Laserfiche WebLink
1. Section 3 of the Loan Agreement, "City Loan ", and the definitions of "City Loan" and <br />"City Promissory Note" in the Definitions Section of said Agreements, shall be amended to include <br />an additional Eight Hundred Eighty Thousand Dollars ($880,000.00) in NSP funds. An additional <br />City Promissory Note shall be executed by Developer in favor of the City to evidence the obligation <br />of Developer to repay the City Loan through residual receipts as further described in the Promissory <br />Note in the form attached hereto as Exhibit A. The total City Loan of NSP funds to Developer for <br />this Project shall not exceed $2,880,000.00 pursuant to said Agreement and this Amendment of <br />Agreements. <br />2. The definition of "Extremely Low Income" and any references thereto in said <br />Agreements is removed in its entirety. <br />3. The "Use Covenants and Restrictions" found in section 3.1(b) of the Affordability <br />Restrictions on Transfer of Property and Section 7.1(b) of the Loan Agreement with the <br />accompanying Affordability Levels/Unit Mix set forth in Section 7.2 are hereby deleted in their <br />entirety and replaced as set forth below: <br />Bedroom Size <br />50% AMI <br />60% AMI <br />110% AMI <br />Total <br />2 Bedroom <br />- <br />1 <br />- <br />1 <br />3 Bedroom <br />7 <br />48 <br />13 <br />68 <br />Totals <br />7 <br />49 <br />13 <br />69 <br />*The remaining unit will be a 3- bedroom unit reserved for the on -site manager. <br />4. Except as hereinabove modified, the terms and conditions of said Agreements remain <br />unchanged and in full force and effect. <br />(Signatures on Following Page) <br />2 <br />