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YEA -3 <br />AMENDMENT NO. 1 <br />TO LOAN AGREEMENT <br />(CITY OF REDWOOD CITY/CITY OF REDWOOD CITY REDEVELOPMENT AGENCY) <br />This Amendment No. 1 is entered into and effective as of the _ day of <br />September, 2003, amending the Agreement dated January 8, 2003 (the "Agreement ") <br />by and between the REDEVELOPMENT AGENCY OF THE CITY OF REDWOOD CITY, <br />a public body, corporate and politic, duly organized and existing under the laws of the <br />State of California (the "Agency "), and the CITY OF REDWOOD CITY, a charter city <br />and municipal corporation organized and existing under the laws of the State of <br />California (the "City") (collectively, the "Parties") for a loan from the City to the Agency in <br />the amount of twenty million dollars ($20,000,000) (the "Loan ") for downtown <br />improvement projects to be completed by the Agency. <br />RECITALS <br />A. The Parties desire to alter the Agreement by adjusting the loan interest rate to <br />an amount equal to the City's actual rate of return. <br />B. The Parties have negotiated and agreed to the revised interest rate. <br />NOW, THEREFORE, in consideration of these recitals and the mutual covenants <br />contained herein, the Parties agree as follows: <br />1. In addition to those services contained in the Agreement, as may have <br />been amended from time to time, the Debt Service Schedule (Loan Exhibit "A ") will be <br />adjusted to reflect the City's actual rate of return. <br />2. The term of this Amendment shall commence upon the date first <br />hereinabove written and shall expire upon the repayment of the Loan unless this <br />Agreement is further amended. <br />3. All other provisions of the Agreement, as may have been amended from <br />time to time, will remain in full force and effect. <br />Atty /Agr /Amendment 1 to Loan Agreement <br />091103 <br />