RecDoc 2020-115102 Addendum to Loan Agmt

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RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: City of Redwood City 1017 Middlefield Road Redwood City, CA 94063 Attn: City Clerk 2020-115102 3:35 pm 10/21/20 AG Fee: NO FEE Count of Pages 31 Recorded in Official Records County of San Mateo Mark Church Assessor -Count Clerk -Recorder 111 111$CII111111111111111 � II III Ell111111 I II 1111 *$ R 0 0 0 2 9 3 6 4 9 2$* Space above this line for Recorder's use. ADDENDUM TO LOAN AGREEMENT This Addendum to Loan Agreement (this "Agreement") is entered into effective as of OrOobLx 12 , 2020 ("Effective Date") by and between the City of Redwood City, a charter city and municipal corporation ("City") and HIP Housing Development Corporation, a California nonprofit public benefit corporation ("Owner"). The City and Owner are collectively referred to herein as the "Parties." RECITALS A. City and Owner entered into that certain Agreement with HIP Housing Development Corporation for Funds to Acquire 1512 Stafford Street dated as of June 27, 2017 (the "Loan Agreement"). B. Pursuant to the Loan Agreement, to assist Owner in the acquisition of the property located at 1512 Stafford Street in the City of Redwood City (as more particularly described in Exhibit A attached hereto, the "Property"), the City made a loan to Owner in the amount of One Million, Five Hundred Seventy -Seven Thousand, Seven Hundred Fifty Dollars ($1,577,750) (the "Loan") funded with One Million, Ninety -Nine Thousand Dollars ($1,099,000) of City Affordable Housing Funds (the "City Funds"), Two Hundred Eighty -Nine Thousand, Seven Hundred Fifty Dollars ($289,750) of Community Development Block Grant funds (the "CDBG Funds"), and One Hundred Eighty -Nine Thousand Dollars ($189,000) of HOME Investment Partnership Program funds (the "HOME Funds"). Owner's obligation to repay the Loan is evidenced by a Promissory Note dated as of June 27, 2017 and executed by Owner for the benefit of City (the "Note") and is secured by a Short Form Deed of Trust and Assignment of Rents executed by Owner as trustor for the benefit of City and recorded in the Official Records on June 29, 2017 as instrument no. 2017-055495 (the "Deed of Trust"). C. The Property is improved with seven (7) residential rental units and 1,500 square feet of commercial space (the "Project"). Owner acquired the Property on June 29, 2017, and is the current owner of the Property. D. As a condition to providing the City financing described in Recital B, the City requires Owner to maintain all of the residential units in the Project as rental housing occupied, or available for occupancy, by Low- Income Households at Affordable Rent for a period of fifty- five (55) years commencing upon Owner's acquisition of the Property (the "General REV: 08-26-2020 PR ATTY/AGR.2020.168/HIP Housing Development Corporation (Page 1 of 31)