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25B - AGMT - LOAN MOD WITH DEPOT AT SANTIAGO
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25B - AGMT - LOAN MOD WITH DEPOT AT SANTIAGO
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Last modified
2/25/2016 1:53:26 PM
Creation date
2/25/2016 1:49:22 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
25B
Date
3/1/2016
Destruction Year
2021
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Amendment to Affordability Restrictions on Transfer of Property between City and Borrower, dated <br />June 18, 2014, and recorded in the Official Records as Instrument No. 2014000255563 on June 27, <br />2014 (collectively, "City Affordability Restrictions "), The Loan Agreement, City Note, City Deed of <br />Trust and City Affordability Restrictions are together referred to as the "City Loan Documents." <br />D, Capitalized terms not defined in this Agreement shall have the meanings set forth <br />in the Loan Agreement, <br />E. The Borrower has arranged for equity and lender financing for the development of <br />the affordable housing contemplated by the Loan Agreement and in connection therewith, the <br />Patties desire to modify certain terns of the Loan Agreement, City Note and City Deed. <br />NOW, TIIEREFORE, in consideration of the foregoing recitals, the mutual <br />covenants and agreements hereinafter set forth, and other consideration, the receipt and <br />sufficiency of which are hereby acknowledged, the Parties hereto agree as follows: <br />as follows: <br />Modification of the Loan Agreement, The Loan Agreement is hereby modified <br />a. Section 6.1(c), The last sentence of Section 6.1(c) of the Loan Agreement <br />is hereby replaced in its entirety as follows: <br />"The City's Affordability Restrictions on Transfer of Property shall remain <br />in first position on title and shall not be subordinated except that the City's <br />Affordability Restrictions on Transfer of Property, the City Deed of Trust <br />and other City Loan Doctunents may be subordinated if required by other <br />governmental agencies providing financing to the Project." <br />2. Modification of the City Affordability Restrictions. The City Affordability <br />Restrictions are hereby modified as follows: <br />a. Section IIA. The last sentence of Section 3.1A of the City Affordability <br />Restrictions is hereby replaced in its entirety as follows: <br />"The City's Affordability Restrictions on Transfer of Property shall remain <br />in first position on title and shall not be subordinated except as may be <br />required by other governmental agencies providing financing to the <br />Project." <br />3. Modification of the City Deed of Trust. The City Deed of Trust is hereby <br />modified as follows: <br />a. Section 4. The Section 4 of the City Deed of Trust is hereby replaced in <br />its entirety as follows: <br />2 <br />1076\49 \1843311.2 <br />25B -4 <br />
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