CIVIC CENTER BARRIO HOUSING CORPORATION 10A-2009

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C~ No1_'~~1~' , - A-2007-036-01 ~K OF CCZ~I~6~u~~ AMENDMENT TO MEMORANDUM (~ATE_ JUN 2 2 OF UNDERSTANDING AND PREDEVELOPMENT LOAN AGREEMENT UNDER THE HOME REGULATIONS ~ THIS AMENDMENT TO AGREEMENT OF UNDERSTANDING AND PREDEVELOPMENT r~ LOAN AGREEMENT ("Agreement") is entered into as of June 8, 2009, by and between the CITY OF SANTA ANA, a charter city and municipal corporation duly organized and existing under the Constitution and laws of the State of California ("City"), and CIVIC CENTER BARRIO HOUSING ~ ~ CORPORATION, anon-profit public benefit corporation ("Developer"). ~ of Recitals ., A. The City made a loan to Developer with certain funds made available by the United States v ~J Department of Housing and Urban Development ("HUD") under the HOME Investment Partnership Program (the "HOME Program") and the regulations issued by HUD set forth in 24 CFR Part 92 (the "HOME Regulations"). oo~ ~ ~ z e~ B. The Agreement's Effective Date is February 5, 2007, and it was intended to facilitate Developer ~ o p n in certain predevelopment efforts that are expected to result in the development of affordable ~ a ~ ~' housing on the Site. ~--Qo ? ~ w ~ C. The Agreement expired on December 15, 2008; however, the parties have been negotiating in ~ ~ ...' good faith since said expiration date. Each of the parties agrees that they have worked together ~ as if the Agreement was still in effect since December 15, 2008 through the effective date of cn ~ ' this Amendment. ~ z -r ~ D. ' The parties hereto now desire to amend the Agreement to update the schedule of "Milestones" and t extend the term of said Agreement. WHEREFORE, in consideration of the mutual and respective promises hereinafter contained and made, and subject to all the terms and conditions of said Agreement as hereby amended, the parties do hereby agree as follows: The "Term and Milestones" section of the Agreement shall be amended to extend the Term of the Agreement, with a termination date of March 1, 2010 or the date of execution of a Development Agreement, whichever occurs first. An updated schedule of "MilestonesJTimeline" is attached hereto as Exhibit B-1 and incorporated herein and Developer is expected to meet the milestones incorporated into said schedule. Section 3(b) of the Agreement shall be amended to reflect that the term of the Predevelopment Loan and the Promissory Note shall also be extended to March ], 2010 or the date of execution of a Development Agreement, whichever occurs first. 4. All other terms and conditions included in said Agreement shall have the same force and effect and remain unchanged.