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RESO OB 15-05
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RESO OB 15-05
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Last modified
11/3/2015 10:21:02 AM
Creation date
11/3/2015 10:21:00 AM
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Template:
CC Index
CC Index - Document Type
Resolution
Meeting Type
Regular
Agency Type
Oversight Board
Date
10/29/2015
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EXHIBIT D <br /> Form of Assignment and Amendment of Covenant <br /> RECORDING REQUESTED BY <br /> AND WHEN RECORDED MAIL TO: <br /> City of Redwood City <br /> ]017 Middlefield Road, <br /> Redwood City, CA 94063 <br /> Attn: City Clerk <br /> (Space Above This Line for Recorder's Use Only) <br /> Exempt from recording fee per Gov. Code§27383. <br /> ASSIGNMENT AND AMENDMENT TO AFFORDABILITY HOUSING COVENANT <br /> (City Center Plaza) <br /> THIS ASSIGNMENT AND AMENDMENT TO AFFORDABILITY HOUSING <br /> COVENANT (the "Amendment") is dated , 2016, assigns and amends that <br /> certain Affordability Housing Covenant which was recorded in the Official Records of San <br /> Mateo County on June 28, 1996 as instrument number 96-079147 (the "Ori�inal Covenant" and <br /> as assigned and amended by this Amendment, the "Covenant") and is among the City of <br /> Redwood City, a municipal corporation, as successor agency to The Redevelopment Agency of <br /> the City of Redwood City ("Terminatin��y"), the City of Redwood City, a municipal <br /> corporation, as housing successor agency to The Redevelopment Agency of the City of Redwood <br /> City ("A�encX"), Mezes Court Associates, a California Limited Partnership ("Ori�nal Owner"), <br /> and[New OwnerJ, a California Limited Partnership ("Owner"). <br /> RECITALS <br /> A. The Redevelopment Agency of the City of Redwood ("Ori in� al A e�ncX"), the <br /> "Agency" under the Original Covenant, dissolved on February 1, 2012, as required by Assembly <br /> Bill X1 26 signed into law as part of the State of California's budget package on June 29, 20]1, <br /> and its assets and functions, including without limitation its rights under the Original Covenant, <br /> were transferred to the Agency and Terminating Agency. <br /> B. As provided herein: (i) Original Owner and Owner wish to assign Original <br /> Owner's interest in the Original Covenant to Owner; (ii) Terminating Agency wishes to <br /> acknowledge the termination and release of its interest in the Original Covenant; and (iii) to <br /> assist in the rehabilitation of the Mortgaged Property, Owner and Agency wish to amend the <br /> Original Covenant. <br /> C. All capitalized terms used but not defined in this Amendment have the meanings <br /> set forth in the Original Covenant. <br /> ATTY/AGR/2015/AMENDMENTS/AMEND N0.1—OMNIBUS LOAN DOCUMENTS CITY CENTER PLAZA <br /> REV:10-23-15 VR <br /> OAK#4832-5708-5993 v2 <br /> Page 18 of 24 <br />
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