HomeMy WebLinkAboutROSS AND DURANT, L.P. (2) - 2018lN3UR/rl4+GE NOT REQUIRED
WORK MAY PROCEED
CLLRK OF COMCI
n .� 2018
MAR 2 Z FIRST AMENDMENT TO CITY/HOME LOAN NOTE
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C0 4 t r j THIS FIRST AMENDMENT TO CITY/HOME LOAN NOTE is made and entered into this 6`h
5"ay of March, 2018, by and between ROSS AND DURANT, 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/HOME Loan Note, dated May 10, 2006, to secure loan
funding for Borrower to develop an affordable housing project on the property
located at 1501 N. Ross St. ("said Note").
B. In accordance with the terms and conditions of said Note, the parties desire to
arnend 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/HOME Loan Note the date and year first above written.
CITY OF SANTA ANA
ATTEST:
,� �d
MARIA D. HUIZAR
Clerk of the Council
APPROVED AS TO FORM:
SONIA R. CARVALHO
City
U -M
RECOMMENDED FOR APPROVAL:
ROB RT M. ZUR SAH ¢IE
Interim Executive Dir
Community Development Agency
PAUL GODNE41
City Manager
{Additional signatures on following page)
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"BORROWER"
ROSS & DURANT, L.P.,
A California limited partnership
MANAGING GENERAL PARTNER
ORANGE HOUSING DEVELOPMENT CORPORATION
a California nonprofit, public benefit corporation
By: f
EUNICE ROBERT
Chief Executive Officer
GENERAL PARTNER
C&C R&D I, LLC, a California limited liability company
By: Cottle Family Trust Dated 3/8/87, its Member
By. --
BAP&Y COTTLE
Trustee
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