HomeMy WebLinkAboutAgr 1996-09-01 (Eucmenical Assoc for Housing)RECORDING REQUESTED BY
AND WHEN RECORDED MAIL TO:
'iburon Redevelopment Agency
1155 Tiburon Boulevard
Tiburon, California 94920
Attention: Executive Director
No fee for recording pursuant to
Government Code Section 27383
96-051379
Recorded
Official Records
County of
MARIN
JOAN C THAYER
Recorder
1:00pm 20-Sep-96
MODIFICATION AGREEMENT
This Modification Agreement is entered into
1, 1996 by and between the Tiburon Redevelopment
body, corporate and politic (the "Agency"), and
Association for Housing, a California non-profit
corporation (the "Developer"), with reference to
facts:
as of September
Agency, a public
Ecumenical
public benefit
the following
RECITALS
A. The Agency and the Developer initially executed a
Disposition, Development and Loan Agreement for Tiburon Highlands
Housing Development as of July 1, 1994, which was amended and
restated in its entirety as of March 1, 1995, and was further
amended and restated in its entirety as of October 1, 1995 (the
"Second Amended DDLA").
B. Pursuant to the Second Amended DDLA, the Agency agreed,
among other things, to make a loan to the Developer in the amount
of Three Hundred Thirty-Nine Thousand One Hundred Forty-Nine
Dollars ($339,149) (the "Agency Loan") to partially finance
predevelopment activities and the construction of sixteen units
of affordable senior housing located in Tiburon, California as
more particularly described in Exhibit A, attached hereto and
incorporated herein (the "Development").
C. The Agency Loan is evidenced by a promissory note dated
as of October 23, 1995 and executed by the Developer in favor of
the Agency in the amount of Three Hundred Thirty--Nine Thousand
One Hundred Forty-Nine Dollars ($339,149) (the "Agency Note").
The Note is secured by a deed of trust dated October 23, 1995
executed by the Developer as Trustor in favor of the Agency as
beneficiary and recorded as Instrument No. 95-051662 in the
Rec Fee .00
Total .00
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10202F.P50 1
Official Records of the County of Marin (the "Agency Deed of
Trust").
D. Pursuant to that certain First Amendment to Second
Amended and Restated Disposition, Development and Loan Agreement
for Tiburon Highlands Housing Development by and between the
Agency and the Developer of even date herewith (the "First
Amendment"), the Agency and the Developer have amended the Second
Amended DDLA to increase the Agency loan to the Developer by Four
Hundred Twelve Thousand Three Hundred Seventy Three Dollars
(E;' ^ 12 , 3 7 3 ) to a total Agency loam a.i►dunt of. Seven Hundred Fifty
One Thousand Five Hundred Twenty Two Dollars ($751,522).
E. Unless otherwise defined herein, certain capitalized
terms refer to and utilize the capitalized terms defined in the
Second Amended DDLA.
NOW, THEREFORE, for valuable consideration, receipt of which
by each of the parties hereto is hereby acknowledged, and for and
in consideration of the mutual promises and covenants made
herein, the Developer and the Agency agree as follows:
1. Modification of the Agency Note. The Agency Note shall
be amended as follows:
a. The introductory paragraph of the Agency Note shall be
amended to delete the reference to Three Hundred Thirty-Nine
Thousand One Hundred Forty-Nine Dollars ($339,149) and replace it
with the amount of "Seven Hundred Fifty One Thousand Five Hundred
Twenty Two Dollars ($751,522)".
b. The first sentence of Section 1. of the Agency Note
shall be amended to add at the end of the sentence: "as amended
by First Amendment to Oecond Amended and Restated uisposition,
Development and Loan Agreement for Tiburon Highlands Housing
Development (the "First Amendment")."
C. The first sentence of Section 2. of the Agency Note
shall be deleted and replaced with the following:
"The indebtedness evidenced by this Note shall bear
interest at the rates and shall be due and payable at
the times and in the manner set forth in Sections
5.1(c), 5.2 and 5.10-of the DDLA as amended by the
First Amendment."
10202F.P50 2
2. Modification of the Agency Deed of Trust. The Deed of
Trust shall be amended as follows:
a. Section 1.1 of the Agency deed of Trust shall be
deleted and replaced with the following:
"Section 1.1 The term "DDLA" means that certain
Second Amended and Restated Disposition, Development
and Loan Agreement for Tiburon Highlands Housing
Deveiopinent between Trustor and Beneficiary, initially
executed as of July 1, 1994, as amended and restated in
its entirety as of March 1, 1995, as amended and
restated in its entirety as of October 1, 1995, and as
further amended by the First Amendment to Second
Amended and Restated Disposition, Development and Loan
Agreement for Tiburon Highlands Housing Development
providing for the Beneficiary to loan to the Trustor an
amount not to exceed Seven Hundred Fifty One Thousand
Five Hundred Twenty Two Dollars ($751,522) for
predevelopment costs and costs of construction on the
Property of improvements."
b. Section 1.3 of the Agency deed of Trust shall be
amended to delete the reference to Three Hundred Thirty-Nine
Thousand One Hundred Forty-Nine Dollars ($339,149) and replace it
with the amount of "Seven Hundred Fifty One Thousand Five Hundred
Twenty Two Dollars ($751,522)".
Notwithstanding the changes and deletions contained herein,
all other provisions of the Agency Note and the Agency Deed of
Trust shall remain the same.
10202F.P50 3
IN WITNESS WHEREOF, the Agency and the Developer have
executed this Agreement on or as of the date first above written.
DEVELOPER:
ECUMENICAL ASSOCIATION FOR HOUSING,
Ca_.? fornia nonprofit public
benefit corporation
By:
_ AAN'"'"eft A ` a w i-r Its: A~s~s~rp►►J-r 45eCV-e7nC*
4I'\TI°ST:
r
s✓ B
AGENCY:
TIBURON REDEVELOPMENT AGENCY, a
public body, c r or t itic,
By:
o ert L. eine t
Its: Executive Director
APPROVED AS TO FORM:
By:
] 0202F.P50 A-1
CALIFORNIA ALL-PURPOboc ACKNOWLEDGMENT
State of (of
Il~
OnelE &4 13, 19% before me, 64Q)&VA0_YVWY filldgdc.
Date Name and Title of Officer (e.g., "Jan oe, Notary Public")
personally appeared Aun) 60AIA)67-1-
Name(s) of Signer(s)
ersonally known to me - OR - ❑ proved to me on the basis of satisfactory evidence to be the person(
whose nameFr4is/afe subscribed to the within instrument
and acknowledged to me that he/44eA4ey executed the
same in hisA%W4h ir authorized capacity(ies), and that by
MARY A. BLANCHARD his/4 sir signature(e) on the instrument the person(e
Commission # 1079271 or the entity upon behalf of which the person* acted,
Notary Public - California executed the instrument.
Marin County
My Comm. Expires Dec 3.1999
WITNESS my hand and official seal.
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C 6f Signature of Notary Public
OPTIONAL
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Description of Attached Document
Title or Type of Document:
Document Date:
Signer(s) Other Than Named Above:
Capacity(ies) Claimed by Signer(s)
Signer's Name:
Individual
Corporate Officer
Title(s):
Partner - ❑ Limited ❑ General
Attorney-in-Fact
Trustee
Guardian or Conservator
Other:
Signer Is Representing:
MU.
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Signer's Name:
11
Signer Is Representing
Number of Pages:
Individual
Corporate Officer
Title(s):
Partner - ❑ Limited ❑ General
Attorney-in-Fact
Trustee
Guardian or Conservator
Other:
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0 1994 National Notary Association - 8236 Remmet Ave., P.O. Box 7184 - Canoga Park, CA 91309-7184 Prod. No. 5907 Reorder: Call Toll-Free 1-800-876-6827
ACKNOWLEDGMENT
STATE OF CALIFORNIA )
) ss.
COUNTY OF MARIN )
On this day of S~l~l'JlbC~ in the year 146 , before me,
personally appeared oAc -7- 4.. personally known to me or proved to me on the basis of
satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within
instrument, and acknowledged to me that he/she/they executed the same in his/her/their
authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s) or
the entity upon behalf of which the person(s) acted, executed the instrument.
Witness my hand and official seal.
~MARY ER
Tae
Comm. #40MOW6
A4,441 ~'~E CRY RUFD! IC CAi tF0
WARM CCANTY
Notary Pub 9 calm Exsmrs APna 22 . iM