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ATTY/RESO.3151/CC RESO AUTHORIZING LOAN MODIFICATION FOR MCA <br />REV: 10-29-15 VR <br />Page 3 of 4 <br />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 Housing Successor Agency held a public meeting on November <br />9, 2015 on the proposed Loan Modification following the notice required by law. <br />NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF REDWOOD CITY <br />AS HOUSING SUCCESSOR AGENCY TO THE REDWOOD CITY REDEVELOPMENT <br />AGENCY DOES HEREBY RESOLVE AS FOLLOWS: <br /> <br />Section 1. The recitals set forth above are true and correct and incorporated <br />herein. <br /> <br />Section 2. The City Council as Housing Successor Agency hereby approves the <br />Omnibus Amendment to Loan Documents attached hereto as Exhibit A, and, contingent <br />upon (a) the review and approval, or deemed approval, by the Department of Finance <br />and (b) approval by the Successor Agency Board, hereby authorizes the City Manager <br />to execute the Loan Documents on behalf of the City as Housing Successor Agency, <br />subject to any minor, technical or clarifying changes that may be approved by the City <br />Attorney, and further authorizes the City Manager to execute any further documents <br />necessary to effectuate the Omnibus Amendment to Loan Documents. <br /> <br />Section 3. This resolution takes effect upon adoption. <br /> <br /> * * * <br />6.3.A. - Page 7