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INDEX
(This Index is not a part of the Loan Agreement
but rather is for convenience of reference only.)
Page
ARTICLE I
DEFINITIONS
Section 1.1 Use of Defined Terms. ........................................................................................................ 1
Section 1.2 Interpretation....................................................................................................................... 1
Section 1.3 Captions and Headings. ...................................................................................................... 1
ARTICLE II
REPRESENTATIONS AND COVENANTS
Section 2.1 Representations of the Issuer. ............................................................................................. 2
Section 2.2 Representations and Covenants of the Borrower. ............................................................... 2
ARTICLE III
COMPLETION OF THE PROJECT; ISSUANCE OF THE BONDS
Section 3.1 Rehabilitation, Renovation, Improvements, Construction and Equipping the Project. ...... 4
Section 3.2 Plans and Specifications. .................................................................................................... 5
Section 3.3 Issuance of the Bonds; Application of Proceeds................................................................. 5
Section 3.4 Disbursements from the Project Fund................................................................................. 5
Section 3.5 FHA Lender Funds and the Bridge Loan. ........................................................................... 7
Section 3.6 Borrower Required to Pay Costs in Event Project Fund Insufficient. ................................ 8
Section 3.7 Completion Date. ................................................................................................................ 8
Section 3.8 Investment of Fund Money. ................................................................................................ 8
Section 3.9 Rebate Fund. ....................................................................................................................... 8
Section 3.10 Remarketing of Bonds. ....................................................................................................... 9
ARTICLE IV
LOAN BY ISSUER; REPAYMENT OF THE LOAN;
LOAN PAYMENTS AND ADDITIONAL PAYMENTS
Section 4.1 Loan Repayment; Delivery of Promissory Note. ................................................................ 9
Section 4.2 Additional Payments. ........................................................................................................ 10
Section 4.3 Place of Payments. ............................................................................................................ 11
Section 4.4 Obligations Unconditional. ............................................................................................... 11
Section 4.5 Assignment of Loan Agreement and Issuer Revenues. .................................................... 11
ARTICLE V
ADDITIONAL AGREEMENTS AND COVENANTS
Section 5.1 Right of Inspection............................................................................................................ 11
Section 5.2 Borrower to Maintain Its Existence; Sales of Assets or Mergers. .................................... 11
Section 5.3 Indemnification. ................................................................................................................ 12
Section 5.4 Borrower Not to Adversely Affect Exclusion from Gross Income of Interest on Bonds. 13
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