Agenda - Council - 08/11/2015 - Laserfiche WebLink

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CommonBond, contributed by CommonBond to CB Ramsey Housing LLC, the general partner of Borrower ("GP"), and then contributed by GP to Borrower, and (ii) $200,000 of LHIA funds originally provided by the Metropolitan Council to the City of Ramsey, subgranted to CommonBond, contributed by CommonBond to GP, and then contributed by GP to Borrower. (g) "City Grant Agreements" — Collectively, the following agreements, which provide for the disbursement of the Met Council Equity: (i) Metropolitan Livable Communities Act Grant Agreement (Local Housing Initiatives Account) dated effective as of July 31, 2015 by and between the Metropolitan Council ("Met Council") and the City, (ii) Metropolitan Livable Communities Act Grant Agreement (Livable Communities Demonstration Account) dated effective as of July 31, 2015 by and between the Met Council and the City, and (iii) Subgrant Agreement dated as of , 2015 by and between the City and CommonBond. (h) "MHFA Disbursement Agreement" - The Disbursement Agreement between MHFA and Title Company of even date herewith, which provides for the disbursement of the Equity and the proceeds of the MHFA Bridge Loan and the MHFA HIB Loan. (i) "MHFA Bridge Loan" - A loan from MHFA through its Bridge Loan Program to Borrower in an original principal amount of $3,075,000.00. (j) "MHFA HIB Loan" - A loan from MHFA through its Housing Infrastructure Bonds Program to Borrower in an original principal amount of $4,470,000.00. 2. Order of Priority for Disbursement. Title Company has already been, or will be from time to time, supplied with the Equity and the proceeds of the CommonBond Loan, the City Grant, the HRA Loan, the MHFA Bridge Loan and the MHFA HIB Loan and shall disburse such funds in the following order of priority: Source of Funds Order of Disbursement Equity First City Grant Second MHFA HIB Loan Third MHFA Bridge Loan Fourth HRA Loan Fifth CommonBond Loan Sixth The parties agree that the proceeds of the above -listed sources of funds shall be disbursed in the order indicated and that none of the proceeds of a source of funds shall be disbursed until all of the proceeds of funds that are to be disbursed prior thereto have been disbursed. The parties further direct Title Company to disburse the proceeds of the above -listed sources of funds in the order indicated, and Title Company agrees to comply with such direction. Sunwood Village, Ramsey D7721 Master Disbursement Agreement 3 8-5-2015 (Rev. 3/10/15)