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6.B. - Page 16 of 46
<br />$366,716.70
<br />AMENDED AND RESTATED SECURED PROMISSORY NOTE
<br />(Redwood Oaks)
<br />Redwood City, California
<br />May 1, 2019
<br />FOR VALUE RECEIVED, Redwood Oaks Associates II LP, a California limited
<br />partnership ("Borrower"), promises to pay to the City of Redwood City, a charter city and
<br />municipal corporation (the "City"), in lawful money of the United States of America, the
<br />principal sum of Three Hundred Sixty -Six Thousand, Seven Hundred Sixteen and 70/100 Dollars
<br />($366,716.70), together with interest on the outstanding principal balance in accordance with the
<br />terms and conditions described herein. Interest shall accrue on the principal balance of this Note
<br />outstanding from time to time at the rate of the long-term Applicable Federal Rate (AFR)
<br />compounding annually, as published by the Internal Revenue Service. Interest shall be calculated
<br />on the basis of a year of 365 days, and charged for the actual number of days elapsed.
<br />This Amended and Restated Secured Promissory Note (this "Note") has been executed
<br />and delivered pursuant to and in accordance with that certain Agreement with Housing
<br />Association for the Needy and Dispossessed, Inc., (HAND) A Non -Profit CHDO for Funding to
<br />Rehabilitate Redwood Oaks Apartments at 330-340 Redwood Avenue, dated as of September 12,
<br />2000, and executed by and between City and HIP Housing Development Corporation, a
<br />California nonprofit public benefit corporation formerly known as Housing Association for the
<br />Needy and Dispossessed, Inc. ("HHDC"), as amended by: (a) that certain 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, and (b) that certain Assignment, Assumption, and
<br />Loan Modification Agreement (the "Assignment and Loan Modification Agreement"), dated
<br />as of May 1, 2019, and executed by and among City, Redwood Oaks Associates, a California
<br />limited partnership ("Redwood"), and Borrower (as so amended, the "Loan Agreement").
<br />Capitalized terms used without definition herein shall have the meaning ascribed to such terms in
<br />the Loan Modification Agreement.
<br />This Note is subject to the terms and conditions of the Loan Agreement, which is by this
<br />reference incorporated herein and made a part hereof. Capitalized terms used but not defined
<br />herein shall have the meaning ascribed to such terms in the Loan Agreement. This Note amends,
<br />restates, and supersedes in its entirety that certain Promissory Note dated as of January 14, 2002,
<br />and executed by HHDC for the benefit of City (the "Original Note"). Pursuant to the
<br />Assignment and Loan Modification Agreement, Borrower assumed Redwood's obligation to
<br />repay the outstanding balance of the Original Note and the interest accrued thereon. The original
<br />principal amount of this Note is equal to the sum of. (a) Two Hundred Forty -One Thousand,
<br />Four Hundred and 22/100 Dollars ($241,400.22) which is equal to the outstanding principal
<br />balance of the Original Note as of the date of this Note, and (b) One Hundred Twenty -Five
<br />Thousand, Three Hundred Sixteen and 48/100 Dollars ($125,316.48) which is equal to the
<br />interest accrued under the Original Note as of the date of this Note. As of the date of this Note,
<br />the Original Note has been cancelled, and is of no further force or effect.
<br />REV: 05-10-19 DZ
<br />Page 1 of 7
<br />ATTY/AGR.2019.119/Redwood Oaks Associates 11 LP - Promissory Note 44
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