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Recorded at the Request of <br /> Old Republic Title Company- <br /> Oakland <br /> f /l(20l(0K8 <br /> RECORDING REQUESTED BY 2� � 6 `063770 <br /> OLD REPUBLIC TITLE COMPANY <br /> AND WHEN RECORDED MAIL TO: 8:00 am 06/30/16 AS AP MT Fee: NO FEE <br /> Count of Pages 9 <br /> City of Redwood City Recorded in Official Records <br /> County of San Mateo <br /> Attn: Housing Mark Church <br /> 1017 Middlefield Road Assessor-County Clerk-Recorder <br /> Redwood City, CA 94063 111111 II II II III I 111111 II II <br /> Attn: Rhonda Coffman * R 0 0 0 2 2 3 1 6 6 0 * <br /> APN: 053-400-030-2 (Space Above This Line for Recorder 's Use Only) U" <br /> Exempt from recording fee per Gov. Code § 27383. <br /> ASSIGNMENT, ASSUMPTION AND MODIFICATION AGREEMENT <br /> (Ct. <br /> (City Center Plaza) <br /> This Assignment, Assumption and Modification Agreement (the "Agreement") is entered <br /> into as of June 1 , 2016, by and among Mezes Court Associates, a California Limited Partnership <br /> ("A ssi gnor" ), City Center Plaza, L .P., a Cal i f orni a I i mited partnershi p ("Assignee"), and the <br /> City of Redwood City, a municipal corporation (the "City"), with reference to the following <br /> facts: <br /> A. The City made a loan in the original amount of $259,757 (the "CDBG Loan") to <br /> Assignor pursuant to the following documents: (i) a Construction Loan Agreement dated as of <br /> November 24, 2015 (the "Loan Agreement"); (ii) a Promissory Note dated November 24, 2015 (the <br /> "Note"); (iii) a Short Form Deed of Trust and Assignment of Rents dated November 24, 2015 and <br /> recorded on January 5, 2016 as Instrument No. 2016-000418 in the official records of San Mateo <br /> County (the "Deed of Trust"); (iv) a Lead-Based Paint Restriction Acknowledgement; and (v) <br /> Control Instructions (collectively, the "CDBG Loan Documents"). The CDBG Loan was provided <br /> in connection with the proposed rehabilitation of an existing affordable housing development <br /> consisting of 81 units (the "Project") located located at 950 Main Street, Redwood City, <br /> California (the "Property"). <br /> B. On August 21 , 2015, the City also made a $339,756 grant to Assignor under its <br /> HOME program to fund certain Project expenses (the "HOME Grant"). In connection with the <br /> HOME Grant, Assignor executed a Grant Agreement dated August 21 , 2015 ("Grant <br /> Agreement") and a Declaration of Affordability Covenants dated August 21 , 2015 and recorded <br /> August 26, 2015 as Instrument No. 2015-090847 in the official records of San Mateo County (the <br /> "Declaration"). <br /> C. Assignee was formed to acquire, rehabilitate, own and operate the Project. In <br /> connection with the Project, Assignor desires to assign to Assignee all of Assignor's right, title, <br /> interest and obligations under the CDBG Loan Documents and Declaration, and Assignee desires <br /> ATTY/AGR/2016.156/RWC-CITY CENTER- ASSIGNMENT & MODIFICATION-CITY CDBG HOME DOCS CITY CE <br /> REV: 06-22-16 VR <br /> Page 1of7 <br /> *-77 <br />