Laserfiche WebLink
A-2018-066 <br />INSURANCE NOT REOUIRED <br />WORK MAY PROCEED <br />CLERK OF COUNC <br />�r <br />MAR 2Q 16 FIRST AMENDMENT TO CITY PROMISSORY NOTE <br />THIS FIRST AMENDMENT TO CITY PROMISSORY NOTE is made and entered into this 6th <br />day of March, 2018, by and between DURANT - 1410, LP, a limited partnership comprised of <br />OHDC Properties I, LLC ("OHDC"), a Limited Liability Company, and C&C Propel -ties Group <br />I, LLC, a California limited liability company ("Borrower"), and the City of Santa Ana, a charter <br />city and municipal corporation, organized and existing tinder the Constitution and laws of the <br />State of California ("City"), <br />RECITALS <br />A. Borrower executed a City Promissory Note, dated September 28, 2009 to secure <br />loan funding for Borrower to develop an affordable housing project on the <br />property located at 1410-1412 Durant Street ("said Note"). <br />B. In accordance with the terms and conditions of said Note, the parties desire to <br />amend the "Operating Expenses" definition to increase the allowed property <br />management fee to 8% of gross rents under said Note. <br />NOW THEREFORE, in consideration of the mutual and respective promises, and subject to the <br />terms and conditions of said Note, except as herein modified, the parties agree as follows: <br />tli <br />tll <br />111 <br />1, Section 2, Definitions, shall be amended to revise the definition of "Operating <br />Expenses" to increase the property management fee equal to 8% of gross rents for <br />the subject affordable housing project. <br />2. Except as hereinabove modified, all terms and conditions of said Note shall <br />remain in full force and effect. <br />Page 1 of 3 <br />