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"Owner"), which will develop, own and operate the project in conformance with the terms and <br /> conditions of this Agreement; <br /> NOW, THEREFORE, in consideration of the mutual promises and agreements contained herein, <br /> the parties agree as follows: <br /> I. GENERAL AGREEMENT <br /> The Agency hereby agrees, for the purpose of providing affordable rental housing to Low <br /> Income households, to receive and utilize HOME funds in the amount Five Hundred Thousand <br /> Five Hundred Thirty-Seven Dollars ($500,537), for the acquisition, costs related to payment <br /> of loans, development and new construction of that certain residential housing project referred <br /> to as the HopeWorks Station Residential project and more fully described in Exhibit A hereto <br /> (hereinafter, the "Project'), which is incorporated herein by this reference, in accordance with <br /> the terms of the County's 2015-2019 Consolidated Plan, as amended, which Consolidated <br /> Plan is incorporated herein by this reference. Failure to comply with any of the terms and <br /> conditions of this Agreement may lead to suspension or termination of HOME funding to the <br /> Agency. <br /> A. Designation <br /> Contingent upon release of funds from HUD, the Agency expressly agrees to undertake, <br /> as a HOME Investment Program Sponsor of a rental housing project, the Project must <br /> comply with the provisions of 24 CFR §92.252 Qualification as Affordable Rental Housing, <br /> and §92.206 Eligible Project Costs. The undertaking of the Project shall be in full accord <br /> with the Act, and all rules and regulations promulgated pursuant to the Act and the HOME <br /> Regulations, including the 2013 HOME Final Rules issued by HUD, and referenced in the <br /> Rules and Regulations in the Federal Register, Vol. 78, No. 142, July 24, 2013. The <br /> Agency agrees to comply fully with all applicable federal, state, and local laws, ordinances, <br /> and regulations in activities funded in whole or in part with funds provided through this <br /> Loan Agreement and in carrying out the Project described in Exhibit A and with all other <br /> terms of this Loan Agreement. <br /> B. The Loan, Loan Terms; Project Budget <br /> 1. The Agency is hereby provided a three percent (3.00%) simple interest loan in the <br /> amount of Five Hundred Thousand Five Hundred Thirty-Seven Dollars($500,537), <br /> (the "Loan") for the full undertaking and performance of the Project. The loan shall <br /> bear interest at the rate of 3.00%, with a term of 40 years. Principal and Interest <br /> payments on the loan shall be deferred. The Loan shall be due and payable on <br /> December 31, 2059 (the "Loan Term') as specified in Section I. Subsection G. <br /> The Loan is provided to the Agency and the Owner, as assignee of the Loan for the <br /> undertaking and performance of the Project. The Loan may be amended from time to <br /> time in the manner described elsewhere in this Loan Agreement, so long as the same <br /> remains consistent with the object of Exhibit A, as now or hereafter amended. The <br /> sum of any amendments to the Loan and this Loan Agreement may only be expended <br /> in accordance with the budget contained in Exhibit B attached hereto or any <br /> amendments thereto, which is incorporated herein by reference, as may hereafter be <br /> amended (the "Project Budget'). <br /> Loan Agreement <br /> Housing Hope Properties <br /> Page 2 of 51 <br />