Nashua Performing Arts Center ~ NMTC Term Sheet Confidential
October 14, 2020
Deposit”) to be credited to the Project at closing.
Upon Investar’s counsel's legal fees reaching or exceeding 75% of the Initial
Deposit, Project Sponsor and/or Borrower shall be required to pay an additional
non-refundable deposit in the amount of $50,000 to Investor (the “Additional
Deposit’) to be credited to the Project at closing,
It should be noted that if the transaction does not close, Investor will use the
deposits received, including the Initial Deposit and any Additional Deposit, to
cover its legal costs and other fees and expenses incurred in connection with the
transaction, but Borrower and/or Project Sponsor are obligated to reimburse
Investor for transaction costs, fees and expenses actually incurred exceeding the
Initial Deposit and any Additional Deposit.
The Initial Deposit (and the Additional Deposit if applicable) shall be made via a
Mascoma Bank account offset or a wire transfer to the following account:
Beneficiary: Mascoma Bank
Bank: Mascoma Bank
243 Sykes Mountain Ave
White River Jet, VT
ABA# 211770213
Account# 89-202010
Ref: NPAC-Investor
Atin: Katie Washburn
If the Initial Deposit is not received within five (5) Business Days of the
execution of this letter, Investor, in its sole discretion, may suspend all work, and
direct its counsel and agents to suspend all work, tegarding the transaction until
the Initial Deposit is received.
While this document serves to describe some of the business terms of a potential
New Markets Tax Credit transaction with the Investor and does not constitute a
binding document except as cxpressly set forth in the first paragraph of this
Letter, the proposed Borrower should remain aware that timing is of the essence
and Investor will suffer economic damages should the transaction not timely
close.
This letter will expire if the parties have not closed the transaction by December
15, 2020.
Confidentiality:
Subject to the provisions and requirements of New Hampshire R.S.A. Chapter
91-A, (i) Investor, Project Sponsor and Borrower agree to treat the tenms of this
letter as confidential and shall not share the terms with any other party without
the express written consent of the other parties, except the letter may be shared
with each party’s counsel and tax advisor and (ii) all information and materiats
received by Investor, Project Sponsor and Borrower are to be kept confidential,
and each party will negotiate in good faith to close the transaction.
Notwithstanding the foregoing, the parties hereto shall be permitted to disclose to
any and all persons, without limitation of any kind, the tax treatment and tax
Structure (as defined in Treasury Regulation Section 1.601 1-4(c)) of the
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transaction contemplated by this letter and all materials of any kind (including
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