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SECOND AMENDMENT TO LOAN AGREEMENT <br /> INCLUSIONARY HOUSING PROGRAM/CDBG FUNDS <br /> THIS SECOND AMENDMENT TO LOAN AGREEMENT ("Second <br /> Amendment") dated, for identification purposes only, as of October 10, 2017, is made <br /> and entered into by and between the City of Santa Ana, a charter city and municipal <br /> corporation("City") and Santa Ana Arts Collective, L.P. ("Developer")with reference to <br /> the following: <br /> RECITALS: <br /> A. City and Developer entered into the original Loan Agreement for <br /> Inclusionary Housing Program and Community Development Block Grant("CDBG") <br /> funds after Developer's project consisting of a fifty-eight (58) unit multi-family <br /> residential housing development, with live/work units and a possible commercial art <br /> studio, as well as a community room ("Project") located at 1666 N. Main Street, within <br /> the City of Santa Ana, California, was selected and approved for funding by the Santa <br /> Ana City Council on November 3, 2015. <br /> B. City and Developer entered into the First Amended and Restated Loan <br /> Agreement, Santa Ana Agreement No. A-2017-173, which was dated July 5, 2017, and <br /> recorded against the property with the County of Orange on July 26, 2017 ("said Loan <br /> Agreement"). <br /> C. In accordance with the terms and conditions of said Loan Agreement, the <br /> parties desire to amend said Loan Agreement to revise the Project Budget to use the <br /> CDBG funds solely for acquisition costs related to the Project. <br /> NOW, THEREFORE, in consideration of the mutual and respective promises, <br /> and subject to the terms and conditions of said Loan Agreement, except as herein <br /> modified, the parties agree as follows: <br /> 1. Section 5(B)(1) of said Loan Agreement shall be deleted and replaced with the <br /> following: <br /> "B. CDBG Funds <br /> 1. Amount and Purpose. Subject to the terms and conditions of this <br /> Agreement, City agrees to make a loan of CDBG funds to Developer in <br /> the principal amount of up to $500,000.00 solely for acquisition costs <br /> related to the Project." <br /> 2. The last sentence of section 6.2 of said Loan Agreement shall be deleted and <br /> replaced with the following: <br /> "However, CDBG Funds shall only be used for acquisition costs related to <br /> the Project." <br /> 1 <br />