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1 <br />Assignment and Modification –750k HOME <br />NO FEE DOCUMENT: <br />Entitled to free recording <br />per Government Code 27383. <br />Recording Requested by and <br />when recorded mail to: <br />City of San Leandro <br />835 East 14th Street <br />San Leandro, CA 94577 <br />ASSIGNMENT, ASSUMPTION <br />AND MODIFICATION AGREEMENT <br />(CITY HOME PROGRAM LOAN) <br />This Assignment, Assumption and Modification Agreement (the “Agreement”) is entered <br />into as of _______________, 2016, by and among Las Palmas Development Partners, L.P., a <br />California limited partnership (“Assignor”), LPSL, L.P., a California limited partnership <br />(“Assignee”) and the City of San Leandro, a municipal corporation (the “City”) with reference to <br />the following facts: <br />A. The City made a loan of HOME program funds in the original amount of $750,000 <br />(such amount, together with accrued interest thereon, the “Loan”) to Citizens Housing Corporation, <br />predecessor in interest to the Assignor, pursuant to a Loan Agreement dated as of December 6, <br />1999 recorded in the Official Records of the County of Alameda (the “Official Records”) on <br />December 14, 1999, as Instrument No. 1999-444481, as amended by Amendment No. 1 to Loan <br />Agreement dated as of November 17, 2003 recorded in the Official Records on January 12, 2004, as <br />Instrument No. 2004-013704 (collectively, the “Loan Agreement”) to be used in connection with <br />Assignor's residential housing project for low income persons known as Las Palmas located at <br />15370-15375 Tropic Court, San Leandro, California and more particularly described in the attached <br />Exhibit A (the “Property”). <br />B. The Loan is also evidenced by that certain Secured Promissory Note (the “Note”) <br />dated December 6, 1999, and secured by a Deed of Trust dated December 6, 1999 recorded in the <br />Official Records on December 14, 1999, as Instrument No. 1999-444481 (the “Deed of Trust”) and <br />a Regulatory Agreement dated December 6, 1999 recorded in the Official Records on December <br />14, 1999, as Instrument No. 1999-444481, as amended by Amendment No. 1 to Regulatory <br />Agreement dated as of November 17, 2003 recorded in the Official Records on January 12, 2004, as <br />Instrument No. 2004-013705 (collectively, the “Regulatory Agreement” and collectively with the <br />Loan Agreement, the Note and the Deed of Trust, the “Loan Documents”). <br />C. Concurrently herewith, the Assignee is acquiring the Property from the Assignor