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i <br /> i <br /> f <br /> - f <br /> 1 <br /> FIRST AMENDMENT TO DISPOSITION AND ~ <br /> DEVELOPMENT AGREEMENT WITH - <br /> VISTA DEL RIO HOUSING PARTNERS, L.P. ~ <br /> 1 <br /> r <br /> T)`IIS FIRST AMENDMENT TO DISPOSITION.AND DEVELOPMENT <br /> AGREE1ViENT (the "Azrzendment") is entered into as of , 2414, by and between the <br /> COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF SANTA ANA, a public <br /> body, coFporate and politic (tlle "Agency"), and VISTA DEL RIO HOUSING PARTNERS, L.P., ~ <br /> a California limited partnership ("Vista Del Rio"), j <br /> . i <br /> RECITALS: j <br /> A. The Parties entered into that certain agreement entitled "Disposition and Development Agreement" <br /> dated duly 20, 2009, hezeinafter refereed io as "said Agreement", for the sale of certauz real property lacated 1. <br /> at 1600 W. Memory Lane by the Agency to Vista del Ric based upon the terms and conditions contained in ~ <br /> said Agreement. <br /> . _ i <br /> T <br /> B. The Parties hereto now desire to amend the amount of the HOME loan and update the utzi# mix~azid ~ <br /> rent xestrictions contained in said Agreement. <br /> C. All other related exhibits, attachments and documents shall be amended accordingly. <br /> i <br /> E <br /> WIIEREFORE, in consideration of the mutual and respective covenants and promises herevzafter~ <br /> contained and made, and subject to all of the terms and eondidons. of said Agreement as hereby amended, ~ <br /> the parties hereto do hereby agree as fallotivs: <br /> 1 <br /> t <br /> t <br /> a <br /> 1. Section 312. HOME Laan Agreement, shall be~aniended to read as follows: f <br /> i <br /> Prior to and as a condition of Closing, Vista DeI Rio shall execute the Loan Agreement, j <br /> Attachment No. 8 to this agreement. The Loan Agreement shall provide for One Million Five <br /> Hundred~Thousand Dollars ($1,500,000.00) in federal HOME funds to Vista Del Rio, carry a ; <br /> three .percent (3.0%} interest rate, and shall be a residual receipts loan. Vista Del Rio's <br /> obligations under the Loan Agreement shall be evidenced by a promissory note in the principal <br /> amount of One Million rive Hundred Thousand Dollars {$1,500,000.00), and secured by a deed ~I <br /> of trust in the amount of One Million Five Hundred Thousand Dollars {$l, 504,004A0). j <br /> 2. The last sentence of Section 401.2. Maximum Iucoxnes shall be amended to read as <br /> follows: <br /> <br /> . "The manager's unit shall rent for an amount that does not exceed the rent paid by ~ <br /> a household whose income does not exceed the standard for "Low Income" and shall <br /> 1 <br /> I <br /> 80A-5 Exhibit 1 <br /> <br />