815 N. HARBOR, L.P. (CORNERSTONE CCRC MORTAGEG FUND I., LLC / HOME INVESTMENT PARTNERSHIP PROGRAM FUNDS) 4-2017

Home Browse Search

3. Amendment of Series A-1 Note. As between Bank and Borrower (and Cornerstone as successor to Bank), the terms, conditions and covenants of the Series A-1 Note are hereby amended as follows: (a) Section 2.1(b). Section 2.1.(b) of the Series A-1 Note is hereby deleted in its entirety and the following is substituted therefore: "Immediately prior to the Conversion Date, and as a Conversion Condition, Borrower shall pay to Issuer an amount sufficient to reduce the entire outstanding principal balance of the Loan to $11,991,300 or such lesser amount of the Cornerstone Purchase Price (as defined in the Bond Purchase Agreement) as may be permitted pursuant to the terms of the Bond Purchase Agreement., with the Series A-1 Tranche evidenced by this Note not to exceed $11,332,000 or such lesser amount as may be permitted pursuant to the terms of the Bond Purchase Agreement and with the Series A-2 Tranche evidenced by the Series A-2 Note not to exceed $659,300" (b) Section 3.2.2. Section 3.2.2 of the Series A-1 Note is hereby deleted in its entirety and the following is substituted therefor: "Fixed Rate. Subject to Section 6.2 below, at all times from and after the Conversion Date, the unpaid principal balance of this Note from time to time outstanding shall bear interest at the Fixed Rate. The "Fixed Rate" on this Note from the Conversion Date until the Initial Fixed Rate Maturity Date (as defined below) shall be a fixed interest rate equal to Four and Sixty -Nine one hundredths percent (4.69%) per annum, provided that the Conversion Date occurs on or prior to September 20, 2017." 4. Amendment of Series A-2 Note. As between Bank and Borrower (and Cornerstone as successor to Bank), the terms, conditions and covenants of the Series A-2 Note are hereby amended as follows: (a) Section 2.1(b). Section 2.1.(b) of the Series A-2 Note is hereby deleted in its entirety and the following is substituted therefore: "Immediately prior to the Conversion Date, and as a Conversion Condition, Borrower shall pay to Issuer an amount sufficient to reduce the entire outstanding principal balance of the Loan to $11,991,300 or such lesser amount of the Cornerstone Purchase Price (as defined in the Bond Purchase Agreement) as may be permitted pursuant to the terms of the Bond Purchase Agreement., with the Series A-2 Tranche evidenced by this Note not to exceed $659,300 or such lesser amount as may be permitted pursuant to the terms of the Bond Purchase Agreement and with the Series A-1 Tranche evidenced by the Series A-1 Note not to exceed $11,332,000" (b) Section 3.2.2. Section 3.2.2 of the Series A-1 Note is hereby deleted in its entirety and the following is substituted therefor: "Fixed Rate. Subject to Section 6.2 below, at all times from and after the Conversion Date, the unpaid principal balance of this Note from time to time outstanding shall bear interest at the Fixed Rate. The "Fixed Rate' on this Note from the Conversion Date until the Initial Fixed Rate Maturity Date (as defined below) shall be a fixed interest rate equal to Four and Sixty -Nine one hundredths percent (4.69%) per annum, provided that the Conversion Date occurs on or prior to September 20, 2017." 5. Amendment to Deed of Trust. The following sentence is added to the third paragraph of the Deed of Trust: "On the Conversion Date, Cornerstone will purchase $11,991,300.00 of the Bonds as referenced in the Assignment and Assumption of Bonds, Deed of Trust and Loan Documents that is to be recorded at Conversion." 6. Modification Fee. As consideration for Cornerstone's agreement to enter into this Agreement and the modifications to the Loan Documents contemplated herein, Borrower shall pay to Cornerstone a modification fee equal to $5,396.00 on or prior to the date of execution of this Amendment.