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WHEREAS, Borrower further requests that City approve the extension of the maturity <br /> dates of the loans to fifty-five (55) years from the date of recordation of the Agreements, as set <br /> forth in the Agreements. <br /> NOW, THEREFORE,the City Council of the City of San Leandro does hereby <br /> RESOLVE as follows: <br /> Section 1. The above recitals are true and correct and incorporated into this <br /> Resolution by this reference. <br /> Section 2. The Agreements, substantially in the form on file with the City Clerk, are <br /> hereby approved. <br /> Section 3. The City Manager is hereby authorized to forgive all interest owing on the <br /> HOME Loan and the Housing Loan, and to extend the maturity dates on the Loans to fifty-five <br /> years from the date of recordation of the Assignment Agreements. <br /> Section 4. The City Manager is hereby authorized to execute the Assignment <br /> Agreements, with such changes as may be recommended by the City Attorney, and to take all <br /> actions and execute such other documents as may be necessary to carry out the obligation of the <br /> City under the Assignment Agreements and the intent of this Resolution. <br /> Section 5. This Resolution shall take effect immediately upon its adoption. <br /> Introduced by Councilmember Prola and passed and adopted this 4th day of January, <br /> 2016, by the following vote: <br /> Members of the Council: <br /> AYES: Councilmembers Cox, Lee, Lopez, Prola, Reed, Thomas; Mayor Cutter (7) <br /> NOES: None (0) <br /> ABSENT: None (0) <br /> ATTEST: <br /> Tamika Greenwood, City Clerk <br /> RESOLUTION NO.2016-004 2 <br />