HomeMy WebLinkAboutLACY & RAITT, L.P. - 2018 (2)INSURANCE NOT REQUIRED
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CI,LRK OF COUNC
MAR 2 2 joja FIRST AMENDMENT TO CITY HOME LOAN NOTE
0`_C9N C0 THIS FIRST AMENDMENT TO CITY HOME LOAN NOTE is made and entered into this 6th
5,' day of March, 2018, by and between LACY & RAITT, 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 June 1, 2009, to secure loan
funding for Borrower to develop an affordable housing project on the property
located at 702 S. Rain, 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 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:
N �
RIA D. HUIZAR RAUL GODINEZ I
Clerk of the Council City Manager
APPROVED AS TO FORM:
SONIA R. CARVALHO
City
RECOMMENDED FOR APPROVAL:
RZYBERT M URC I E
Interim Executive ct r
Community Development Agency
{Additional signatures on following page)
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"BORROWER"
LACY & RAITT, L.P., a California limited partnership
MANAGING GENERAL PARTNER
OHDC L&R, LLC
a California limited liability company
ORANGE HOUSING DEVELOPMENT CORPORATION
a California nonprofit public benefit corporation
By:
EUNICE BOBERT
Chief Executive Officer
DEVELOPER GENERAL PARTNER
C&C L&R, LLC, a California limited liability company
By: �t
TODD R. COTTLE
Its Member
By: Cottle Family Trust Dated 3/8/87, Its Member
By. 02
BARRY A. COTTLE
Its Trustee
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