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• <br /> • RECORDING REQUESTED BY <br /> FIRST AMERICAN TITLE <br /> -5 ° " 2003395366 07/08/2003 08:30 AM <br /> Recording Requested by and ' ` <br /> 9 <br /> e' i= OFFICIAL RECORDS OF ALAMEDA COUNTY <br /> • 'When Recorded, Return to: ° / / " PATRICK O C FEE: 52.00 <br /> San Leandro Redevelopment Agency " "' ° ° "°' <br /> City of San Leandro, California, II I I II II II III I �I I VIII I I I I II 16 RGS <br /> a Public Body, Corporate and Politic <br /> c/o Executive Director <br /> 835 East 14 Street <br /> San Leandro, Califomia 94577 h p <br /> /60'181 JL <br /> MODIFICATION OF LOAN AGREEMENT <br /> This AGREEMENT is made as of this Orin- day of June, 2003 by and between <br /> CREEKSIDE ASSOCIATES, LLC, a California limited liability company and T. LAWRENCE <br /> JETT, a married man, as his sole and separate property, (hereinafter the "Borrowers ") and the <br /> Redevelopment Agency of the City of San Leandro, (hereinafter the "Agency"). <br /> RECITALS <br /> A. On the 17 day of July, 2000, Borrowers and the Agency entered into a Disposition and <br /> Development Agreement ( "DDA ") for the acquisition of real property, hereinafter defined, and <br /> the development of Creekside Plaza, an office complex including a parking structure and three <br /> (3) office buildings and certain improvements and other requirements as set forth therein, all as <br /> more particularly described in the DDA (the "Project "), on real property legally described in <br /> Exhibit A, attached hereto and incorporated herein by this reference (the "Property"). <br /> B. Under the terms of the DDA, Agency assisted in the redevelopment of the Project by <br /> making loans to the Borrower for the construction of a parking garage on the Property in the <br /> principal amount of ONE MILLION ONE HUNDRED THOUSAND DOLLARS ( $1,100,000) <br /> (the "Construction Loan') and a Deferred Loan for the development of a restaurant on the <br /> Property in the principal amount of TWO HUNDRED FORTY -EIGHT THOUSAND THREE <br /> HUNDRED AND ONE DOLLARS ($248,301) (collectively "Agency Loans "). <br /> C. Each of the Agency Loans are secured by a Deed of Trust covering the Property dated <br /> May 9, 2001, executed by Borrowers as Trustor, in favor of the Agency as Beneficiary, with <br /> First American Title Guaranty Company named as Trustee, which Deed of Trusts were recorded <br /> on May 11, 2001, as Instrument Series No: 2001161047 and Series No: 2001161046, <br /> respectively, in the official Records of the County of Alameda, State of California ( "Deeds of <br /> Trust "). <br /> D. As of the date hereof, the outstanding balance of the Developer Construction Note is <br /> ONE MILLION ONE HUNDRED THOUSAND DOLLARS ($1,100,000) and the Deferred <br /> Second Note which is TWO HUNDRED FORTY -EIGHT THOUSAND THREE HUNDRED <br /> AND ONE DOLLARS ($248,301), respectively, or in the aggregate, ONE MILLION THREE <br /> HUNDRED FORTY EIGHT THOUSAND THREE HUNDRED ONE DOLLARS ( "Total <br /> Debt ") all of which is unpaid principal. <br /> THIS INSTRUMENT FILED BY FIRST .AMERICAN <br /> TITLE GUARANTY COMPANY AS AN ACCOMMO- <br /> DATION ONLY. IT HAS NOT BEEN EXAMINED AS <br /> Tr ITS EXECUTION AND NO LIABIt.i'Y IS <br /> ASSUMED AS .3 ITS EFFECT UPOjv THE TITLE. <br />