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transferring the Property and assigning all of its right, title and interest in, and remaining <br /> obligations under, the Loan and each of the Loan Documents and Covenant to <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 Successor Agency held a public meeting on November 9, 2015 <br /> on the proposed Loan Modification following the notice required by law. <br /> NOW, THEREFORE, THE SUCCESSOR AGENCY TO THE REDWOOD CITY <br /> REDEVELOPMENT AGENCY DOES HEREBY RESOLVE AS FOLLOWS: <br /> Section 1. The recitals set forth above are true and correct and incorporated <br /> herein. <br /> Section 2. The Successor Agency hereby approves the Omnibus Amendment <br /> to Loan Documents attached hereto as Exhibit A, and, contingent upon (a) the review <br /> and approval, or deemed approval, by the Department of Finance and (b) approval by <br /> the City as Housing Successor Agency, hereby authorizes the Executive Director to <br /> execute the Loan Documents on behalf of the Successor Agency, subject to any minor, <br /> technical or clarifying changes that may be approved by the Successor Agency's <br /> counsel, and further authorizes the Executive Director to execute any further <br /> documents necessary to effectuate the Omnibus Amendment to Loan Documents. <br /> Section 3. This resolution takes effect upon adoption. <br /> * * * <br /> ATTY/RES0.3152/SA RESO AUTHORIZING LOAN MODIFICATION FOR MCA <br /> REV:10-29-15 VR <br /> Page 3 of 4 <br />