Assignment Agreement Template printable pdf download

ASSIGNMENT AGREEMENT

(Affordable Housing Acquisition)

THIS ASSIGNMENT AGREEMENT (“Assignment”) is made as of ______, 2015, from

the FAIRFAX COUNTY REDEVELOPMENT AND HOUSING AUTHORITY, a political

subdivision of the Commonwealth of Virginia, as assignor (the “Assignor”), to Bank of

America, N.A., as owner and holder (the “Assignee”) of the $_______________ Fairfax County

Redevelopment and Housing Authority promissory note (the “2015 Affordable Housing Note”)

issued as evidence of a loan received by the Assignor from the Assignee (the “2015 Loan”)

pursuant to the terms of a loan agreement (the “Loan Agreement”), dated as of ____ _, 2015, by

and among the Assignor, the Board of Supervisors of Fairfax County, Virginia (the “County”)

and the Assignee.

RECITALS

Assignor and the County, have entered into a Payment Agreement, dated as of _____ __,

20__ (the “Payment Agreement”), pursuant to the terms of which the County will agree to

make payments, subject to appropriation, to the Assignor in sufficient amounts for the Assignor

to pay timely the interest on and, if and to the extent that provision for payment is not made from

the proceeds of a long-term financing or other sources, the principal of the 2015 Affordable

Housing Note and all other amounts due and owing under the Loan Agreement. The 2015 Loan

is being received and the 2015 Affordable Housing Note is being issued to provide funds to

refinance the Fairfax County Redevelopment and Housing Authority Bond Anticipation Notes

(Affordable Housing Acquisition) Series 2013A (Taxable) (the “Outstanding Notes”). The

proceeds of the Outstanding Notes were applied in February 2013 to refinance other bond

anticipation notes issued in May 2011 to refinance other outstanding notes issued in February

2008 (the “2008 Notes”). The 2008 Notes were issued to pay the principal amount of a bond

anticipation note issued in February 2007, which was issued to pay the principal amount of a

bond anticipation note issued in February 2006, issued for purposes of providing a portion of the

purchase price of, and enabling the County, to acquire title to, the 180-unit Crescent Apartments

multi-family rental housing complex, including the approximately 16.5 acre site thereof, located

at 1527 Cameron Crescent Drive in Reston, Virginia (the “Property”). Assignor has agreed to

assign to the Assignee all of its right, title and interest in and to the Payment Agreement

including the Assignor’s right to receive payments and to conform and enforce the provisions of

the Payment Agreement.

Unless otherwise defined in this Assignment, all capitalized terms used in this

Assignment shall have the same meanings as set forth in the Payment Agreement.

AGREEMENT

NOW, THEREFORE, for and in consideration of the premises and One Dollar ($1) paid

by Assignee, Assignor hereby conveys, transfers and assigns unto Assignee, its successors and

assigns all the rights, interests and privileges which Assignor has and may have in the Payment

Agreement, including all payments or monies due and becoming due therefrom.

This Assignment is made as additional security for the payment of the principal of and

interest on the 2015 Affordable Housing Note and all other payments required by, and the

Assignment Agreement Template