HomeMy WebLinkAboutAgr 2003-03-24 (Marin County Housing Development Financing Corporation)MARIN COUNTY HOUSING DEVELOPMENT FINANCING CORPORATION
AMENDED AND RESTATED PROMISSORY NOTE
$183,552 (DR080HAL March 24, 2003
THIS NOTE AMENDS THAT ORIGINAL PROMISSORY NOTE dated March 22, 1992 in the principal
amount of Three Hundred Thousand Dollars ($300,000), executed by the Marin County Housing
Development Financing Corporation, a California nonprofit corporation (the "Borrower"), in favor of the
Town of Tiburon, California, a municipal corporation (the "Holder"), secured by a Deed of Trust
executed by Borrower, dated June 26, 1990, recorded July 2, 1990 as Instrument No. 90-38696 of the
Official Records of the County of Marin. The Deed of Trust was amended by that Modification
Agreement dated March 20, 1992, recorded in the Official Records of the County of Marin and is
further amended by that Modification Agreement dated March 24, 2003 which refers to this Note and is
recorded in the Official Records of the County of Marin.
The Borrower and the Holder hereby agree to amend the interest rate and payment schedule of the
Original Note, and the Borrower hereby agrees to make payment as follows:
Current Principal of $179,563 plus unpaid accrued interest of $3,989 for a total balance of $183,552 as
of April 1, 2003, together with interest on the unpaid balance at the rate of Five Point Two-Five Per
Cent (5.25%) per annum, commencing April 1, 2003, payable in fully-amortized monthly payments of
$2696.16, with the first payment due April 1, 2003 and continuing for eighty-one (81) consecutive
months through December 1, 2009 until paid in full, or upon transfer of title of the property, at which
time the remaining balance of the loan and any unpaid interest shall become due and payable in full.
This Note may be prepaid in full or in part at any time without penalty. The above-stated interest rate is
the minimum rate that shall be charged. The interest rate shall be adjusted at any point in the future as
required to maintain the interest rate at a minimum of Two Point Zero (2.0) points above the Local
Agency Investment Fund ("LAIF") rate, computed monthly. The current LAW rate is 2.01%.
The entire outstanding balance of this Note shall become immediately due and payable in full, at the
option of the Beneficiary, should the Borrower agree to or actually sell, convey, transfer, alienate,
assign or dispose of, or further encumber all or any part of the Borrower's interest in the property
described in the above-referenced Deed of Trust, whether voluntarily or involuntarily by operation of
law or otherwise, without first obtaining the written consent of the Beneficiary. The provisions of this
Note are severable and the invalidity or unenforceability of any one provision or portion shall not affect
the validity or enforceability of any other provision or portion. This Note shall be governed by and
construed in accordance with the laws of the State of California. If more than one Borrower executes
this Note, each covenant and obligation contained therein shall be joint and several.
Borrower agrees to pay the following costs, expenses, and attorney's fees paid or incurred by the
holder of this Note, or adjudged by a court: (a) reasonable costs of collection, costs and expenses, and
attorney's fees paid or incurred in connection with the collection or enforcement of this Note, whether
or not suit is filed; and (b) costs of suit and such sum as the court may adjudge as attorney's fees in
any action to enforce payment of this Note or any part of it.
This Amended and Restated Promissory Note is executed as of the date first written above
MARIN COUNTY HOUSING DEVELOPMENT
FINANCING CORPORATION, a California
Nonprofit Corporation By:
~
Ian MacLeod, President
Recording Requested By and
When Recorded Return to:
Town of Tiburon
Attention: Town Manager
1505 Tiburon Boulevard
Tiburon, CA 94920
-q - o~~( - OL-i
2~~3-~~53579
Recorded
Official Records
County Of
Marin
JOAN C. THAYER
REC FEE 13.00
Recorder
I
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MUM 08-May-2003 I Page 1 of 3
MODIFICATION AGREEMENT o---7-yz,as-, M
This Modification Agreement is made as of March 24, 2003 by the Marin County Housing Development
Financing Corporation, a California nonprofit corporation (the "Borrower " and the Town of
Tiburon, California, a municipal corporation (the "Lender/Beneficiary") to modify that Construction Deed
of Trust and Assignment of Rents (the "Deed of Trust") dated June 26, 1990, recorded July 2, 1990 as
Instrument No. 90-38696 of the Official Records of the County of Marin, amended by that previous
Modification Agreement dated March 20, 1992 and recorded in the Official Records of the County of
Marin. T> L n- ~t A-s CO A' i 4-IA.) ~ /V ot~7_ For valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
Borrower/Trustee and the Lender/Beneficiary agree as follows:
1. The Deed of Trust is hereby amended to secure the payment of the loan evidenced by that
Amended and Restated Promissory Note dated March 24, 2003 in the amount of One Hundred
Eighty-Three Thousand Five Hundred Fifty-Two Dollars ($183,552). The Amended and
Restated Promissory Note is made and given to replace that Promissory Note in the amount of
$300,000 which is referenced in the Deed of Trust. The loan evidenced by the Amended and
Restated Promissory Noted dated March 24, 2003 shall be due and payable in full not later than
December 31, 2009.
2. Except as hereinabove amended, the Deed of Trust shall remain unchanged and in full force
and effect.
Executed as of the date first written above.
MARIN COUNTY HOUSING DEVELOPMENT
FINANCING CORPORATION, a California
Nonprofit Corporation
By:
I n MacLeod, President
TOWN OF TIBUR N, a municipal corporation
By:
A ex D. McIntyre, (~wn Manager
.
CALIFORNIA ALL-PURPOSE ACKNOWLEDGMENT
j
State of California
ss.
County of Marin
On April 2, 2003 before me, Kay A. Karidis, Notary Public ,
Date Name and Title of Officer (e.g., "Jane Doe, Notary Public")
personally appeared Ian MacLeod, President
Name(s) of Signer(s)
KAY A- KARIDIS
Commission # 1324597
~i Notary Public - Califomia
Mann County
My Comm. Expires Oct 9, 2005
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® proved to me on the basis of satisfactory
evidence
to be the person( whose name(K) is,
subscribed to the within instrument and
acknowledged to me that he/M executed
the same in his/hOLA= authorized
capacity= and that by his/KKXKO X
signature(ED on the instrument the person()Q, or
the entity upon behalf of which the person(K)
acted, executed the instrument.
WITNE S y hand and offici I seal./
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Signature of Not P blic
OPTIONAL
Though the information below is not required by law, it may prove valuable to persons relying on the document and could prevent
fraudulent removal and reattachment of this form to another document.
Description of Attached Document
Title or Type of Document: Modification Agreement
Document Date: March 24, 2003 Number of Pages: One
Signer(lo Other Than Named Above: Alex D. McIntyre, Town Manager
Capacity( Claimed by Signer
Signer's Name: Ian MacLeod
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❑ Individual
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® Corporate Officer-Title(s): President
❑ Partner - ❑ Limited ❑ General
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❑ Attorney-in-Fact
❑ Trustee
❑ Guardian or Conservator
❑ Other:
Signer Is Representing: Marin County HDusing Development
Financing Corporation
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ALL-PURPOSE ACKNOWLEDGMENT
State of California
SS.
County of
On Z4~~4 r~CO,3 before me, 16
(DATE)
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personally appeared +
personally known to me - OR -
DIANE CRANE IACOPI
Comm. # 1186660 ~n
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Metro County
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SIGNER(S)
❑ 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
signatures(s) on the instrument the person(s),
or the entity upon behalf of which the
person(s) acted, executed the instrument.
WITNESS my hand an official seal.
NOTARY'S SI ATURE
OPTIONAL INFORMATION
The information below is not required by law. However, it could prevent fraudulent attachment of this acknowl-
edgment to an unauthorized document.
CAPACITY CLAIMED BY SIGNER (PRINCIPAL)
❑ I VIDUAL
T~/CORPORATE OFF CER
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TITLE(S) -
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PARTNER(S)
ATTORNEY-IN-FACT
TRUSTEE(S)
GUARDIAN/CONSERVATOR
OTHER:
DESCRIPTION OF ATTACHED DOCUMENT
~ 0e, TITLE OR TYPE E
NUMBER OF PAGES
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DATE OF DOCUMENT
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SIGNER IS REPRESENTING: RIGHT THUMBPRINT
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MEMORANDUM
To: Bob Kleinert
From: Maurice Wolohan
Date: March 25, 1992
Subject: Bradley House Loan Documents
MARtt,N
HOUSING
Making Housing More Affordable
30 N. San Pedro Road
Post Office Box 4282
San Rafael California 94913
415/472-4030
(FAX) 415/472-2186
JDD) 1-800-342-5966
Executive Director
Janet Miller Schoder
Deputy Director
Michael D. Kelleher
Attached please find the original executed Promissory Note for the permanent loan of $300,000
for the Bradley House Senior Apartments.
Also enclosed is a copy of the Modification Agreement which you have now signed. I am taking
the original document to be recorded at the County Recorder's Office. It will be returned
directly to the Town by mail after recording is completed.
This should complete the permanent loan transaction. We will be making payments to the Town
according to the Repayment Schedule described in the Promissory Note and summarized on the
attached Exhibit which Richard Stranzl had prepared for the Council presentation.
It has been a pleasure working with you and the Town to complete this project, and we look
forward to the opportunity to work together again in the near future.
Marin Housing Authority
a-
PROMISSORY NOTE
SECURED BY DEED OF TRUST
$300,000.00
Tiburon California
FOR VALUE RECEIVED, the Marin County Housing Development Financing
Corporation, a California nonprofit corporation (the "Borrower"), hereby
promises to pay to the Town of Tiburon, California, a municipal corporation
(the "Holder"), the principal amount of Three Hundred Thousand and No/100th
Dollars ($300,000.00) (the "Loan"). The outstanding principal balance of this
Note shall bear interest and payments of principal and interest shall be due
and payable as set forth below:
Years 1-6: (a) Commencing on January 1, 1992, the unpaid principal
balance shall bear interest at the rate of 3.965% per annum. Commencing on
December 31, 1992, and on the last day of each year for the following five (5)
years, annual installments of principal and interest in the amount of
$22,006.00 shall be due and payable.
(b) On December 31, 1997, a partial prepayment of principal in the amount
of $7,500.00 shall also be due and payable.
Years 7-12: (a) Commencing on January 1, 1998, the unpaid principal
balance shall bear interest at the rate of 9.010% per annum. Commencing on
December 31, 1998, and on the last day of each year for the following five (5)
years, annual installments of principal and interest in the amount of
$27,996.00 shall be due and payable.
(b) On December 31, 2003, a partial prepayment of principal in the amount
of $15,000.00 shall also be due and payable.
Years 13-18: (a) Commencing on January 1, 2004, the unpaid principal
balance shall bear interest at the rate of 11.550% per annum. Commencing on
December 31, 2004, and on the last day of each year for the following five (5)
years, annual installments of principal and interest in the amount of
$33,005.00 shall be due and payable.
(b) On December 31, 2009, the principal balance of $29,585.00 and accrued
interest, if any, shall also be due and payable.
The installments of principal and interest shall be applied first to
interest at the applicable rate specified above, and the balance of each
installment shall be applied toward principal. Privilege is reserved to pay
the debt in whole or in part, on any day prior to maturity upon at least five
(5) days prior written notice to the Holder.
Payments on this Note shall be made at the principal office of the Town of
Tiburon at 1155 Tiburon Boulevard, Tiburon, California 94920, or at such other
place as the Holder hereof may inform the Borrower in writing, in lawful money
of the United States.
34b:BradPerm.Not 1 (12/5/91)
This Note is secured by a Deed of Trust executed by Borrower, dated June
26, 1990, recorded July 2, 1990 as Instrument No. 90 38696 of the Official
Records of Marin County (the Deed of Trust"), on that certain real property
located in the Town of Tiburon, County of Marin, State of California (referred
to herein as the "Property") to First American Title Company of Marin, a
California corporation, as Trustee, which Property is more particularly
described in the Deed of Tr st. The Deed of Trust is amended by that
Modification Agreement dated., ~-a 1992 which refers to this Note
and is recorded in the Official Records of Marin County. This Note is further
secured by the Security Agreement dated June 26, 1990 also relating to the
Property.
Upon the failure of the Borrower to perform or observe any term or provi-
sion of this Note, or upon the occurrence of any event of default under the
terms of the Deed of Trust, the Holder may exercise its rights or remedies
hereunder or thereunder.
The Borrower waives presentment for payment, demand, protest, and notices
of dishonor and of protest; and all defenses and pleas on the ground of any
extension or extensions of the time of payment or of any due date under this
Note, in whole or in part, whether before or after maturity and with or without
notice. The Borrower hereby agrees to pay court costs and expenses, which may
be incurred by the Holder hereof, in the enforcement of this Note, the priority
Deed of Trust in favor of the Holder on the Property securing this Note or any
term or provision of either.
This Note is executed and delivered in the State of California and shall
be governed by the laws of the State of California.
In the event Borrower shall, directly or indirectly, without the prior
written approval of Holder, voluntarily or involuntarily sell, assign,
transfer, dispose of or further encumber, or agree to sell, assign, transfer,
dispose of or further encumber all or any portion of or any interest in the
Property, then, or at any time thereafter, Holder, at its option, may declare
the entire indebtedness evidenced hereby immediately due and payable.
Notwithstanding anything to the contrary in this Note, in the Deed of
Trust or in any other instrument evidencing or securing the obligations of the
undersigned under this Note, Holder expressly agrees that there shall be no
personal liability of the undersigned or its officers or directors under this
Note, the Deed of Trust or any other instrument given to evidence or secure the
obligations of the undersigned under this Note. The liability of the under-
signed shall be strictly and absolutely limited to the property conveyed by the
Deed of Trust and the rents, profits, issues, products and proceeds thereof.
In the event a default shall occur under this Note or with respect to the
indebtedness evidenced by this Note, Holder shall not seek any judgment for a
deficiency against the undersigned or the officers, directors, legal
representatives, successors or assigns of the undersigned, in any action to
foreclose, to exercise a power of sale, to confirm any foreclosure or sale
under power of sale, or to exercise any other rights or powers under or by
reason of the Deed of Trust or any other instrument evidencing or securing the
obligations of the undersigned under this Note.
34b:BradPerm.Not 2 (12/5/91)
This Note replaces that Promissory Note in the amount of $300,000.00 dated
June 26, 1990 by the undersigned in favor of the Holder. Upon execution and
delivery of this Note, that Promissory Note dated June 26, 1990 shall be (or
shall be deemed to be) voided and cancelled and shall have no further force or
effect.
This Promissory Note is executed as of the date first written above.
MARIN COUNTY HOUSING DEVELOPMENT
FINANCING CORPORATION, a California
nonprofit corporation
By
Richard M. Adams, President
34b:BradPerm.Not 3 (12/5/91)
RECORDING REQUESTED BY AND
WHEN RECORDED RETURN TO:
Town of Tiburon
1155 Tiburon Blvd.
Tiburon, CA 94920
Attn: Town Manager
MODIFICATION AGREEMENT
This Modification Agreement is made as of ;L6
199 2-, by the Marin County Housing Development Financing
Corporation, a nonprofit corporation (the "Borrower/Trustee") and
the Town of Tiburon, California, a municipal corporation (the
"Lender/Beneficiary"), to modify that Construction Deed of Trust
and Assignment of Rents (the "Deed of Trust") dated June 26,
1990, recorded July 2, 1990 as Instrument No. 90 38696 of the
Official Records of Marin Ccunty.
For valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Borrower/Trustee and the
Lender/Beneficiary agree as follows:
1. The Deed of Trust is hereby amended to secure the
payment of the loan evidenced by a Promissory Note dated
March 20, , 1992 in the principal amount of Three Hundred
Thousand and No/100th Dollars ($300,000.00). The Promissory Note
dated March 20, , 1992 is made and given to replace that
original Promissory Note in the amount of $300,000.00 which is
referenced in the Deed of Trust. The loan evidenced by the
Promissory Note dated March 20, , 1992 shall be due and
payable not later than December 31, 2009.
2. Except as hereinabove amended, the Deed of Trust shall
remain unchanged and in full force and effect.
Executed as of the date first written above.
MARIN COUNTY HOUSING DEVELOPMENT
FINANCING CORPORATION, a
California nonprofit corporation
By : ;~17asu~~
Richard M. Adams
President
TOWN OF TIBURON, a municipal
corporation
By: 4 obert L. Kleinert
Town Manager
34b:TIBModif.Agr (12/5/91)
BRADLEY HOUSE CONSTRUCTION LOAN
REPAYMENT SCHEDULE
Period
Payment
Amount
Principal
Paid
interest
Paid
principal
Reduction
Pa mcnt
Loan
Balance
Payment
Due Date
'
12- 31-19921
22,006
10,111
11,895
289,889
12-31-1993 2
22,006
10,512
11,494
279,377
-1994 3
12-31 -1995 4
22,006
22,006
10,929
11,362
11,077
10,644
2689448
257,086
12-31 -199 6 5
22,006
11,813
10,193
245,273
12-31 -19 97 6
229006
12,281
9,725
7,500
2251492
987
12-3 -
27,996
7,673
20,323
217,819
12- 31-19 9 9 8
27,996
8,364
19,632
209,455
12 - 31- 2 0 0 0 9
279996
9, l 18
18,878
200,337
12-31-200110
27,996
9,939
18,057
190,398
12-31-200211
27,996
10,835
171161
179,563
12-31 - 2 0 0 312
12-31 - 2 00413
27,996
33,005
11,812
150347
16,184
17,658
15,000
152,751
1371404
12- 31- 2 0 0 514
33,005
17,121
15,&q4
120,283
5
005
33
19,100
13,905
101,183
12-31-
12-31 - 200716
,
33,005
21,308
,
11,697
79,875
12-31 -2 00817
005
33
23,771
9,234
56,104
12-31 - 2_ 8
9
33,005
26,519
6,486
29,585
0
Totals: 498,042 2470915 250,127 52,085
52,085 52,085
Totals: 550,127 300,000 250,127
Amount Repaid Principal Interest
EXHIBIT NO.. ( 10/1091