Laserfiche WebLink
A-2018-060 <br />INSURANCE lCr REOUiRF'U <br />WORK MAY PROCEED <br />OLLRK OF COUNCIL <br />RAR 2.2 2018 FIRST AMENDMENT TO CJT'V LOAN NOTE <br />p AOf) <br />flaw 4�THIS FIRST AMENDMENT TO CITY LOAN NOTE is made and entered into this 6th day of <br />11*reh, 2018, by and between WILSHIRE & NIINNIE, L.P., a California limited partnership <br />(`Borrower"), and the City of Santa Ana, a charter city and municipal corporation, organized and <br />existing under the Constitution and laws of the State of California ("City"). <br />RECITALS <br />A. Borrower executed a City Loan Note, dated May 30, 2007 to secure loan funding <br />for Borrower to develop an affordable housing project on the property located at <br />1201, 1209, 1213, 1221, 1225, 1229, AND 1233 East Wilshire, and 1401,, 1403, <br />1409, 1413, 1421, 1425, 1.429, 1433, 1437, and 1439 South Minnie Street ("said <br />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 />11l <br />111 <br />IJJ <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 fill force and effect. <br />Page 1 of 3 <br />