Laserfiche WebLink
• <br /> • <br /> • <br /> • <br /> Cottages, LLC (hereinafter the "Owner"), immediately upon execution of this HTF <br /> Agreement pursuant to the terms of Section I-D herein. <br /> The Agency shall cause the Promissory Note to be secured by a Deed of Trust <br /> executed by the Owner in the form of Exhibit C attached hereto and <br /> incorporated herein by this reference. The Deed of Trust shall secure repayment <br /> of all funds provided under this HTF Agreement for the undertaking and <br /> performance of the Project described in Exhibit A and pursuant to the terms of <br /> this HTF Agreement. <br /> Prior to execution of the Deed of Trust for real property to be developed under <br /> this HTF Agreement, the Agency shall cause the Owner to submit to the City <br /> verification of the Owner's ownership interest in the property and mortgage <br /> balances and recorded liens against the real property to be improved. <br /> Tax Credits are not being utilized. Therefore there is no Mortgage Loan Rider <br /> attached hereto as Exhibit D, and is not incorporated herein by this reference, <br /> nor shall it be attached to or be a part of the Promissory Note or the Deed of <br /> Trust. <br /> C. Assignment of Obligations <br /> Except as set forth herein, the Agency shall not assign any of its obligations <br /> under this HTF Agreement, but shall remain obligated at all times to perform <br /> according to the terms of this HTF Agreement. Notwithstanding any other <br /> provision of this HTF Agreement, the City consents to the assignment by the <br /> Agency of its rights and obligations under this HTF Agreement to the Owner <br /> pursuant to the terms and conditions of the Assignment, Assumption and <br /> Consent Agreement in the form of Exhibit E attached hereto and incorporated <br /> herein by this reference. <br /> D. The Project <br /> The Loan is provided to the Agency for the undertaking and performance of the <br /> Project described in Exhibit A. The Loan may be amended from time to time in <br /> any manner described elsewhere in this HTF Agreement, so long as the same <br /> remains consistent with the object of Exhibit A, as now or hereafter amended. <br /> E. Project Budget <br /> All funds provided by the City to the Agency pursuant to this HTF Agreement <br /> may only be expended in accordance with the budget contained in Exhibit F <br /> attached hereto, which is incorporated herein by reference (the "Project Budget"), <br /> as may be amended pursuant to Section V hereof. The Agency shall manage <br /> the Project so that Project activity costs do not exceed the Project Budget. <br /> Further, the Agency shall pay all Project costs in excess of the authorized Loan <br /> amount. <br /> F. Public Information <br /> In all news releases and other public notices related to the Project funded under <br /> this HTF Agreement, the Agency shall include information identifying the source <br /> Page 2of13 <br />