RecDoc 2020-039720 First Amendment to Owner Participation Agreement

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December 22, 2003, in the orignal principal amount of Six Hundred Fifty Thouand Dollars ($650,000) payable to the City and the Agency (the "Note"); (iii) that cetain Declaration of Affordabililty Covenants dated December 22, 2003 by Original Participating Owner, and recorded in the Official Records as Document Number 2003-350638 on December 22, 2003 (the "AffordabilitDeclaration"); (iv) that certain Declaration of Redevelopment Covenants dated December 22, 2003 by Original Participating Owner, and recorded in the Official Records as Document Number 2003-350639 on December 22, 2003 (the "_Redevelopment Declaration"); (v) that certain Deed of Trust with Assignment of Rents dated December 22, 2003 by Original Participating Owner to Old Republic Title Company, a California corporation, as Trustee, for the benefit of the City and the Agency, and recorded in the in the Official Records as Document Number 2003-350640 on December 22, 2003 (the "Deed of Trust", and together with the Owner Participation Agreement, the Note, the Affordability Declaration, and the Redvelopment Declaration, the "Loan Documents"). E. The Agency issued a Certificate of Completion on December 13, 2007 which was recorded in the in the Official Records as Document Number 2007-175981 on December 14, 2007 (the "Certificate of Completion"). Pursuant to Section 18 of the Owner Participation Agreement, upon the issuance of a Certificate of Completion by the Agency, each of the covenants, restrictions, warranties and conditions contained in the Owner Participation Agreement, other than the covenants set forth in Section 17 thereof, shall be deemed satisified. F. Pursuant to that certain Assignment and Assumption Agreement (Redwood City Loans) dated as of even date herewith, Original Participating Owner assigned all of its right, interest, benefits and privileges under the Loan Documents to Participating Owner, and Participating Owner accepted such assignment, and assumed all of the terms, covenants, conditions and obligations of Original Participating Owner under the Loan Documents. G. Participating Owner and City desire to amend the Owner Participation Agreement to clarify certain terms and conditions of the Owner Participation Agreement as set forth below. NOW, THEREFORE, in consideration of the foregoing, the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree, from and after the Effective Date as follows: 1. HOME Units. The following new sentence is hereby added to the end of Section The HOME Units shall be floating units. 2. The Promissory Note. The second sentence of Section 3(c) is hereby deleted in its entirety and replaced with the following: The Promissory Note shall provide that payments of principal thereunder will be deferred until May 1, 2040, and during such period the principal amount outstanding shall bear interest at a rate per annum equal to zero percent (0%). Thereafter, the principal amount outstanding from time to time shall bear simple interest at a rate per annum equal to three percent (3%), and Participating Owner REV: 03-30-2020 PR