Seven Hundred Thirty-Two and 00/100 Dollars ($3,081,732.00) as <br /> such promissory note may be modified or amended from time to time and/or any promissory note which <br /> is a direct or remote renewal, extension,restatement or replacement of such promissory note. <br /> "Original Maturity Date" shall mean have the meaning for such terms as set forth in the Note. <br /> "Other Available Sources of Funds" shall mean, from time to time, the following (i) the HUD <br /> Loan. <br /> "Partners" shall mean collectively the General Partner and the Limited Partner. <br /> "Partnership Agreement" shall mean the Amended and Restated Limited Partnership <br /> Agreement, executed by the Partners, as amended from time to time. <br /> "Permitted Encumbrances" shall mean the lien of the HUD Mortgage, the Extended Use <br /> Agreement, the LURA and those liens and encumbrances as shall be approved in writing by MBI in its <br /> sole discretion. <br /> Page 8 <br />
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