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Borrower, the Successor Agency is acknowledging the repayment of the General <br /> Portion of the Loan (including all accrued and unpaid interest thereon) and terminating <br /> its right, title and interest in the Loan Documents and Covenant, and acknowledging <br /> that the Housing Successor Agency is the holder and assignee of all of the former <br /> RDA's remaining right, title and interest in the Loan and each of the Loan Documents <br /> and Covenant; and <br /> WHEREAS, the Oversight Board held a public meeting on October 29, 2015 on <br /> the proposed Loan Modification following the notice required by law. <br /> NOW, THEREFORE, THE OVERSIGHT BOARD OF THE SUCCESSOR <br /> AGENCY TO THE REDWOOD CITY REDEVELOPMENT AGENCY DOES HEREBY <br /> RESOLVE AS FOLLOWS: <br /> Section 1. The recitals set forth above are true and correct and incorporated <br /> herein. <br /> Section 2. The Oversight Board hereby approves the Omnibus Amendment to <br /> Loan Documents attached hereto as Exhibit A, and hereby authorizes Successor <br /> Agency to execute the Loan Documents on behalf of the Successor Agency, subject to <br /> any minor, technical or clarifying changes that may be approved by the Successor <br /> Agency's counsel. <br /> Section 3. The Oversight Board hereby authorizes and directs the Agency <br /> Secretary to transmit this resolution, by mail or electronic means, to the State <br /> Department of Finance. <br /> Section 4. This resolution takes effect upon adoption. <br /> * * ,� <br /> ATTY/RES0.3150/OB RESO AUTHORIZING LOAN MODIFICATION FOR MCA <br /> REV: 10-29-15 VR <br /> Page 3 of 4 <br />