Item A: Beam Development Purchase and Sale Agreement Terms

Home Browse Search

j. Beam provides copies of all of the permits and licenses that are required by applicable laws and orders to rehabilitate the project and any other evidence reasonably required by the Agency to verify that the project will comply with all applicable laws and orders necessary for the lawful occupancy, use, and operation of the Project for its intended purposes when the rehabilitation work is completed. k. Such financial statements, credit reports, tax returns, and other financial information regarding Beam and the Property as Agency requires. l. The opinion of counsel reasonably satisfactory to Agency covering such matters as Agency requires, which may include without limitation an opinion addressing Beam’s due organization and valid existence, authority, enforceability, no required consents, no litigation, no conflict with agreements, etc., and such other matters as Agency may reasonably require. m. Leases. (1) Copies of all leases with a term in excess of one year covering all or any part of the Property, each of which shall be satisfactory to Agency in all respects, (2) subordination, attornment and estoppel agreements signed by Beam and each lessee, subordinating all leases to Agency's deeds of trust and (3) general and/or specific assignments of all leases and rents. n. The Property shall be in its current condition, and no part of the Property shall have been damaged by fire or other casualty or be the subject of any eminent domain or condemnation proceedings. o. Beam shall have paid to the Agency the ratable portion of all fees and charges charged the Agency in connection with the HUD Section 108 Loan and all escrow and title charges associated with the Loans, including title insurance premiums. p. All representations and warranties included in the loan documents shall be true and correct as of the date of the closing of the loan. q. Beam shall satisfy such requirements, provide such information and execute such documents as Agency reasonably requires. Representations and Warranties: Standard for commercial real estate construction loans. Covenants: Standard for commercial real estate construction loans. Collateral: The Centre Court/Vacant Lot Construction Loan will be secured by the Trust Deed. Upon funding of the Senior Loan, the Portland Property shall be released from the lien of the Trust Deed. The lien of the Trust Deed shall take priority over any other debt incurred by Buyer relating to acquisition of the Property or construction of the Project, if any, but shall be subordinate to the Senior Loan on terms reasonably satisfactory to Agency. Events of Default: Standard for commercial real estate construction loans. Also, Borrower causes a default under the City’s Section 108 Loan with HUD. Page - 40