RecDoc 2017-031307 - Laserfiche WebLink

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F. The Assignee and the Assignor desire to modify the City Loan to provide for, among other things, the extension of the Term of the City Loan. Capitalized terms used herein and not otherwise defined shall have the meanings set forth for such terms in the City Loan Documents. NOW, THEREFORE, in consideration of the foregoing, of the mutual promises of the parties hereto and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the parties mutually agree as follows: Assienment by the Assignor. The Assignor hereby assigns to the Assignee all of the Assignor's rights, duties and obligations under the City Loan Documents. 2. Acceptance of Assigmnent. The Assignee hereby accepts the above assignment and hereby assumes, agrees and undertakes to perform all of the rights, duties and obligations of the Assignor under the City Loan Documents, as modified by this Agreement. Any reference to the Assignor in the City Loan Documents described above shall be deemed a reference to the Assignee. The Assignee agrees to be bound by the Affordability Covanent and non -monetary obligations set forth in the Loan Agreement and Amendment. Release of the Assignor. The Assignee hereby releases the Assignor from all obligations and duties imposed under the City Loan Documents. 4. Pavment of Obligations. The Assignee agrees that all amounts due from the Assignor pursuant to the City Loan shall be paid directly by the Assignee. The Assignee further acknowledges and agrees that as of the date hereof, $429,250.00 of the City Loan has been disbursed by the City. Citv Consent. Notwithstanding anything to the contrary contained in the City Loan Documents, including, without limitation, section 8 of Exhibit A to the Loan Agreement, the City hereby consents to the assignment by the Assignor to the Assignee as described herein. 6. Modifications. The City and the Assignee agree to the following modifications to the City Loan Documents: (i) the Term of the City Loan shall be the date that is fifty-five (55) years from the date of Project Completion, which change shall be effected through appropriate amendments to the City Loan Documents. In connection with this change, the Parties agree to the following amendments: ATTY/AGR/2017.075/M HA WAVERLY PLACE —ASSIGNMENT AGREEMENT REV: 04-07-17 JS Page 3 of 8