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Agmt 2009 Alameda County Allied Housing Program
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Agmt 2009 Alameda County Allied Housing Program
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Last modified
6/19/2009 11:52:01 AM
Creation date
6/19/2009 11:49:55 AM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agreement
Document Date (6)
6/15/2009
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PERM
Document Relationships
Inst 2009238642
(Reference)
Path:
\City Clerk\City Council\Recorded Documents\2009
Inst 2009238643
(Reference)
Path:
\City Clerk\City Council\Recorded Documents\2009
RDA Reso 2009-015
(Approved by)
Path:
\City Clerk\City Council\Resolutions\2009
Reso 2009-094
(Approved by)
Path:
\City Clerk\City Council\Resolutions\2009
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FIRST AMENDMENT T4 LOAN AGREEMENT <br />THIS FIRST AMENDMENT TO LOAN AGREEMENT ("First Amendment") is <br />entered into effective as of June 16, 2009 ("Effective Date") by and between Alameda County <br />Allied Housing Program, a California nonprofit public beneft corporation ("Borrower") and <br />the City of San Leandro, a public body corporate and politic ("City"). Borrower and City are <br />hereinafter collectively referred to as the "Parties." <br />RECITALS <br />A. Borrower and the Redevelopment Agency of the City of San Leandro ("Agency") <br />entered into an Owner Participation Agreement dated as of May 3, 2006 (the "OPA") pursuant to <br />which Borrower agreed to purchase the real property known as Alameda County Assessor's <br />Parcel No. 075-0195-004-01 at 112 Garcia Avenue in the City of San Leandro, California <br />("Property"} together with the mixed-use residential and commercial structure located thereon <br />("Improvements") known as the Mission Bell Apartments and Stores (all of the foregoing <br />collectively, the ~~Project") and to operate the Project as an affordable housing project for very <br />low- and extremely low-income households. The Property is located within the Alameda <br />County-City of San Leandro (Joint) Redevelopment Project Area {"Project Area"}. <br />B. Pursuant to the OPA, the City provided a loan (the "Original City Loan") to <br />Borrower in the amount of One Million One Hundred Thousand Dollars and Sixty Seven Cents <br />($1,100,000.67) in order to increase the housing affordability level of the Projcct, as more <br />particularly described in the OFA and in that certain Affordable Housing Regulatory Agreement <br />and Declaration of Restrictive Covenants executed by and among Borrower, the City, and the <br />Agency, dated as of May 3, 2006 and recorded in the Official Records of Alameda County <br />{"Official Records") on May 5, 2006 as Instrument No. 2006181157 (the "Regulatory <br />Agreement"). <br />C. The Original City Loan is evidenced by a Secured Promissory Nate executed by <br />Borrower and dated as of April 26, 2006, and is secured by a Deed of Trust in favor of the City, <br />dated as of April 26, 2006, and recorded in the Official Records on May 5, 2006 as Instrument <br />No. 2006181158 ("City Deed of Trust"}. The Original City Loan terms are more particularly <br />described in that certain Loan Agreement ("Loan Agreement") by and between Borrower and <br />City dated as of May 3, 2006. <br />D. Borrower has requested, and City has agreed to provide, an additional loan <br />{"Additional Loan"} in the amount of Four Hundred Thousand Dollars {$400,000.00), to assist <br />in refinancing and rehabilitating the Project in accordance with the terms and conditions set forth <br />in this First Amendment. The Additional Loan shall be evidenced by a Secured Promissory <br />Note of even date herewith and shall be secured by the City Deed of Trust. <br />E. Concurrently herewith, Borrower, City and Agency shall execute and record an <br />Amended and Restated Regulatory Agreement and Declaration of Restrictive Covenants <br />("Amended Regulatory Agreement"} which shall restrict the occupancy of the Project to low-, <br />very low- and extremely low-income households and require Project rents to be affordable to <br />1228487-5 1 FIRST AIVIENDMENT TO LOAN AGREEMENT <br />MISSCON BELL APARTMENTS <br />
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