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ATTY/AGR/2015/AMENDMENTS/AMEND NO.1 – OMNIBUS LOAN DOCUMENTS CITY CENTER PLAZA <br />REV: 10-23-15 VR <br />OAK #4834-8174-3401 v3 <br />Page 1 of 24 <br />OMNIBUS AMENDMENT TO LOAN DOCUMENTS <br /> (City Center Plaza) <br /> <br /> THIS OMNIBUS AMENDMENT TO LOAN DOCUMENTS (the “Amendment”) is <br />dated ______________, 2016, by and among the City of Redwood City, a municipal corporation, <br />as housing successor agency to The Redevelopment Agency of the City of Redwood City, a <br />public agency (“Housing Successor Agency”), Successor Agency to the Redwood City <br />Redevelopment Agency (“Successor Agency”), Mezes Court Associates, a California Limited <br />Partnership (“Original Borrower”) and [TO BE FORMED LIMITED PARTNERSHIP][City to <br />approve general partner], a California limited partnership (“Borrower”). <br /> <br />RECITALS <br /> <br />A. Pursuant to a Developer Note dated as of June 18, 1996 (the “Note”), Original <br />Borrower agreed to pay the former Redevelopment Agency of the City of Redwood City <br />(“RDA”) $1,445,000 (the “Loan”), being the purchase price for Original Borrower’s acquisition <br />of certain real property located in the City of Redwood City, California (the “Property”) <br />described in Exhibit A attached hereto. All capitalized terms used but not defined in this <br />Amendment have the meanings set forth in the Note. <br /> <br />B. The RDA dissolved on February 1, 2012, as required by Assembly Bill X1 26 <br />signed into law as part of the State of California’s budget package on June 29, 2011, and its <br />assets and functions were transferred to the Successor Agency and Housing Successor Agency. <br /> <br />C. The Loan is comprised of funds from the RDA’s general fund in the original <br />principal amount of $1,073,924, which were transferred to the Successor Agency (the “General <br />Portion”) and from the RDA’s low and moderate income fund in the original principal amount of <br />$371,076 which were transferred to the Housing Successor Agency (the “Low-Mod Fund <br />Portion”). As a result of the division and transfer of assets required by Assembly Bill X1 26, the <br />Successor Agency and Housing Successor Agency became co-payees under the Loan. <br /> <br />D. The Loan is secured by a Deed of Trust, Assignment of Rents, Security <br />Agreement and Fixture Filing executed by Original Borrower for the benefit of RDA, dated June <br />18, 1996, which was recorded in the Official Records against the Property on June 28, 1996, as <br />instrument number 96-079146 (the “Deed of Trust” and, together with the Note, the “Loan <br />Documents”). Concurrently with the closing of the Loan, the RDA and Original Borrower <br />entered into and recorded in the Official Records of San Mateo County (the “Official Records”) <br />as Instrument No. 96-079147 on June 28, 1996 an Affordable Housing Covenant (the <br />“Covenant”). <br /> <br />E. Concurrently herewith, the Original Borrower is repaying the General Portion of <br />the Loan and all accrued and unpaid interest on the entire Loan, and transferring the Property and <br />assigning all of its right, title and interest in, and remaining obligations under, the Loan and each <br />of the Loan Documents and Covenant to Borrower, the Successor Agency is acknowledging the <br />repayment of the General Portion of the Loan (including all accrued and unpaid interest thereon) <br />and terminating its right, title and interest in the Loan Documents and Covenant, and the <br />6.3.A. - Page 9