03 - Joint PH - Amend to DDA-Con Plan and Loan Agree for Vista Del Rio

Home Browse Search

FIRST AIVIENDlYIT+~NT TO DISPOSITION AND • DEVELUT'IVIRNT AGI2I;EMENT WJTTd 'VISTA DEL, RIO TiOUSING PARTNERS, L.P. TIITS FIRST AMENDML'NT TO DISPOSITION.AND DI?VELOPMBTIT AGREF,IvIENT (the ".Atirendment") is entered into as• of , 2010, by and beiweeti the COMMUNITY REDEVELOPMEN'T' AGENCY OF THE CITY OF SANTA ANA, a public body, corporate anil politic (the "Agency"), grid VISTA DEL I2I0 HOUSING PARTNERS, L.P., a California limited partnership ("Vista Del Rio"}, IttGCITALS: A. Tate Fairies entered info that certain agreement entitled "I~lspositiort and Development Agreement" dated 7uly 20, 2009, het+entafter referred to as "said Agreement", for the sale of certaht real property located at 1600 VJ. Memory Lane by the Agency to Vista del Ric based neon the terms and conditions cotrtaitted in said Agreement. • B, The Parties hereto now deshe to artiend the amount of the HOME loan and update the unit mix ,and rent restrictions eontahted in said Agreement, C• AIh otherxelated exhibits, attachments and doctunents shall be atuended accordingly, WHEREFORE, in consideration of the mutual and respective oovenants and promises IterehtaRer' contained and made, and subject to al(of the terms and conditions of said Agreement as hereby amended, the parties hereto do hereby agree as follows: 1. Section 312. HOME Loan Agreement, shall be'amended to read as follows: Prior to and as a condition of Closing, Vista Del Itio shall execute the Loan Agreement, Attaohment No. 8 to this agreement. The Loan Agreement shall provide foi One Milliott Five Ilundred•Thousand Dollars ($1,SOO,OOOAO) in federal HOME funds to Vista Del Trio, carry a tluee percent (3.0%) interest rate, and shall be a residual reeeipts'.loan. Vista Del Rio's obligations under the Loan Agreement shall be evidenced by a promissory note in the principal amount of One Million Pive Hundred Thousand Dollars ($1,500,000.00), attd secured by a deed of host in the amount of One Million I{ive Iltutdred Thousand Dollars ($1, 500,000.00). 2. The last sentence of Section 401.2. 14laxitnum Incorncs shall be amended to read as follows: "Tlte manager's unit shall rent for an amount that does not exceed the rent paid lty a household whose income does not exceed the standard for "Low Income" and shall '3 _ 7 Exhibit 1