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Agmt 2016 Amend No. 1 Davis StreetFamily Resource Center (DSFRC) Loan (2595)
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Agmt 2016 Amend No. 1 Davis StreetFamily Resource Center (DSFRC) Loan (2595)
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agreement
Document Date (6)
8/9/2016
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FIRST AMENDMENT TO LOAN AGREEMENT <br />This First Amendment to the Loan Agreement, ("First Amendment"), is entered into <br />this 14A day of 2016 (the "Effective Date"), by and between Davis Street <br />Family Resource Center, a California non-profit organization, hereinafter referred to as <br />Borrower")and the City of San Leandro, a charter city formed under the laws of the State of <br />California, hereinafter referred to as("Lender"). Lender and Borrower are hereinafter <br />collectively referred to as the("Parties"), agree as follows: <br />RECITALS <br />A Borrower and Lender entered into a Loan Agreement for the purpose of <br />providing LENDER with bridge financing to pursue establishment of a community health <br />clinic(the"Agreement"). <br />B. Maturity Date as set forth in Section 1.2 of the Agreement provides that the <br />entire outstanding principal balance of the Loan together with accrued interest and all <br />other sums due under the Loan Documents shall be payable in full on the second (2nd) <br />anniversary of the Effective Date, to which the Parties understand and agree is August 1, <br />2016. <br />C. Borrower and Lender now desire to amend the Agreement as set forth in <br />this First Amendment to extend the Maturity Date for the Agreement to October 31 2016. <br />NOW, THEREFORE, in consideration of the foregoing recitals and the mutual <br />covenants contained herein, the Parties hereby agree to amend the Agreement as follows: <br />AGREEMENT <br />1. Amendment to Maturity Date: Section 1.2 of the Agreement is amended to <br />reflect that the Maturity Date, as defined by the Agreement, shall be October 31, 2016. <br />2. Ratification. Except as modified by this First Amendment, the Agreement <br />is ratified, affirmed, in full force and effect, and incorporated herein by this reference. <br />The Parties understand and agree that this amendment is effective upon its approval by <br />the City.Council. <br />First Amendment to Loan Agreement Page 1 of2 <br />City of San Leandro and Davis Street Family <br />Resource Center
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