HomeMy WebLinkAboutWILSHIRE & MINNIE, L.P.A-2018-060
INSURANCE lCr REOUiRF'U
WORK MAY PROCEED
OLLRK OF COUNCIL
RAR 2.2 2018 FIRST AMENDMENT TO CJT'V LOAN NOTE
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flaw 4�THIS FIRST AMENDMENT TO CITY LOAN NOTE is made and entered into this 6th day of
11*reh, 2018, by and between WILSHIRE & NIINNIE, L.P., a California limited partnership
(`Borrower"), and the City of Santa Ana, a charter city and municipal corporation, organized and
existing under the Constitution and laws of the State of California ("City").
RECITALS
A. Borrower executed a City Loan Note, dated May 30, 2007 to secure loan funding
for Borrower to develop an affordable housing project on the property located at
1201, 1209, 1213, 1221, 1225, 1229, AND 1233 East Wilshire, and 1401,, 1403,
1409, 1413, 1421, 1425, 1.429, 1433, 1437, and 1439 South Minnie 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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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 fill force and effect.
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IN WITNESS WHEREOF, the parties hereto have executed this First Amendment to City Loan
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 Atter y
By:
RY N DGE
Assi t t City Attorney
RECOMMENDED FOR APPROVAL:
RO ERT M. ZU H I DE
Interim Executiv ector
Community Development Agency
RA L GODINEI
City Manager
(Additional signatures on following page)
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"BORROWER"
WILSHIRE & MINNIE, L.P., a California limited partnership
MANAGING GENERAL PARTNER
ORANGE HOUSING DEVELOPMENT CORPORATION
a California nonprofit, public benefit corporation
By:
EUNICE BOBERT
Chief Executive Officer
GENERAL PARTNER
C&C Minnie, LLC, a California limited liability company
By: Cottle Family Trust bated 3/8/87, Member
By.
BAVRY CO-T-TLLE
Trustee
TODD R. COTTLE
Member
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