AgdaPkt 2019-05-20 Joint SA PFA - Laserfiche WebLink

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6.B. - Page 23 of 46 RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: City Of Redwood City 1017 Middlefield Road Redwood City, Ca 94063 Attn: City Clerk EXEMPT FROM RECORDING FEES PER GOVERNMENT CODE §§6103,27383 (SPACE ABOVE THIS LINE RESERVED FOR RECORDER'S USE) AMENDED AND RESTATED DEED OF TRUST, ASSIGNMENT OF RENTS, SECURITY AGREEMENT AND FIXTURE FILING THIS AMENDED AND RESTATED DEED OF TRUST, ASSIGNMENT OF RENTS, SECURITY AGREEMENT AND FIXTURE FILING ("Deed of Trust") is made as of May 1, 2019, by Redwood Oaks Associates II LP, a California limited partnership ("Trustor"), to North American Title Company as trustee ("Trustee"), for the benefit of the City of Redwood City, a charter city and municipal corporation (`Beneficiary"). RECITALS A. Trustor owns fee simple title to the land described in Exhibit A attached hereto and incorporated herein by this reference (the "Land"). The Land is located in the City of Redwood City, San Mateo County, California. Trustor intends to rehabilitate the existing improvements, construct certain new improvements, and own and operate an affordable multifamily residential development on the Land (collectively, the "Project"). B. Beneficiary and Trustor have entered into an Assignment, Assumption, and Loan Modification Agreement dated as of the date hereof and recorded substantially concurrently herewith (the "Loan Modification Agreement") which documents Trustor's obligation to repay to Beneficiary certain financing provided by Beneficiary in connection with the original construction of the improvements located on the Land. Trustor's obligation to repay such financing is evidenced by an Amended and Restated Secured Promissory Note dated as of the date hereof, in the original principal amount of Three Hundred Sixty -Six Thousand, Seven Hundred Sixteen and 70/100 Dollars ($366,716.70) (the "Note"). C. This Deed of Trust is intended to amend and restate and supersede in its entirety that certain Short Form Deed of Trust and Assignment of Rents dated January 14, 2002, executed by Housing Association for the Needy and Dispossessed, Inc. (a California nonprofit public benefit corporation now known as HIP Housing Development Corporation) ("HIP"), as trustor for the benefit of City, and recorded in the Official Records of San Mateo County ("Official Records") on February 7, 2002, as Instrument No. 2002-023686 (the "Original Deed of Trust"). Upon the recordation of the Deed of Trust in the Official Records, Beneficiary shall cause the Original Deed of Trust to be released and reconveyed. REV: 05-10-19 DZ Page 1 of 24 ATTY/AGR.2019.121/Redwood Oaks Associates 11 LP - Amended & Restated Deed 51