HomeMy WebLinkAboutGARNSEY, L.P. - 2018A-2018-069
INSURANCE NOT REQUIRED
WORK MAY PROCEED
CLERK Of" CUIINCI
nor BAR 2 2 9018
FIRST AMENDMENT TO CITY PROMISSORY NOTE
0,� A @ THIS FIRST AMENDMENT TO CITY PROMISSORY NOTE is made and entered into this 6th
day of March, 2018, by and between Garnsey, LP, a limited partnership comprised of OHDC
C,kk"'1'7�Properties I, LLC ("OHDC"), a Limited Liability Company, and C&C Properties Group I, LLC,
a Limited Liability Company ("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 Promissory Note, dated April 7, 2011, to secure loan
funding for Borrower to develop an affordable housing project on the property
located at 326 South Garnsey 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:
101
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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
Promissory Note the date and year first above written.
CITY OF SANTA ANA
ATTEST:
�D.G,,^ W
MARIA D. HUIZAR
Clerk of the Council
APPROVED AS TO FORM:
SONIA R. CARVALHO
City
RECOMMENDED FOR APPROVAL:
RO RT M. ZUR S H IE
Interim Executive Dire or
Community Development Agency
Q50L -
RAUL GODINEZ II
City Manager
{Additional signatures on following page}
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"BORROWER"
GARNSEY, L.P., a California limited partnership
MANAGING GENERAL PARTNER
OHDC Properties I, LLC
a California limited partnership
ORANGE HOUSING DEVELOPMENT CORPORATION
a California nonprofit corporation, its sole member
EUNICE BOBERT
Chief Executive Officer
DEVELOPER GENERAL PARTNER
C&C Properties Group I, LLC
a California limited liability company
By:
TODD R. COTTLE
Member
By: Cottle Family Trust Dated 3/8/87
By: r/ �
ARRY CO LE
Trustee
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