RecDoc 2020-039712 Assignment and Assumption Agreement (2)

Browse Search

following documents relating to the Loans in accordance with the terms and conditions thereunder, and to obtain the benefits to the Assignor thereunder: i. that certain Redevelopment Agency of the City of Redwood City Owner Participation Agreement (Hallmark Apartments Project) by and among the Assignor, 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 Assignor 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. the cetain Declaration of Affordabililty Covenants dated December 22, 2003 by Assignor, 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 Assignor, and recorded in the 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 Assignor to Old Republic Title Company, a California corporation, as Trustee, for the benefit of the City and the Agency, and recorded in the 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"). NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Assignor, Assignee, and City agree as follows: 1. Assignment of Loan Documents. Assignor hereby assigns and delivers to Assignee the Loan Documents and all of the rights, interests, benefits and privileges of the Assignor thereunder, and Assignee hereby accepts such assignment. 2. Assumption of Obligations. By acceptance of this Assignment, Assignee hereby assumes and agrees to perform and to be bound by all of the terms, covenants, conditions and obligations of Assignor under the Loan Documents for the benefit of the City. Pursuant to Section 9 of the Owner Participation Agreement, Assignee understands and acknowledges the existence of the Affordability Declaration and Redevelopment Declaration and agrees to be bound thereby. 3. Consent; Release. The City consents to (i) the Transfer and (ii) the assignment and assumption of the Loan Documents as described herein. The City hereby releases, acquits and discharges Assignor from any and all obligations, claims, causes of action, damages, liabilities and REV: 03-27-2020 PR