Agenda - Council - 09/26/2017 - Laserfiche WebLink

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otherwise permitted under Code Section 42 for a period of three (3) years after the date the building is acquired by foreclosure or by instrument in lieu of foreclosure. In the event the extended use agreement required by the Lender is recorded against the Project, Lender agrees to comply with the provisions set forth in Code Section 42(h)(6)(E)(ii). This section shall apply notwithstanding the order of recording of any of the Loan Documents and the Extended Use Agreement (as such term is defined in the Borrower's Partnership Agreement), executed in connection with the allocation of federal low income housing tax credits to the Borrower for the Project pursuant to Section 42 of the Code. 5. greement to Standstill. Lender acknowledges and agrees that the Loan Documents securing the Loan shall be subordinate to a bank loan secured by a first position mortgage on the property of the Project (the "Senior Loan"), which subordination shall be evidenced by a written, recorded subordination agreement in a form reasonably acceptable to Lender and to be executed by Lender. Notwithstanding anything in the Loan Documents to the contrary, if an event of default, failure, or violation occurs under the Loan Documents, and is continuing beyond any applicable cure periods, Lender agrees that, without the prior written consent of the then applicable Senior Loan lender (the "Senior Lender"), it will not accelerate the loan, commence foreclosure proceedings on the property or any other collateral for the loan, collect rents, appoint, or seek the appointment of, a receiver or institute any other collection or enforcement action. 6. Damaee, Destruction and Condemnation. Notwithstanding anything to the contrary contained in any Loan Document, Lender agrees to apply all insurance proceeds resulting from casualty or damage of the Property and all payments or awards resulting from a taking, for any public or quasi -public purpose by any lawful power or authority by exercise of the power of condemnations or eminent domain, toward the restoration, replacement or rebuilding of the Project, or any part thereof, as nearly as possible to its value, condition and operational character immediately prior to any such damage, destruction or taking ("Restoration"), provided sufficient funds are available from all sources to complete such Restoration. 7. Debt Service Coverage Reauirements. So long as Borrower is current on all debt service payments payable under the Loan, the failure to meet any debt service coverage requirements at any time or times shall not constitute a default under the Loan. 8. Force Maieure. There shall be no default under the Loan Documents for construction or rehabilitation delays beyond the reasonable control of the Borrower. 9. Purchase Riehts. The Lender consents to those purchase options, put rights and rights of first refusal in favor of the general partner of Borrower or its designee which are set forth in Borrower's Partnership Agreement, and agrees that transfer of title to the Project in accordance therewith shall not constitute a default under the Loan Documents. 10. Lender Approvals. Lender agrees that all approvals and consents of the Lender under the Loan Documents shall not be unreasonably withheld, delayed or conditioned. Further, amendments to Borrower's Partnership Agreement entered into in order to effect transfers or assignments of the Limited Partner's interest pursuant to Sections 2 and 9 above shall not require the consent or approval of the Lender; provided, written notice of the foregoing transfers are promptly provided to the Lender. 11. Third Party Beneficiary. Borrower's Limited Partner, and its successors and assigns, is a third party beneficiary of the rights of Borrower under the Loan Documents, as modified by this Rider and has the right to directly enforce such rights. 12. Inconsistency. In the event of any inconsistency or conflict between the covenants, terms and conditions of any of the Loan Documents and this Rider, the covenants, terms and conditions of this Rider shall control. US.113578590.01