CALIFORNIA HOUSING FINANCE - Laserfiche WebLink

Home

CALIFORNIA HOUSING FINANCE AGENCY LOAN AGREEMENT Housing Enabled by Local Partnership CaIHFA Loan No. HELP- 080102-11 This Loan Agreement (the "Agreement") is made and entered into on Iqarch 5, ,2003, by and between the Redevelopment Agency of the City of Riverside, a public body, corporate and politic (the "Borrower"), and the California Housing Finance Agency, a public instrumentality and political subdivision of the State of California (the "Agency"). REC_ITALS A. The Agency has authorized the making of a loan (the "HELP Loan") to the Borrower for the purpose of assisting the Borrower in operating a local housing program (the "Project") as more particularly described in the Borrower's loan application to the Agency and as further described in Exhibits A and B attached hereto and incorporated herein by this reference; and B. The Agency and the Borrower intend, by this Agreement, to provide for the funding and repayment of the HELP Loan. NOW, THEREFORE, in consideration of the mutual promises expressed herein, the parties hereto agree as follows: 1. HELP Loan. The Agency shall lend and the Borrower shall borrow and rePay the HELP Loan in accordance with the provisions of this Agreement. 2. Disbursement of Loan. The Agency shall disburse the HELP Loan to the Borrower for the purposes described in Exhibit A and in accordance with the provisions of Exhibit B. 3. Repayment of Loan. (a) For value received, the Borrower agrees to pay to the order of the Agency the principal amount of the HELP Loan, as described in Exhibit B, or so much thereof as may be disbursed by the Agency to the Borrower, or for its account, as provided herein. The Borrower also promises to pay to the order of the Agency interest and other charges in the amounts and at or before the times herein provided. Notwithstanding any provision to the contrary in the Borrower's application or other Project information submittals, this Agreement shall be a general obligation of the Borrower and the source of funds utilized for repayment shall not be limited to anytparticular asset(s) of the Borrower. (b) The disbursements made pursuant to this Agreement shall accrue simple interest at the percentage rate per annum as specified in Exhibit B from the date that they are disbursed to the Borrower or for its account, until repaid. CHFA HELP. LN.AGMT.MASTER 2/9/00.OGC.SAON3183. (DNB)