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10A Action 2014 0915
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10A Action 2014 0915
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9/17/2014 2:43:50 PM
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9/10/2014 12:39:36 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Staff Report
Document Date (6)
9/15/2014
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_CC Agenda 2014 0915 CS+RG
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\City Clerk\City Council\Agenda Packets\2014\Packet 2014 0915
Reso 2014-104
(Reference)
Path:
\City Clerk\City Council\Resolutions\2014
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<br />2258177.2 1 <br />FIRST AMENDMENT TO <br />HOME LOAN AGREEMENT <br /> <br />THIS FIRST AMENDMENT TO HOME LOAN AGREEMENT (this “Amendment”) is <br />effective as of __________, 2014 by and between the City of San Leandro, a California <br />municipal corporation (“City”) and Alameda Housing Associates, L.P., a California limited <br />partnership (“Borrower”). City and Borrower are hereinafter collectively referred to as the <br />“Parties.” <br />RECITALS <br />A. The City and Borrower entered that certain HOME Loan Agreement dated July <br />24, 2012, pursuant to which the City is loaning Six Hundred Fifty Thousand Dollars ($650,000) <br />in HOME funds to Borrower (“Agreement”). <br />B. Since the execution of the Agreement, the “Project” has been modified as follows: <br />the Project shall include one hundred fifteen (115) units of affordable housing, and; the Project <br />will be located on Borrower's leasehold interest in that certain real property more particularly <br />described in the attached Exhibit A. As used in this Agreement, the "Property" shall mean <br />Borrower's leasehold interest in the property described in Exhibit A. In addition the City and <br />Borrower have agreed that a portion of the HOME funds may be used to pay for certain Project <br />soft-costs prior to Borrower's acquisition of the Property. <br /> NOW, THEREFORE, in consideration of the mutual covenants contained herein <br />and good and valuable consideration the receipt and sufficiency of which are hereby <br />acknowledged, the Parties agree as follows. <br />1. The second and third sentences of Section 1.0 of the Agreement are amended and <br />restated as follows: <br />'The Loan shall be evidenced by a promissory note executed by Borrower substantially in the <br />form attached hereto as Exhibit C, bearing simple interest at the rate of three percent (3%) per <br />annum with a term of fifty-five (55) years. The Borrower and City agree that until such time as <br />the Borrower acquires the Property, the Loan will be secured by that certain Assignment of <br />Agreements plans and Specifications dated June 25, 2009 between Borrower and City, as <br />housing successor to the former Redevelopment of the City of San Leandro ("Assignment <br />Agreement"). The Assignment Agreement was entered into in connection with the OPLA. <br />Following Borrower's acquisition of the Property, the Loan will be secured by a leasehold deed <br />of trust substantially in the form attached hereto as Exhibit D, which will be recorded against the <br />Property at the Borrower's construction loan closing for the Project (the "Construction <br />Closing")." <br />2. The following language is added to Section 1.1: <br />"Notwithstanding anything to the contrary in this Agreement, provided that Borrower is not in <br />default under this Agreement, Borrower may terminate this Agreement under the circumstances <br />set forth below by giving written notice of such termination to the City on or prior to Borrower's <br />acquisition of the Property:
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