Agmt 2003 Surf Housing Associates LP

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AMENDMENT NO. 1 TO THE LOAN AGREEMENT FOR THE USE OF HOME FUNDS BETWEEN THE CITY OF SAN LEANDRO AND SURF HOUSING ASSOCIATES, L.P. FOR ACQUISITION AND REHABILITATION OF APARTMENT BUILDING AT 15320 TROPIC COURT THIS AMENDMENT TO AGREEMENT is made at San Leandro, California, as of November 17, 2003, by and between the CITY OF SAN LEANDRO, (the "City"), and SURF HOUSING ASSOCIATES, L.P., a California limited partnership ("Recipient"). This Amendment is made in contemplation of the following facts, understandings and intentions of the parties: A. On May 6, 2002, the City and Citizens Housing Corporation ("CHC") entered into an Agreement ("Agreement") pertaining to the acquisition of property located at 15320 Tropic Court, San Leandro, California, to be used to rehabilitate a 46-unit apartment complex, of which at least 49% of the units would become affordable housing, as agreed to in said Agreement. CHC assigned all of its interest in the Agreement to Recipient with the consent of the City. B. The City and the Recipient desire to amend the Agreement to change the use of HOME funds and the work program of the project. NOW, THEREFORE, the parties agree as follows: 1. Section 1.03 USE OF HOME FUNDS, shall be amended as follows: Eleven (11) of the housing units assisted through this contract ("HOME Assisted Units") shall meet at a minimum the HOME affordability requirements of 24 CFR Part 92.252 or 92.254. For all the HOME assisted Units, Developer agrees to execute a regulatory agreement in substantially the same form as Exhibit F that will be recorded as a deed restriction and will specify a term of affordability that will last at least fifteen (15) years from the date of initial occupancy. 2. EXHIBIT A, Work Program, shall be amended as follows: b. Exterior Improvements iii. Particular focus will be given to a new facade treatment along Lewelling Boulevard. This will consist of removal of old landscaping and installation of new landscaping, including shrubs and ground cover. The Recipient will use new windows with metal frames to pop-out the flat windows and/or may propose other comparable architectural elements to accentuate the building facade. A new project sign will be installed vertically along the Lewelling/Tropic Court corner of the building, and new lighting will be installed to highlight the landscaping and the sign.