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A loan from HRA, none of which has been disbursed as of the $300,000.00 <br />effective date of this Agreement. <br />A grant the City to CommonBond, through the Metropolitan $780,000.00 <br />Council, none of which has been disbursed as of the effective date <br />of this Agreement <br />Funds to be supplied by Borrower, as further described in Section <br />1(c) hereof, none of which has been disbursed as of the effective <br />date of this Agreement. <br />$1,328,400.00 <br />C. MHFA, CommonBond, the City, and HRA have entered into agreements with <br />Borrower and/or Title Company regarding the disbursement of the proceeds of the Loans and the <br />Equity. <br />D. The parties have agreed that the Loans and the Equity are to be disbursed in a <br />certain order of priority. <br />E. The parties wish to establish how the Loans and the Equity are to be disbursed <br />and the order of priority for the disbursement thereof. <br />NOW, THEREFORE, the parties agree as follows: <br />1. Definitions. The definitions set forth above shall be incorporated into this Section <br />1 by reference. The following terms shall have the meanings set out respectively after each such <br />term, and such meaning shall be equally applicable to both the singular and plural forms of the <br />term defined: <br />(a) "CommonBond Disbursement Agreement" - An agreement, whether <br />verbal or written, between CommonBond, Borrower, and, if applicable, Title Company, <br />which provides for the disbursement of the CommonBond Loan. <br />(b) "CommonBond Loan" — A loan from CommonBond to Borrower in an <br />original principal amount of $250,000.00. <br />(c) "Equity" — Cash monies, consisting of an initial capital contribution of <br />$548,400 to be supplied to the Title Company by the Borrower. <br />(d) "HRA Disbursement Agreement" — An agreement, whether verbal or <br />written, between HRA, Borrower, and, if applicable, Title Company, which provides for <br />the disbursement of the HRA Loan. <br />(e) "HRA Loan" - A loan from HRA to Borrower in an original principal <br />amount of $300,000.00. <br />(f) "City Grant" — Cash monies consisting of (i) $580,000 of LCDA funds <br />originally provided by the Metropolitan Council to the City of Ramsey, subgranted to <br />Sunwood Village, Ramsey D7721 <br />Master Disbursement Agreement 2 8-5-2015 <br />(Rev. 3/10/15) <br />