10B Action 2012 0117 - Laserfiche WebLink

Home

RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: City of San Leandro 835 East 14 Street San Leandro, CA 94577 Attention: City Manager EXEMPT FROM RECORDING FEES PER GOVERNMENT CODE § §6103, 27383 Space above this line for Recorder's use. AMENDED AND RESTATED DEED OF TRUST, ASSIGNMENT OF RENTS, SECURITY AGREEMENT AND FIXTURE FILING THIS AMENDED AND RESTATED DEED OF TRUST, ASSIGNMENT OF RENTS, SECURITY AGREEMENT AND FIXTURE FILING ( "Deed of Trust ") is made as of January 2012, by Eden Surf Associates L.P., a California limited partnership ( "Trustor ") to North American Title Insurance Company as trustee ( "Trustee "), for the benefit of the City of San Leandro, a municipal corporation (`Beneficiary "). RECITALS A. Trustor owns fee simple title to the property located in the City of San Leandro at 15320 Tropic Court, known as Alameda County Assessor's parcel number 412 - 0006 -007, and more particularly described in Exhibit A attached hereto and incorporated herein by this reference (the "Land "). Trustor intends to rehabilitate, own and operate a project consisting of affordable multi - family residential apartments on the Land (the "Project "). B. In May 2002, Beneficiary and Citizen's Housing Corporation, a California nonprofit public benefit corporation ( "Citizen's ") entered into that certain unrecorded Loan Agreement for the Use of HOME Funds for Acquisition of the Housing Units Located at 15320 Tropic Court (the "Original City Loan Agreement "), pursuant to which Beneficiary provided a loan to Citizen's in the original principal amount of Seven Hundred Thousand Dollars ($700,000) (the "Original City Loan ") to partially finance the acquisition of the Project. Trustor subsequently assumed all obligations of Citizen's under the Original City Loan Agreement, including without limitation, Citizen's obligation to repay the Original City Loan. Concurrently with the execution of this Deed of Trust, Trustor will execute and deliver to City an Amended and Restated Secured Promissory Note in the amount of the Original City Loan together with interest accrued since the origination of the Original City Loan (the "Amended Note "). The Amended Note amends and restates that certain Secured Promissory Note dated as of May 6, 2002, executed by Citizen's for the benefit of Beneficiary, evidences Trustor's obligation to repay the Original City Loan, and is secured by this Deed of Trust. C. Trustor and Beneficiary entered into an Affordable Housing Loan Agreement dated as of the date hereof (the "Loan Agreement "). Pursuant to the Loan Agreement, Beneficiary will provide a loan to Trustor in the amount of One Hundred Thousand Dollars 1755157.2