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11/09/2015
<br /> 6.3.B. - Page 15
<br /> EXHIBIT B
<br /> AMENDED AND RESTATED DEVELOPER NOTE
<br /> $371,076 , 2016
<br /> Redwood City, California
<br /> FOR VALUE RECEIVED, [insert name of approved new OwnerJ, a California Limited
<br /> Partnership ("Maker"), whose principal address is , California
<br /> , promises to pay the CITY OF REDWOOD CITY, a municipal corporation, as housing
<br /> successor agency to The Redevelopment Agency of the City of Redwood City ("Payee"), at Box
<br /> 391, Redwood City, California 94064, or at such other place as Payee may from time to time
<br /> designate, the principal sum of Three Hundred Seventy One Thousand -Seventy Six Dollars
<br /> ($371,076) (the "Balance"), being the unpaid balance of what was originally a One Million Four
<br /> Hundred Forty-Five Thousand Dollars ($1,445,000) loan (the "Original Loan"), with simple
<br /> interest at the rate of three percent(3%) per annum.
<br /> 1. The Original Loan was made pursuant to Section 201 of that certain Disposition
<br /> and Development Agreement (the "DDA"), originally between Mezes Court Associates, a
<br /> California Limited Partnership ("Original Maker"), Payee and J.H.R. Trust, dated February 5,
<br /> 1996. This is a purchase money note for the remaining portion of the purchase price of the Site
<br /> sold to the Original Maker pursuant to the DDA. Maker and Payee have succeeded to the
<br /> interests of Original Maker and The Redevelopment Agency of the City of Redwood City
<br /> ("Original Payee") in the Balance.
<br /> 2. Payment of this Note is secured by a deed of trust, assignment of rents, security
<br /> agreement and fixture filing, which was recorded in the Official Records of San Mateo County
<br /> on June 28, 1996 as instrument number 96-079146 (as amended, the "Deed of Trust") from
<br /> Maker to Payee upon the Site.
<br /> 3. Maker will continue ownership of the affordable housing project on the Site
<br /> ("Project"), consisting of approximately eighty-one (8l) residential units, one hundred nineteen
<br /> (119) underground parking spaces, and a child care facility. The Site will continue to be used for
<br /> affordable housing as described in the DDA and in accordance with and subject to the provisions
<br /> of the Affordable Housing Covenant (Attachment No: 8 to the DDA), recorded against the Site
<br /> as Instrument No. 96-079147 on June 28, 1996, as amended.
<br /> 4. This Note shall be due and payable in full on[insert later of(i) the date which is
<br /> 57 years from the date of recordation of the deed of trust securing the approved Senior Loan,
<br /> and(ii) December 1, 2072J. Annual payments of principal and interest shall be due on May 1 of
<br /> each year, and shall be payable exclusively from residual receipts of the Project for the preceding
<br /> calendar year. For purposes of this Note, residual receipts shall be the excess of operating
<br /> income over operating expenses. Operating income means all income and receipts received by
<br /> Maker from the operation of the Project, but shall not include capital contributions paid to
<br /> Maker. Operating expenses shall include all costs and expenses related to ownership and
<br /> operation of the Project including, but not limited to, deposits into reserves not to exceed 6% of
<br /> gross rents, utilities, insurance, taxes and other similar charges, debt service currently due on all
<br /> ATTY/AGR/2015/AMENDMENTS/AMEND N0.1—OMNIBUS LOAN DOCUMENTS CITYCENTER PLAZA
<br /> REV:10-23-15 VR
<br /> OAK#4827-0422-4297 v2
<br /> Page 7 of 24
<br /> $ RESO SA#15-02
<br /> MUFF#455
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