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6.B. - Page 4 of 46 <br />RECORDING REQUESTED BY <br />AND WHEN RECORDED MAIL TO: <br />City Of Redwood City <br />1017 Middlefield Road <br />Redwood City, Ca 94063 <br />Attn: City Clerk <br />EXEMPT FROM RECORDING FEES PER <br />GOVERNMENT CODE §27383 <br />(SPACE ABOVE THIS LINE RESERVED FOR RECORDER'S USE) <br />ASSIGNMENT, ASSUMPTION, AND LOAN MODIFICATION AGREEMENT <br />(Redwood Oaks) <br />This Assignment, Assumption, and Loan Modification Agreement (this "Agreement") dated <br />as of May 1, 2019, is executed by and between Redwood Oaks Associates, a California limited <br />partnership ("Assignor") (as successor in interest to HIP Housing Development Corporation, a <br />California nonprofit public benefit corporation formerly known as Housing Association for the Needy <br />and Dispossessed, Inc. ("HHDC")), Redwood Oaks Associates II LP, a California limited <br />partnership ("Assignee"), and the City of Redwood City, a charter city and municipal corporation <br />("City"), with reference to the following facts: <br />A. For the purpose of financing the rehabilitation of an affordable housing development <br />located at 330-340 Redwood Avenue, Redwood City, California (as more particularly described in <br />Exhibit A attached hereto and incorporated herein, the "Property"), the City made a loan to HHDC <br />in the principal amount of $241,400.22 (the "Original HOME Loan") pursuant to the following <br />documents: <br />(i) that certain unrecorded Agreement with Housing Association for the Needy and <br />Dispossessed, Inc., (HAND) A Non -Profit CHDO for Funding to Rehabilitate Redwood Oaks <br />Apartments at 330-340 Redwood Avenue, dated as of September 12, 2000, and executed by <br />and between HHDC and City, as amended by that certain unrecorded Amended Agreement <br />with Housing Association for the Needy and Dispossessed, Inc., (HAND) to Rehabilitate <br />Redwood Oaks Apartments at 330-340 Redwood Avenue, dated as of January 15, 2002 and <br />executed by and between HHDC and City (as so amended, the "Original HOME Loan <br />Agreement"); <br />(ii) that certain unrecorded Promissory Note dated January 14, 2002, executed by <br />HHDC for the benefit of City (the "Original Note"); and <br />(iii) a Short Form Deed of Trust and Assignment of Rents executed by HIP as trustor <br />for the benefit of City, dated January 14, 2002, and recorded on February 7, 2002 as <br />Instrument No. 2002-023686 in the Official Records of San Mateo County ("Original Deed <br />Page 1 of 12 <br />ATTY/DOCS-AGR/2019.120 REDWOOD OAKS ASSOCIATION II LP —ASSIGNMENT, ASSUMPTION, AND LOAN MODIFICATION AGREEMENT <br />REV: 05-10-19 DZ <br />32 <br />