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• • <br /> North American Title Company <br /> Page 2 <br /> (I) Citizens Surf LP will assign its rights,title and interest in and obligations under. <br /> the CaIHFA Loan to Eden Surf LP pursuant to an assignment and assumption <br /> agreement (the "CaIHFA Loan Assignment"); and <br /> (ii) Citizens Surf LP, Eden Surf LP and CaIHFA are entering into a loan modification <br /> agreement to modify certain terms and conditions of the CaIHFA Loan (the <br /> "CaIHFA Loan Modification"). <br /> After the close of escrow,the CaIHFA Deed of Trust will remain the Bat deed of trust on <br /> the Property. CaIHFA will deposit escrow instructions in connection with the CaIHFA <br /> Loan and the CaIHFA RHCP Loan (defined below)which should be read in conjunction <br /> with these instructions (the "CaIHFA Instructions"). <br /> C. CaIHFA is making a loan of RHCP program funds to Eden Surf LP in the amount of <br /> $300,000 (the "CaIHFA RHCP Loan") which will be secured by a deed of trust (the <br /> "CaIHFA RHCP Deed of Trust"). Through this escrow: <br /> (i) the CaIHFA RHCP Deed of Trust will be subordinated to the CaIHFA Deed of Trust <br /> and the CaIHFA Regulatory Agreement pursuant to subordination language <br /> embedded in the CaIHFA RHCP Deed of Trust. <br /> After the close of escrow, the CaIHFA RHCP Deed of Trust will be the second deed of <br /> trust on the Property. <br /> D. The Redevelopment Agency of the City of San Leandro (the "Agency") made a loan to <br /> CHC in the original principal amount of $300,000 (the "Agency Loan") which is <br /> secured by a deed of trust recorded June 13, 2002, as Instrument No. 2002-261093 (the <br /> "Agency Deed of Trust") and unrecorded Affordability Agreement dated as of November <br /> 17, 2003 and executed by and between Agency and CHC. Pursuant to an assignment <br /> and assumption agreement recorded July 31, 2003, as Instrument No. 2003-446759, <br /> CHC assigned its rights, title and interest in and obligations under the Agency Loan to <br /> Citizens Surf LP. The City, by operation of law, has assumed the Agency's rights and <br /> obligations under the Agency Loan. Through this escrow: <br /> (i) Citizens Surf LP will assign its rights, title and interest in and obligations under <br /> the Agency Loan to Eden Surf LP pursuant to an assignment and assumption <br /> agreement (the "Agency Loan Assignment"); and <br />