RecDoc 2020-039719 First Amendment to Deed of Trust w Assignment of Rents

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22, 2003, in the orignal principal amount of Six Hundred Fifty Thouand Dollars ($650,000) payable to the Beneficiary and the Agency (the "Note"); (iii) that cetain Declaration of Affordabililty Covenants dated December 22, 2003 by Original Trustor, and recorded in the Official Records as Document Number 2003-350638 on December 22, 2003 (the "Affordability Declaration"); (iv) that certain Declaration of Redevelopment Covenants dated December 22, 2003 by Original Trustor, 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 Trustor to Old Republic Title Company, a California corporation, as Trustee, for the benefit of the Beneficiary and the Agency, and recorded in the Official Records as Document Number 2003-350640 on December 22, 2003 (the "Deed of Trust", and together with the Owner Particiaption Agreement, the Note, the Affordability Declaration, and the Redvelopment Declaration, the "Loan Documents"). E. Pursuant to that certain Assignment and Assumption Agreement (Redwood City Loans) dated as of even date herewith, Original Trustor assigned all of its right, interest, benefits and privileges under the Loan Documents to Trustor, and Trustor accepted such assignment, and assumed all of the terms, covenants, conditions and obligations of Original Trustor under the Loan Documents. F. Trustor and Beneficiary desire to amend the Deed of Trust to clarify certain terms and conditions of the Deed of Trust 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. Note. The Deed of Trust is hereby amended to provide that it secures the performance of Trustor's obligation under the Note as amended by that certain First Amendment to Promissory Note by and between Trustor and Beneficiary dated as of even date herewith. 2. Extended Low -Income_ Housing Commitment. The following new Section D(8) is hereby added to the Deed of Trust: Beneficiary acknowledges that Trustor intends to enter into an "extended low income housing commitment" (the "Extended Use Agreement") within the meaning of Section 42(h)(6)(B) of the Internal Revenue Code, as amended (the "Code"). If such Extended Use Agreement is recorded and if Beneficiary or its successors or assigns (collectively, the "Subsequent Owner") acquires the Property by foreclosure (or instrument in lieu of foreclosure), then the "extended use period" (as defined in Section 42(h)(6)(D) of the Code) under the Extended Use Agreement shall terminate, and Subsequent Owner agrees to comply with the limitations on evictions, termination of tenancy and increase in rents for the three year period following the Subsequent Owner's acquisition of the Property, as set forth in Section 42(h)(6)(E)(ii) of the Code. 3. Default. The following new Section D(9) is hereby added to the Deed of Trust: REV: 03-30-2020 PR