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3. The following transfers shall not require the consent of the City: <br /> a. The sale, transfer or conveyance of the investor limited partnership or limited <br /> partner interests in Owner; or <br /> b. The sale, transfer or conveyance of an interest in Wincopin Circle LLLP as <br /> nominee (the "Investor limited partner") or limited partner of Owner <br /> 4. No Permitted Transfer, approved by the City, or the transfers set forth in subparagraph <br /> 3 above will be deemed to be an event of default or grounds for acceleration of the <br /> Loan. <br /> IV. FISCAL MANAGEMENT <br /> A. Eligible Costs <br /> Disbursements shall be made to the Agency under this Loan Agreement only for certain <br /> "eligible project costs," as that term is defined in 24 CFR § 92.206, and, if approved by <br /> HUD, for certain "pre-award costs" pursuant to 24 CFR § 92.212. In no event, however, <br /> shall disbursement be made to the Agency for costs not included in the Project Budget <br /> attached as Exhibit B to this Agreement. <br /> No expenditure of HOME funds shall be made for "prohibited activities," as that term is <br /> defined in 24 CFR § 92.214. <br /> No payment shall be made by the City for any expenditure made or service rendered by <br /> the Agency except for expenditures made and services rendered within the scope of a <br /> category set forth in the Project Budget in Exhibit B of this Agreement, and all funds <br /> received must be used for expenditures and services as identified in this Agreement. <br /> B. Payment and Disbursements <br /> The Agency may not request disbursement of funds under this Loan Agreement until the <br /> funds are needed for the payment of eligible Project costs. The amount of each request <br /> shall be limited to the amount needed. <br /> Disbursements by the City pursuant to this Loan Agreement shall be on a reimbursement <br /> basis, covering Project obligations incurred but not paid by the Agency. These funds shall <br /> be managed through the City's accounting system and the County's HOME Investment <br /> Trust Fund account (the "HOME Investment Fund") utilizing the Integrated Disbursement <br /> and Information System ("IDIS") described in 24 CFR § 92.502, in the following manner: <br /> 1. The Agency's Project staff will prepare the Request for Reimbursement/Actual <br /> Expenditure Report (attached hereto as Exhibit I and incorporated herein by this <br /> reference) together with a Report of Actual Expenditures (attached hereto as Exhibit <br /> J, as may be modified by the City, and incorporated herein by this reference) and <br /> submit them to the City with adequate notice to allow processing by the City. Each <br /> Request for Reimbursement shall be submitted by the Agency only for funds needed <br /> for reimbursement of eligible Project costs and reimbursement will be limited to the <br /> amount so needed. <br /> Loan Agreement <br /> Housing Hope Properties <br /> Page 28 of 51 <br />