RecDoc 2020-039721 First Amendment to Declaration of Affordability

Browse Search

($650,000) payable to the City and the Agency (the "Note"); (iii) that cetain Declaration of Affordabililty Covenants dated December 22, 2003 by Original Declarant, 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 Declarant, 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 Declarant 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 Particiaption Agreement, the Note, the Affordability Declaration, and the Redvelopment Declaration, the "Loan Documents"'). E. Pursuant to that certain Assignment and Assumption Agreement (Redwood City Loans) dated as of even date herewith, Original Declarant assigned all of its right, interest, benefits and privileges under the Loan Documents to Declarant, and Declarant accepted such assignment, and assumed all of the terms, covenants, conditions and obligations of Original Declarant under the Loan Documents. F. Declarant and City desire to amend the Affordability Declaration to clarify certain terms and conditions of the Affordability Declaration as set forth below. NOW, THEREFORE, in consideration of the foregoing, the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree, from and after the Effective Date as follows: following: Term. The first sentence of Section 2(a) is hereby deleted and replaced with the (a) The Participating Owner hereby agrees that the following Very Low Income Covenant shall be effective as of the date hereof, and shall remain in effect for fifty- five (55) years from the Effective Date. 2. Term. The first sentence of Section 2(b) is hereby deleted and replaced with the following: 2(c): (b) The Participating Owner hereby agrees that the following Covenants shall be effective as of the date hereof, and shall remain in effect for fifty-five (55) years from the Effective Date. 3. HOME Units. The following new sentence is hereby added to the end of Section The HOME Units shall be floating units. 4. Reaffirmation. Except as specifically set forth herein, each of the terms and conditions of the Affordability Declaration remain unmodified and in full force and effect, and are hereby ratified and confirmed, and all of which are applicable to this Amendment as if the REV: 03-27-2020 PR