This page uses extracted PDF text. Text can misread numbers, dates or table columns. Check the PDF before quoting or interpreting it. Redacted areas remain redacted.
The Borrower acknowledges that, to the extent that an advance of FHA Lender Funds as requested
by the Borrower is approved by FHA Lender, the Borrower has directed the FHA Lender that all funds be
wired by the FHA Lender directly to the Trustee and that such funds shall be disbursed and invested and
applied by the Trustee in accordance with the Indenture.
Borrower Required to Pay Costs in Event Project Fund Insufficient
If money in the Project Fund is not sufficient to pay all Project Costs, the Borrower, nonetheless,
will complete the Project in substantial accordance with the Plans and Specifications and shall pay all such
additional Project Costs from its own funds (or from other public or private financing sources available to
the Borrower). The Borrower shall pay all costs of issuing the Bonds. The Borrower shall not be entitled to
any reimbursement for any such additional Project Costs or payment of issuance costs from the Issuer, the
Trustee or any Holder; nor shall it be entitled to any abatement, diminution or postponement of the Loan
Payments.
Completion Date
The Borrower shall notify the Issuer and the Trustee of the Completion Date by the delivery of a
Completion Certificate signed by the Authorized Borrower Representative substantially in the form
attached as an exhibit to the Loan Agreement. The Completion Certificate shall be delivered as promptly
as practicable after the occurrence of the events and conditions referred to in paragraphs (a) through (d) of
the Completion Certificate.
Loan Repayment; Delivery of Promissory Note
Upon the terms and conditions of the Loan Agreement and the Promissory Note, the Issuer will
make the Loan to the Borrower. In consideration of and in repayment of the Loan, the Borrower shall
deliver or cause to be delivered to the Trustee on or before each Loan Payment Date, Loan Payments equal
to the amount necessary to pay Bond Debt Service Charges due on the next Bond Payment Date for the
Bonds. All such Loan Payments shall be paid to the Trustee in accordance with the terms of the Promissory
Note for the account of the Issuer and shall be held and disbursed in accordance with the provisions of the
Indenture and the Loan Agreement.
The Borrower shall be entitled to a credit against the Loan Payments required to be made under the
Loan Agreement, on any date, equal to the amounts, if any, transferred by the Trustee from the Interest
Account of the Bond Fund, the Project Fund or the Collateral Fund on such date for the payment of Bond
Debt Service Charges.
To secure the Borrower鈥檚 performance of its obligations under the Loan Agreement, the Borrower
shall execute and deliver, concurrently with the issuance and delivery of the Bonds, the Promissory Note
and the Regulatory Agreement.
Upon payment in full of the Bond Debt Service Charges on any or all of the Bonds, in accordance
with the Indenture, whether at maturity, upon acceleration or otherwise, or upon provision for the payment
of all other obligations in the Loan Agreement and therein having been made in accordance with the
provisions of the Indenture, (a) if with respect to less than all of the Bonds then Outstanding, an appropriate
notation shall be endorsed on the Promissory Note evidencing the date and amount of the principal payment
(or prepayment) equal to the Bonds so paid, or with respect to which provision for payment has been made,
and (b) with respect to all of the Bonds then Outstanding, the Promissory Note shall be deemed fully paid,
the obligations of the Borrower shall be terminated, and the Promissory Note shall be surrendered by the
Trustee to the Borrower for cancellation. Unless the Borrower is entitled to a credit under express terms of
D-4Jump to an indexed page (744 of 744)