Developer's Notes

Requirements

You must ensure that the BorrowerBorrowerPerson who is the obligor per the Note. only secures a commitment to repay developer advances or unpaid development costs with the proceeds of a mortgage loan secured by the PropertyPropertyMultifamily residential property securing the Mortgage Loan and including the land (or Leasehold interest in land), Improvements, and personal property (as defined in the Uniform Commercial Code). if the subordinate financing is Soft Financing per Part III, Chapter 7: Multifamily Affordable Housing Properties, Section 704.05: Soft Financing.