HomeMy WebLinkAboutTOWNSEND & RAITT, L.P. - 709 TOWNSEND - 1S AMEND - 2018A-2018-062
IN UnANCE NOT REQUIRED
WORK it`d'€ PROCEED
CLEIrtlf OF COUNCIL .
i)ArF- MAR 2 2 2018 M
FIRST AMENDMENT TO AGENCY LOAN NO':I:'E
,, THIS FIRST AMENDMENT TO AGENCY LOAN NOTE is made and entered into this 6th day
of March, 2018, by and between TOWNSEND & RAI`I'T, L.F., a California limited partnership
(`Borrower"), and the Housing Authority of the City of Santa Ana, acting as the Housing
Successor Agency, a public body, corporate and politic ("Agency").
RECITALS
A. Borrower executed an Agency Loan Note, dated February 14, 2008, to secure
loan funding for Borrower to develop an affordable housing project on the
property located at 709 South Townsend ("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 Agency
Loan Note the date and year first above written.
ATTEST:
Maria D. Huizar
Clerk of the Council
APPROVED AS TO FORM:
SONIA R. CARVALHO
City Att r y
By.
RY 0. BODGE
Assi t nt C' Attorney
RECOMMENDED FOR APPROVAL:
RO ERT M. ZURCAODE
Interim Executive I for
Community Development Agency
HOUSING AUTHORITY OF THE CITY OF
SANTA ANA ACTING AS THE HOUSING
SUCCESSOR AGENCY
r
i
Raul Godinez II
City Manager
(Additional signatures on following page)
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TOWNSEND & RAITT, L.P., a California limited partnership
MANAGING GENERAL PARTNER
ORANGE HOUSING DEVELOPMENT CORPORATION
a California nonprofit, public benefit corporation
By:
r-
EUNICE BOBERT
Chief Executive Officer
GENERAL PARTNER
C&C T&R, LLC, a California limited liability company
By: Cottle Family Trust Dated 3/8/87, Member
By:
BARRY COTTLE
Trustee
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