HomeMy WebLinkAboutLACY & RAITT, L.P. - 2018INSURANCE NOT REQUIRED
WORK MAY PROCEED
CLERK Or COUNCIL
MAR 2 26
X018
FIRST AMENDMENT TO AGENCY LOAN NOTE
A-2018-067
fI' L�7H �a THIS FIRST AMENDMENT TO AGENCY LOAN NOTE is made and entered into this 6th day
of March, 2018, by and between LACY & RAITT, L.P., a California limited partnership
��`Borrower"), and the Housing Authority of the City of Santa Ana, acting as the Housing
Successor Agency, a public body, corporate and politic ("Agency").
RECITALS
A. Borrower executed an Agency Loan Note, dated June 1, 2009, to secure loan
funding for Borrower to develop an affordable housing project on the property
located at 703 N. Lacy Street ("said Note").
B. In accordance with the terms and conditions of said Note, the parties desire to
amend the "Operating Expenses" definition to increase the allowed property
management fee to 8% of gross rents under said Note.
NOW THEREFORE, in consideration of the mutual and respective promises, and subject to the
terms and conditions of said Note, except as herein modified, the parties agree as follows:
NA
1. Section 2, Definitions, shall be amended to revise the definition of "Operating
Expenses" to increase the property management fee equal to 8% of gross rents for
the subject affordable housing project.
2. Except as hereinabove modified, all terms and conditions of said Note shall
remain in full force and effect.
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IN WITNESS WHEREOF, the parties hereto have executed this First Amendment to Agency
Loan Note the date and year first above written.
ATTEST: HOUSING AUTHORITY OF THE CITY OF
SANTA ANA ACTING AS THE HOUSING
SUCCESSOR AGENCY
V'
Maria D. Huizar Raul Godinez II
Clerk of the Council City Manager
APPROVED AS TO FORM:
SONIA R. CARVALHO
City
RECOMMENDED FOR APPROVAL:
a
ROB RT M. ZUR S"HI QIE
Interim Executive Dit ^ r
Community Development Agency
(Additional signatures on following page)
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"BORROWER"
LACY & RAITT, L.P., a California limited partnership
MANAGING GENERAL PARTNER
OHDC L&R, LLC
a California limited liability company
ORANGE HOUSING DEVELOPMENT CORPORATION
a California nonprofit public benefit corporation
By:
EUNICE BOBERT
Chief Executive Officer
DEVELOPER GENERAL PARTNER
C&C L&R, LLC, a California limited liability company
TODD R. COTTLE
Its Member
By: Cottle Family Trust Dated 3/8/87, Its Member
By:
BAMY Y A. COTTLE
Its Trustee
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