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07/22/2013 <br />WHEREAS, MHA provides certain services through programs, including the <br />program described in Exhibit "A" ("Program & Project Description"), attached hereto and <br />made a part hereof; and <br />WHEREAS, MHA has applied for funding assistance under the CDBG Program <br />to acquire property located at 105 5th Avenue in unincorporated City of Redwood City to <br />be used to build affordable permanent supportive housing for very low income disabled <br />adults; and <br />WHEREAS, on July 22, 2013 the City Council of Redwood approved Four <br />Hundred Thousand and no/100 Dollars ($400,000.00) in CDBG funds for MHA <br />acquisition of the property; and <br />NOW, THEREFORE, the Parties hereby agree as follows: <br />1. FINANCIAL ASSISTANCE. City will allocate to Contractor the sum of Four <br />Hundred Thousand and no/100 Dollars ($400,000.00) for exclusive use by Contractor <br />during the fiscal year commencing July 1, 2013, and ending June 30, 2014, solely for <br />the purposes described in Paragraph 2. The CDBG financial assistance from the City <br />shall be evidenced by a Promissory Note in favor of the City, in the form attached <br />hereto as Exhibit "C" (the "Promissory Note") and secured by a deed of trust on the <br />Property (the "Deed of Trust"), in the form attached hereto as Exhibit "D". The <br />Promissory Note shall provide that the loan be deferred of payments for a term of thirty <br />30 years at zero percent (0%) interest, except in the case of default as hereinafter <br />provided, and shall be repaid in full at the end of the Loan Term, except in the case of a <br />default as hereinafter provided in which case repayment may be accelerated. For the <br />purposes of this Agreement, the "Loan Term" shall be the date which is thirty (30) years <br />from the date the Promissory Note is fully executed. <br />RESO. # 15282 <br />MUFF # 608 <br />