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HomeMy WebLinkAboutCRA-R-15-0004 ExhibitB FLO DA--MMU.NITY BANK .L ORI DA BASED, FLORA FOCUSED. Southeast Overtown-Park West Community Redevelopment Agency Clarence E. Woods 1490 NW 3Jd Avenue, Suite #105 Miami, FL 33136 02/13/2015 RE: Florida Community Bank Commercial Loan Proposal provide bridge financing for the rehabilitation and renovation of 169 condominium units in the Town Park Plaza North complex in the neighborhood of Overtown Dear Southeast Overtown-Park West Community Redevelopment Agency: Thank you for allowing Florida Community Bank the opportunity to review your loan request. We are pleased to advise you that Florida Community Bank has approved the following credit facility (the "Loan") subject to the following terms and general conditions: BORROWER: Southeast Overtown-Park West Community Redevelopment Agency, a Florida Corporation LOAN AMOUNT: $75,000.00 Small Business Line of Credit PERSONAL GUARANTOR(S): The Loan shall be unconditionally, joint and severally guaranteed by: N/A INTEREST RATE: AND TERMS OF REPAYMENT: WSJ Prime Rate + 1.50%, ADOC, with monthly interest only payments with principal due at maturity. Interest will be calculated based on a 360 day year for the actual number of days elapsed. COLLATERAL: The Loan will be secured by a FCB Certificate of Deposit i/a/o $75,000 i/nlo Southeast Overtown-Park West Community Redevelopment Agency LOAN FEES. 1% of the Loan amount, 'A of this amount due at time of acceptance of the terms and conditions of the Loan Proposal, balance due at closing. DEPOSITORY RELATIONSHIP: Borrower will be required to maintain its primary depository accounts with the Bank. Monthly Loan payments will be automatically debited from Borrower's deposit account. MATURITY: 18 months from the date of the Promissory Note. PREPAYMENT FEE: N/A ENVIRONMENTAL: N/A ESCROWS: N/A FLORIDA COMMUNITY BANK DOCUMENTS: FLORIDA BASED. FLORIDAFOCUSED. Borrower will execute and deliver to Bank all documents and items that are customarily provided in transactions of this type, and all other documents or items reasonably deemed necessary by the Bank. Each document and item required to be submitted to the bank pursuant to this Proposal shall be satisfactory in form and substance to the Bank. PRE -CLOSING CONDITIONS: All organizational documents needed (Articles of Incorporation, Articles of Organization, Operating Agreement or Partnership Agreements) before submitting to the closing department. Hold to be placed on CD for the length of the loan.. Approval subject to AHP/FHLB grant approval. Any other documents lender or their counsel may require. LOAN COVENANTS: LOAN APPLICATION: WAIVER OF TRIAL BY JURY: PROPOSAL SURVIVES CLOSING: Borrower and Guarantors must submit tax returns and personal financial statements annually. In addition, they must maintain a minimum DSC ratio of 1.25 to 1.00, measured annually. This Proposal is based upon the accuracy of your representations and statements, any loan application, and all additional information, representations, exhibits and other matters submitted to Bank for its consideration. The Bank shall have the option to declare this Proposal to be breached if (i) there is any material misrepresentation or misstatement or any material error in anything submitted to Bank, (ii) there is a material adverse change in the state of facts submitted to the Bank; (iii) Borrower or any Loan guarantor has become insolvent, bankrupt, incapacitated, or is deceased. BORROWER, GUARANTORS) AND LENDER HEREBY MUTUALLY WAIVE TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY EITHER BORROWER OR LENDER AGAINST THE OTHER AND BASED UPON, ARISING OUT OF, OR CONNECTED WITH THIS LETTER OR ANY DOCUMENT EXECUTED IN CONNECTION WITH THE LOAN. FURTHERMORE, EACH OF THE LOAN DOCUMENTS SHALL CONTAIN WAIVER OF JURY TRIAL PROVISIONS SATISFACTORY TO LENDER AND LENDER'S COUNSEL. All covenants, agreements, representations and warranties made herein and terms and provisions hereof shall survive the funding by Lender of the Loan herein described, and shall continue in full force and effect so long as any portion of the Loan remains unpaid. In the event of any conflict between this letter and the loan documents, the loan documents will control and prevail the terms of this Proposal Letter and all Loan Documents shall be govemed by Florida Law. The terms of this Proposal provide a basis for the terms of the Loan Documents to be executed in connection with the Loan, but do not constitute an all-inclusive or exhaustive expression of the terms and conditions of such documents. Lender will be entitled to include such additional terms and conditions in the Loan Documents as Lender may deem appropriate under the circumstances. If environmental, appraisal or title work are not satisfactory or acceptable to the Lender or Lender's underwriting requirements, the proposal fee will be refunded less any FCB FLORIDA BASED, SED FLORIDACOMMUNITYRANK` C's` expenses incurred by the Lender. All of the terms and conditions stated herein are subject to change, in our sole discretion, after receipt and review by us of all of the information, documentation and final credit approval. Please indicate your acceptance of this Proposal and the terms and conditions contained herein by executing below, and returning one executed copy of the Proposal Letter and exhibits along with a check in the amount of $375 representing one-half of the loan commitment. The funds arc considered fully earned and are non refundable, should the loan not close, but fully applicable toward closing costs. All standard and reasonable costs related to this Loan transaction will be the responsibility of the Borrower. Borrower acknowledges and agrees that the Bank will not incur any expense in connection with the negotiation or consummation of this proposal or the Loan. This proposal shall expire unless it has been accepted in writing and the acceptance received on or before May 31, 2015. The financing provided herein must close on or before sixty (60) days of signing the Proposal Letter. We would like to express our appreciation for the opportunity you have given us to be of service, and look forward to an ongoing mutually satisfactory relationship. Sincerely, BY: Scott Evans, Relationship Manager Florida Community Bank, N.A. ACCEPTED THIS DAY OF , 2015. BORROWER: Southeast Overtown-Park West Community Redevelopment Agency, a Florida Corporation BY: Clarence E. Woods, President