HomeMy WebLinkAboutTOWNSEND & RAITT, L.P. - 821 TOWNSEND - 1ST AMEND - 2018A-2018-064
INSURANCE NOT REOUIRED
WORK MAY PROCEED
CLERK OF COUNC
�r. MAR 22 2018 ( FIRST AMENDMENT TO AGENCY LOAN NOTE
01c`mD A C0 THIS FIRST AMENDMENT TO AGENCY LOAN NOTE is made and entered into this 6th day
ClggfMarch, 2018, by and between TOWNSEND & 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 May 15, 2008, to secure loan
funding for Borrower to develop an affordable housing project on the property
located at 821 South Townsend ("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:
I. 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:
9170,7JIM wizu-
Maria
D. Huizar
Clerk of the Council
APPROVED AS TO FORM:
SONIA R. CARVALHO
City
C
RECOMMENDED FOR APPROVAL:
RO ERT M. ZURC M10E
Interim Executive or
Community Development Agency
HOUSING AUTHORITY OF THE CITY OF
SANTA ANA ACTING AS THE HOUSING
SUCCESSOR AGENCY
r
Raul Godinez II
City Manager
(Additional signatures on following page)
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"BORROWER"
TOWNSEND & RAITT, 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 T&R, LLC, a California limited liability company
By: Cottle Family Trust Dated 3/8/87, Member
By: t—✓
BA4&Y COTTLE
Trustee
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