HomeMy WebLinkAboutDURANT – 1410, L.P.A-2018-066
INSURANCE NOT REOUIRED
WORK MAY PROCEED
CLERK OF COUNC
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MAR 2Q 16 FIRST AMENDMENT TO CITY PROMISSORY NOTE
THIS FIRST AMENDMENT TO CITY PROMISSORY NOTE is made and entered into this 6th
day of March, 2018, by and between DURANT - 1410, LP, a limited partnership comprised of
OHDC Properties I, LLC ("OHDC"), a Limited Liability Company, and C&C Propel -ties Group
I, LLC, a California limited liability company ("Borrower"), and the City of Santa Ana, a charter
city and municipal corporation, organized and existing tinder the Constitution and laws of the
State of California ("City"),
RECITALS
A. Borrower executed a City Promissory Note, dated September 28, 2009 to secure
loan funding for Borrower to develop an affordable housing project on the
property located at 1410-1412 Durant Street ("said Note").
B. In accordance with the terms and conditions of said Note, the parties desire to
amend the "Operating Expenses" definition to increase the allowed property
management fee to 8% of gross rents under said Note.
NOW THEREFORE, in consideration of the mutual and respective promises, and subject to the
terms and conditions of said Note, except as herein modified, the parties agree as follows:
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1, Section 2, Definitions, shall be amended to revise the definition of "Operating
Expenses" to increase the property management fee equal to 8% of gross rents for
the subject affordable housing project.
2. Except as hereinabove modified, all terms and conditions of said Note shall
remain in full force and effect.
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IN WITNESS WHEREOF, the parties hereto have executed this First Amendment to City
Promissory Note the date and year first above written.
CITY OF SANTA ANA
ATTEST:
MARIA D. HUIZAR
Clerk of the Council
APPROVED AS TO FORM:
SONIA R. CARVALHO
City
RECOMMENDED FOR APPROVAL:
ROBERT M. ZR)CHIIVIIEDE
Interim Executive—Director
Community Development Agency
RAUL GODIN
City Manager
(Additional signatures on following page)
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3113;177: 1 A
DURANT -1410, L.P., a California limited partnership
OHDC Properties I, LLC,
A California limited liability company,
ITS MANAGING GENERAL PARTNER
ORANGE HOUSING DEVELOPMENT CORPORATION
A California nonprofit public benefit corporation, its sole member
EUNICE BOBERT
Chief Executive Officer
C&C Properties Group I, LLC
A California limited liability company
ITS MANAGING GENERAL PARTNER
By.
TODD R. COTTLE
Member
By: Cottle Family Trust Dated 3/8/87, Its Member
By0�7""a"�._..--- �. _-
B RRY COTTLE
Trustee
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