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A-2018-058 <br />W011K hrAY PFIOCEFE) <br />GLU3K OF CO()NCJL <br />MAR 2 2 2016& <br />FIRST AMENDMENT TO CITY/HOME LOAN NOTE <br />THIS FIRST AMENDMENT TO CITY/FIOME LOAN NOTE is made and entered into this 6th <br />CLw'to 56" day of March, 2018, by and between ROSS AND DURANT, L.P., a California limited <br />partnership ("Borrower"), and the City of Santa Ana, a charter city and municipal corporation, <br />organized and existing under the Constitution and laws of the State of California ("City"). <br />RECITALS <br />A. Borrower executed a City/I IOME Loan Note, dated May '10, 2006, to secure loan <br />funding for Borrower to develop an affordable housing project on the property <br />located at 1411 N. Durant ("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 />111 <br />/// <br />Ill <br />/// <br />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 />