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w <br />RECORDING REQUESTED BY: 2017-031307 <br />City of Redwood City 9:41 am 04/11117 AS AP MT Fee: NO FEE <br />Count of Pages 9 <br />AND WHEN RECORDED RETURN TO: Recorded in Official Records <br />County of San Mateo <br />Mark Church <br />City of Redwood City Assessor -County Clerk -Recorder <br />CDD — Planning and Housing II I I I� II II I III III I I I I I I II I I II <br />Attn: Rhonda Coffman + R O O f1 2 3 7 9 6 4 8 <br />1017 Middelfield Road <br />Redwood City, CA 94063 <br />Free Recordine Requested Pwauant to Section 6013 of California Government Code <br />ASSIGNMENT AND ASSUMPTION <br />AND MODIFICATION AGREEMENT <br />(Redwood City CDBG Loan) <br />This Assignment and Assumption and Modification Agreement (the "Agreement") is entered <br />into as of Ar>n i 1"*. 2017, by and among Mental Health Association of San Mateo <br />.i <br />County, a California nonprofit public benefit corporation (the "Assignor"), Waverly Place <br />Apartments, L.P., a California limited partnership (the "Assignee') and the City of Redwood City <br />(the "City"), and with reference to the following facts: <br />A. The City of Redwood City, a charter city and municipal corporation of the State of <br />California (the "City") has made a loan to Assignor in the original principal amount of Four Hundred <br />Thousand and No/100 Dollars ($400,000), which loan was subsequently increased to Six Hundred <br />Thousand and No/100 Dollars ($600,000) (the "City Loan") in connection with the development of <br />certain real property located in Redwood City, California, which real property is more particularly <br />described in Exhibit A attached hereto (the "Property"), upon which the Assignor will construct, <br />e,.* ". and f:rerate a 16 -ural residertie: housing develoInnent fnr Inla!-tn:^n e persons (the "Pmieet"). <br />The City Loan is evidenced by a Promissory Note dated August 28, 2013 (the "First Promissory <br />Note") executed by the 'Assignor for the benefit of the City in the original principal amount of <br />$400,000, (ii) an Additional Promissory Note dated October 30, 2015 (the "Second Promissory <br />Note", and together with the First Promissory Note, the "Promissory Notes") executed by the <br />Assignor for the benefit of the City in the original principal amount of $200,000, (iii) an Agreement <br />ATN/AGR/2017.075/MHA WAVERLY PLACE - FSSIGNMENT AGREEMENT <br />REV: 04-07-17 JS <br />Page 1 of 8 <br />