Laserfiche WebLink
interest in plans developed for the rehabilitation of the Property. <br />NOW THEREFORE, in consideration of the mutual covenants of the Parties and <br />other good and valuable consideration, the receipt and sufficiency of which are hereby <br />acknowledged, the Parties hereby agree as follows. <br />1. The Agreement is amended to add the following Section 23: <br />23. Additional Advance. In addition to the funds advanced pursuant to <br />this Agreement as amended by the First Amendment and the Second <br />Amendment, the Agency shall loan the sum of Twenty-Five Thousand <br />Dollars ($25,000) (the "Additional Advance") to cover expenses <br />Developer has incurred or will incur for architectural services rendered in <br />connection with rehabilitation of the Property. Developer agrees that (i) <br />Developer shall repay or shall cause Mercy Housing XXXIII to repay the <br />Additional Advance to Agency upon the conveyance of the Property to <br />Mercy Housing XXXIII or upon such other date as may be specified in the <br />Predevelopment Loan Agreement, (ii) the Additional Advance shall be <br />included as part of the principal amount of the Predevelopment Loan, and <br />(iii) Developer shall execute and deliver or shall cause Mercy Housing <br />XXXIII to execute and deliver all documentation reasonably required by <br />the Agency in connection with the Predevelopment Loan, including without <br />limitation, the Predevelopment Loan Agreement, a promissory note and an <br />assignment agreement pursuant to which the Agency shall be provided a <br />security interest in plans developed for the rehabilitation of the Property. <br />The Additional Advance shall be disbursed to Kava Massih Architects or to <br />Developer upon Agency's receipt of evidence of Developer's payment for <br />architectural services rendered in connection with the Project together with <br />such additional documentation as Agency may reasonably require. <br />2. All other provisions of the Agreement shall remain unchanged and in full <br />force and effect. <br />3. This Amendment may be executed in counterparts, each of which shall <br />constitute an original and all of which taken together shall constitute one and the same <br />instrument. <br />81240-3 2, <br />