HomeMy WebLinkAboutROSS AND DURANT, L.P. - 2018A-2018-058
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GLU3K OF CO()NCJL
MAR 2 2 2016&
FIRST AMENDMENT TO CITY/HOME LOAN NOTE
THIS FIRST AMENDMENT TO CITY/FIOME LOAN NOTE is made and entered into this 6th
CLw'to 56" day of March, 2018, by and between ROSS AND DURANT, L.P., a California limited
partnership ("Borrower"), and the City of Santa Ana, a charter city and municipal corporation,
organized and existing under the Constitution and laws of the State of California ("City").
RECITALS
A. Borrower executed a City/I IOME Loan Note, dated May '10, 2006, to secure loan
funding for Borrower to develop an affordable housing project on the property
located at 1411 N. Durant ("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:
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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
City/HOME Loan Note the date and year first above written.
CITY OF SANTA ANA
ATTEST:
MARIA D. HUIZAR
Clerk of the Council
APPROVED AS TO FORM:
SONIA R. CARVALHO
City
C
RECOMMENDED FOR APPROVAL:
ROMRT M. ZUR SC M DE
Interim Executive Direc
Community Development Agency
"fAVA-��7
PAUL GODINEZ`II
City Manager
(Additional signatures on following page)
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si:�1741 Won
ROSS & DURANT, L.P.,
A California limited partnership
MANAGING GENERAL PARTNER
ORANGE HOUSING DEVELOPMENT CORPORATION
a California nonprofit, public benefit corporation
By:
EUNICE BOBERT
Chief Executive Officer
GENERAL PARTNER
C&C R&D I, LLC, a California limited liability company
By: Cottle Family Trust Dated 3/8/87, its Member
By:
BAIMY COTTLE
Trustee
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