Agmt 2013 Alameda Housing Associates LC

Home

FIRST AMENDMENT TO OWNER PARTICIPATION AND LOAN AGREEMENT • . THIS FIRST AMENDMENT TO OWNER PARTICIPATION AND LOAN AGREEMENT (this "Amendment") is effective as of December 2,2013 by and between the City of San Leandro, as housing successor to the Redevelopment Agency of the City of San Leandro • ("City")and Alameda Housing Associates, L.P., a California limited partnership("Developer"). • City and Developer are hereinafter collectively referred to as the"Parties." RECITALS A. The Redevelopment Agency of the City.of San Leandro ("Agency") executed an Owner Participation and Loan Agreement with Developer, dated as of April 6, 2009 (the "Agreement"); . • • B. Pursuant to Resolution 2012-001 adopted by the City Council on January 9,2012, the City agreed to act as the housing successor to the Agency and by law assumed the rights of the Agency under the Agreement all in accordance with Health and Safety Code Section 34176(a); C. The Parties have agreed to execute this Amendment to reflect: that the City will • administer the Agreement and related requirements in accordance with Health and Safety Code Section 34176(a); that the Borrower and the City have reached certain agreements with respect to the California Department of Housing and Community Development Transit Oriented Development Housing Grant; that the Borrower has met certain milestones with respect to the Project; and that certain updates have been made to the Project, including, among others, the • addition of fifteen (15) more residential units. NOW, THEREFORE, in consideration of the mutual covenants contained herein and good and valuable consideration the receipt and sufficiency of which are hereby acknowledged,the Parties agree as follows. • 1. The second sentence of Section 2.1(i)of the Agreement is revised to clarify that • as of January 11,2010, the Developer's general partner is Alameda Housing, LLC, a California limited liability company. The second and third sentences of Section 2.2 of the Agreement are hereby deleted in their entirety. 2. Section 3.1 of the Agreement shall be amended and restated to read as follows: "Developer represents and warrants that as of the date of this Amendment: (i) Developer is a party to an agreement with Bay Area Rapid Transit District("BART") pursuant to which Developer has the exclusive right to negotiate regarding acquisition of the Property, and(ii) the Property is subject to no covenant, condition,restriction or agreement that would prevent the development of the Project in accordance with this Agreement. If at any time the foregoing statements become untrue,the City shall have the right to terminate this Agreement upon written notice to Developer. In the event that Developer does not acquire a leasehold interest in the Property within forty-eight (48) months following the date of this Amendment, the Agency may 144\221\1345333.2