AgdaPkt 2015-11-09 Closed and Joint SA PFA

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ATTY/RESO.3151/CC RESO AUTHORIZING LOAN MODIFICATION FOR MCA REV: 10-29-15 VR Page 2 of 4 WHEREAS, pursuant to a Developer Note dated as of June 18, 1996 (the "Note"), Borrower agreed to pay the former RDA $1,445,000 (the "Loan"), being the purchase price for Original Borrower’s acquisition of certain real property located in the City of Redwood City, California (the "Property") described in Exhibit A attached hereto; and, WHEREAS, the Loan is comprised of funds from the RDA’s general fund in the original principal amount of $1,073,924, which were transferred to the Successor Agency (the “General Portion”) and from the RDA’s low and moderate income fund in the original principal amount of $371,076 which were transferred to the Housing Successor Agency (the “Low-Mod Portion”). As a result of the division and transfer of assets required by Assembly Bill X1 26, the Successor Agency and Housing Successor Agency became co-payees under the Loan; and WHEREAS, the Loan is secured by a Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing executed by Original Borrower for the benefit of RDA, dated June 18, 1996, which was recorded in the Official Records against the Property on June 28, 1996, as instrument number 96-079146 (the "Deed of Trust" and, together with the Note, the “Loan Documents”). Concurrently with the closing of the Loan, the RDA and Original Borrower entered into and recorded in the Official Records of San Mateo County (the “Official Records”) as Instrument No. 96-079147 on June 28, 1996 an Affordable Housing Covenant (the “Covenant”); and WHEREAS, concurrently herewith, the Original Borrower is repaying the General Portion of the Loan and all accrued and unpaid interest on the entire Loan, and transferring the Property and assigning all of its right, title and interest in, and remaining obligations under, the Loan and each of the Loan Documents and Covenant to 6.3.A. - Page 6