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A-2018-062 <br />IN UnANCE NOT REQUIRED <br />WORK it`d'€ PROCEED <br />CLEIrtlf OF COUNCIL . <br />i)ArF- MAR 2 2 2018 M <br />FIRST AMENDMENT TO AGENCY LOAN NO':I:'E <br />,, THIS FIRST AMENDMENT TO AGENCY LOAN NOTE is made and entered into this 6th day <br />of March, 2018, by and between TOWNSEND & RAI`I'T, L.F., 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 February 14, 2008, to secure <br />loan funding for Borrower to develop an affordable housing project on the <br />property located at 709 South Townsend ("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 />N <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 />