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04/13/2020 <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF <br />THE CITY OF REDWOOD CITY, AS FOLLOWS: <br />1. The foregoing recitals are true and correct and are incorporated <br />herein by reference. <br />2. The loan assumption and subordination request for an existing loan <br />from the City to KDF Hallmark is hereby approved. <br />3. The City Manager is hereby authorized to execute the Assignment <br />and Assumption Agreement, First Amendment to Declaration of Affordability <br />Covenants, First Amendment to Deed of Trust with Assignment of Rents, First <br />Amendment to Owner Participation Agreement, First Amendment to Promissory <br />Note, and Subordination Agreement. All of the aforementioned documents are <br />attached to the staff report and hereby approved, subject to any minor, clarifying, <br />and conforming changes approved by the City Attorney. <br />4. The City Manager or designee is hereby authorized and directed to <br />take all actions necessary to complete this transaction, including execution of <br />any other necessary documents. <br />ATTY/RESO.0023/CC RESO APPROVING A LOAN ASSUMPTION TO SUPPORT AFFORDABLE HOUSING —531 WOODSIDE RD <br />REV: 04-06-2020 PR RE50. NO 15832 <br />MUFF NO. 304 <br />Page 2 of 2 <br />