14-20 Cedar Glen Bond Ordinance Addendums

Home Browse Search

termination, liquidation or dissolution of Borrower, or(v)the payment of any development, construction, property management, accounting or other fee to a Beneficial Owner or to any Affiliate of a Beneficial Owner except to the extent such fee is reasonable in comparison to the cost of similar services from an independent third party and is specifically provided for in the Development Budget. "Senior Lender" shall mean Merchants Capital Corp., an Indiana corporation, and its successors and/or assigns. "Supporting Agreement" or"Supporting Agreements" shall mean, individually or collectively, the Architect Agreement, the Construction Contract, the Management Agreement, and the Development Agreement. "Target Completion Date" shall mean which is the date by which the construction of the Improvements shall be substantially completed in strict accordance with the Plans and Specifications and all of the Personal Property which is contemplated by the Development Budget shall be purchased and installed. "Tax Credits" shall mean the aggregate amount of the low-income housing tax credits available for the Project in the total annual amount of not less than Million Thousand and 00/100 Dollars ($ )per annum which shall be available to the Project by Housing Authority pursuant to its 2020 State of Indiana Housing Credit Qualified Allocation Plan under Section 42 of the Code and the regulations applicable thereto. "Termination Date" shall mean that date which is sixty (60) days after the effective date of this Agreement. "Trust Estate" means the funds and accounts,the Note, the Loan Documents, and other property described in the Granting Clause of this Agreement. "Unpaid Project Costs" shall mean at any applicable point in time the remaining unpaid costs and expenses incurred and/or estimated by MBI, in its sole discretion, to be incurred in connection with (i) the acquisition of the Real Estate, (ii) the construction or rehabilitation of the Improvements in accordance with the Plans and Specifications, (iii) the purchase and installation of the Personal Property which is contemplated by the Development Budget to be purchased and installed, (iv) the payment of all operating expenses through the date MBI, in its sole discretion, estimates will be the earlier of the date the Project will reach breakeven operations or the date the Loan will be repaid, including without limitation interest expense, and (v) the payment of any other item included in the Development Budget or not included but which MBI anticipates Borrower will incur in connection with the Project, including but not limited to all unpaid costs and expenses incurred, or estimated by MBI to be incurred, in connection with the Loan and all unpaid development fees (other than Deferred Development Fee) and soft costs incurred or estimated to be incurred by Borrower in connection with the Project. "Unsatisfactory Work" shall mean any portion of the construction or rehabilitation of the Improvements which the Construction Consultant or MBI determines has not been completed (i) in a good and workmanlike manner, (ii) in substantial conformity with the Plans and Specifications, (iii) in accordance with all applicable laws, or (iv) in a manner consistent with sound design principles and/or sound construction practices. "Wetland(s)" shall have the meaning ascribed in 33 C.F.R. §328.3, as hereinafter amended, or defined by any other federal, state or local statute, law, ordinance, code, rule, regulation, order or decree regulating, relating to, or imposing liability or standards of conduct concerning any such Wetlands, as now or at any time hereafter in effect. Page 12