Reso 2007-106 - Laserfiche WebLink

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AMENDMENT OF SECURED PROMISSORY NOTE This Amendment ("Amendment") to that certain Secured Promissory Note ("Note"), dated as of June 30, 1999 ("Effective Date"), by Cornerstone Community Development Corporation ("Maker") in favor of the City of San Leandro, a municipal corporation ("Holder") and is entered into as ofJuly 18,2007. WHEREAS, the Holder and the Maker desire to amend the Note in order to forgive a portion of the principal amount of the Note, One Hundred Eighty Thousand Dollars ($180,000), annually over the thirty (30) year tenn of the Loan. NOW, THEREFORE, the Parties do hereby agree to the following amendments to the Note: I. Paragraph A of the Note is hereby amended to read as follows: "FOR VALUE RECEIVED, the undersigned Borrower, CORNERSTONE COMMUNITY DEVELOPMENT CORPORATION ("Maker"), promises to pay to the order of the CITY OF SAN LEANDRO ("Holder"), at 835 E. 14th Street, San Leandro, California, or at such other place as Holder may from time to time designate by written notice to Maker, the principal sum of ONE HUNDRED EIGHTY THOUSAND DOLLARS ($180,000), together with simple interest at the rate of TWO PERCENT (2%) per annum, through the Term of the Loan Agreement between Maker and Holder, hereinafter designated as the Loan. The Term of this Note shall be thirty (30) years from the date of the Loan Agreement. Provided Maker is not in default of any provision of the Loan Agreement, Holder shall forgive one thirtieth (l/30th) of the principal and accrued interest annually on June 7, 1999 (effective date of Loan Agreement). 2. Effect. Except as modified by this Amendment, the Note, dated June 30, 1999, shall remain in full force and effect. MAKER: CORNERSTONE COMMUNITY DEVELOPMENT CORPORATION, a California nonprofit benefit corporation By: Its: Executive Director