AgdaPkt 2020-04-13 Joint SA PFA - Laserfiche WebLink

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6.A. - Page 40 of 66 FIRST AMENDMENT TO PROMISSORY NOTE THIS FIRST AMENDMENT TO PROMISSORY NOTE ("Amendment") is made as of '2020 by and between HALLMARK 2017 LP, a California limited partnership ("Participating Owner"), and the CITY OF REDWOOD CITY, a charter city and municipal corporation of the State of California (" ly"). A. Pursuant to Section 24 of the Code of Federal Regulations, Part 92 for the HOME Investment Partnership Program (the "HOME Program'), the City made a loan to KDF Hallmark, L.P., a California limited partnership ("Original Participating Owner") of monies granted to it under the HOME Program in the original principal amount of Five Hundred Thousand Dollars ($500,000) (the "HOME Loan") as evidenced by the Loan Documents (defined below). The Redevelopment Agency of the City of Redwood City (the "Agency") made a loan to the Original Participating Owner in the original principal amount of One Hundred Fifty Thousand Dollars ($150,000) as evidenced by the Loan Documents (the "RDA Loan", and together with the HOME Loan, the "Loans"). B. The Loans were made in connection with the renovation of Hallmark House Apartments, a 72 -unit apartment complex located at 531 Woodside Road, Redwood City, California. C. The City is the successor agency to the Agency. D. The Loans are evidenced by the following documents: (i) that certain Redevelopment Agency of the City of Redwood City Owner Participation Agreement (Hallmark Apartments Project) by and among the Original Participating Owner, the City, and the Agency dated December 1, 2003, and recorded in the Official Records of San Mateo County, California (the "Official Records") as Document Number 2003-350637 on December 22, 2003 (the "Owner Participation Agreement"); (ii) that certain Promissory Note by Original Participating Owner dated December 22, 2003, in the orignal principal amount of Six Hundred Fifty Thouand Dollars ($650,000) payable to the City and the Agency (the "Note"); (iii) that cetain Declaration of Affordabililty Covenants dated December 22, 2003 by Original Participating Owner, and recorded in the Official Records as Document Number 2003-350638 on December 22, 2003 (the "Affordability Declaration"); (iv) that certain Declaration of Redevelopment Covenants dated December 22, 2003 by Original Participating Owner, and recorded in the Official Records as Document Number 2003-350639 on December 22, 2003 (the "Redevelopment Declaration"); (v) that certain Deed of Trust with Assignment of Rents dated December 22, 2003 by Original Participating Owner to Old Republic Title Company, a California corporation, as Trustee, for the benefit of the City and the Agency, and recorded in the Official Records as Document Number 2003-350640 on December 22, 2003 (the "Deed of Trust", and together with the Owner Participation Agreement, the Note, the Affordability Declaration, and the Redvelopment Declaration, the "Loan Documents"). E. Pursuant to the certain Assignment and Assumption Agreement (Redwood City Loans) dated as of even date herewith, Original Participating Owner assigned all of its right, interest, benefits and privileges under the Loan Documents to Participating Owner, and REV: 03-27-2020 PR ATTY/AGR.Amend. No. 1/KDF Communities (Page 1 of 4) 194