Agmt13 Mental Health Association of San Mateo Co. (MHA)

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ORIGINAL AMENDMENT NO.2 TO AGREEMENT WITH WAVERLY PLACE APARTMENTS, L.P. FOR FUNDS TO ACQUIRE AND CONSTRUCT 105 51h AVENUE �THIS AMENDMENT ("Amendment") is made and entered into this I day of L 2017, by and among the CITY OF REDWOOD CITY, a charter city and municipal corporation of the State of California ("Cit)"), Mental Health Association of San Mateo County ("MHA"), and WAVERLY PLACE APARTMENTS, L.P., a California limited partnership ("Contractor"; collectively the "Parties"). WITNESSETH: WHEREAS, the City and MHA are parties to that certain Agreement, dated July 26, 2013, as amended on October 30, 2015 (the "Original Agreement", and, as amended by this Amendment, the "Agreement"), whereby the City agreed to provide MHA Six Hundred Thousand and no/100 Dollars ($600,000) of financial assistance (the "City Loan"), in the form of a 30 -year loan of federal Community Development Block Grant Program ("CDBG") funds, to assist MHA in acquiring property located at 105 51h Avenue in unincorporated Redwood City to be used to build affordable permanent supportive housing for very low income disabled adults, as more specifically described in the Original Agreement; and WHEREAS, the City Loan was granted in two tranches, a "First Tranche" of $400,000 and a "Second Tranche" of $200,000; and WHEREAS, MHA has assigned its obligations pursuant to the City Loan to Contractor, and Contractor has assumed such obligations pursuant to that certain Assignment, Assumption, and Modification Agreement, of even date herewith, by and among City, Contractor and MHA; and WHEREAS, pursuant to the Original Agreement, the time for Contractor to expend City Loan funds granted in the Second Tranche expired on June 30, 2016; and WHEREAS, Contractor has asked the City for additional time to expend Second Tranche funds to assist Contractor in developing the Property, and the City has agreed to do so, as provided in this Amendment; and WHEREAS, Contractor has secured additional funding to assist in developing the Property and, to facilitate such additional funding, City and Contractor desire to amend the term of the City Loan from thirty (30) to fifty-five (55) years. NOW, THEREFORE, the Parties hereby agree as follows: 1. General. The Original Agreement, and defined terms therein, are incorporated herein by this reference as though fully set forth herein. Any capitalized term not otherwise defined in this Amendment shall have the meaning provided for that term in the Original Agreement. REV: 04-07-1715 Page 1 of 5 ATTY/AGR.Amend No. 2 /MHA Waverly Place Agrmt