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A-2018-065 <br />INSURANCE NOT REQUIRED <br />WORK MAY PROCFED <br />CI.E RK OF COUNCIL <br />Pit F <br />MAR � Z 2098 l/y.✓j� FIRST AMENDMENT TO AGENCY LOAN NOTE <br />� <br />THIS FIRST AMENDMENT TO AGENCY LOAN NOTE is made and entered into this 6th day <br />p' �0 of March, 2018, by and between TOWNSEND &; RAITT, L.P., a California limited partnership <br />(`Borrower"), and the Housing Authority of the City of Santa Ana, acting as the Housing <br />Successor Agency, a public body, corporate and politic ("Agency"). <br />RECITALS <br />A. Borrower executed an Agency Loan Note, dated May 15, 2008, to secure loan <br />funding for Borrower to develop an affordable housing project on the property <br />located at 834 South Raitt ("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 />I. 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 lull force and effect. <br />Page 1 of 3 <br />