202406659 - Laserfiche WebLink

Browse

202406659 1. Secured Obligations. This Deed of Trust is given to secure the prompt payment and performance when due (whether at stated maturity, by acceleration or otherwise) of the following (collectively, the "Obligations"): (a) all indebtedness, obligations and liabilities of Trustor under that certain Promissory Note dated as of the date of this Deed of Trust, by Trustor in favor of Beneficiary with a current principal amount of $750,000.00 (the "Note"), and any other note given in substitution therefor or in modification, renewal, or extension thereof, in whole or in part; (b) all indebtedness, liabilities, and obligations of Trustor now or hereafter incurred or arising pursuant to the provisions of this Deed of Trust or under any other agreement, assignment or instrument now or hereafter evidencing, securing and/or guarantying the obligations of the Trustor under the Loan Agreement dated as of the date of this Deed of Trust by and between Trustor and Beneficiary (the "Loan Agreement"), the Note or any part thereof, (the Loan Agreement, the Note, this Deed of Trust and such other instruments and agreements, as the same may be amended, restated or otherwise modified from time to time, are hereinafter collectively referred to as the "Loan Documents"). 2. Definitions. For purposes of this Agreement: (a) "Affordability Period" means the 10-year affordability period that begins from the date of occupancy of last tenant upon rental unit completion related to the Project; (b) "Contract" means that certain Award Agreement Contract No. 24-TFRH-34021 effective as of QCu mbW I � 0-04 by and between the Department and the Lender; (c) "Department" means the State of Nebraska Department of Economic Development; (d) "Project" means 7 of 44 units in Grand Island, Nebraska constructed on the Land for the purpose of housing tenant income eligible households (120% median area income and less) in no less than eight of such units; and (e) all other capitalized terms not defined in this Deed of Trust shall have the meaning ascribed to such terms in the Loan Agreement. 3. Compliance with Contract. Trustor covenants and agrees that it shall be responsible for ensuring that tenants at the Project will be qualified tenants ( seven of the forty four units shall have tenant income eligibility for households at or below 120% of the Area Median Income of Hall County) as described in the Contract throughout the Affordability Period ("Affordability Restrictions"). Trustor (a) shall take all actions necessary to insure that Lender is able to comply with all of the terms of the Contract, including but not limited to, providing the Lender with all information, data and materials necessary for the Lender to perform the Lender's obligations under the Contract, (b) shall comply, and shall cause all of Borrower's applicable affiliates to comply, with all of the terms and conditions of the Contract as if Borrower and its affiliates were the "Recipient" under the Contract, and (c) agrees that Borrower and its affiliates shall complete the construction of the Project within the timelines provided in the Contract and shall use the Matching Contribution and the NAHTF funds (other than the administrative funding and housing management fees) solely to construct the Project. 4. Taxes. Trustor shall pay, and shall indemnify and hold harmless Trustee and Beneficiary from, each installment of all taxes and special assessments of every kind, now or hereafter levied and assessed against the Property, or any part thereof, or upon this Deed of Trust