Res13 15256 - Laserfiche WebLink

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04/08/2013 WHEREAS, Kainos provides certain services through programs, including the program described in Exhibit "A" ("Program & Project Description"), attached hereto and made a part hereof; and WHEREAS, Kainos has applied for funding assistance under the HOME Program to acquire residential property located at 1033 Redwood Avenue in the City of Redwood City to be used to provide permanent supportive housing for very low income developmentally disabled adults; and WHEREAS, on April 8, 2013 the City Council of Redwood approved Four Hundred Fifty Thousand and no/100 Dollars ($450,000.00) in HOME funds for Kainos acquisition of the property; and NOW, THEREFORE, the Parties hereby agree as follows: 1. FINANCIAL ASSISTANCE. City will allocate to Contractor the sum of Four Hundred Fifty Thousand and no/100 Dollars ($450,000.00) for exclusive use by Contractor during the fiscal year commencing July 1, 2012, and ending June 30, 2013, solely for the purposes described in Paragraph 2. The HOME financial assistance from the City shall be evidenced by a Promissory Note in favor of the City, in the form attached hereto as Exhibit "C" (the "Promissory Note") and secured by a deed of trust on the Property (the "Deed of TrusY'), in the form attached hereto as Exhibit "D". The Promissory Note shall provide that the loan be deferred of payments for a term of thirty 30 years at zero percent (0%) interest, except in the case of default as hereinafter provided, and shall be repaid in full at the end of the Loan Term, except in the case of a default as hereinafter provided in which case repayment may be accelerated. For the purposes of this Agreement, the "Loan Term" shall be the date which is thirty (30) years from the date the Promissory Note is fully executed. ATTY/AGR/2013.043/KAINOS-1033 REDWOOD AVE REV:03-28-13 VR Page 2 of 34 RESO.#15256 MUFF#304