RecDoc 2020-039721 First Amendment to Declaration of Affordability

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RECORDING REQUESTED BY FIRSTAMERICAN TITLE rNSVRANcE CO. NATIONAL. COMMERCIAL SERVICES Free Recording Requested per Government Code Sec. 27383 RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: City of Redwood City 1017 Middlefield Road Redwood City, CA 94063 Attn: City Clerk 2920-939721 1:22 pm 05/04/20 A3 Fee: NO FEE Count of Pages 9 Recorded in Official Records County of San Mateo Mark Church Assessor -County Clerk -Recorder ILII 11 IdElil II1111 1111111 II *$ R 0 0 0 2 8 5 2 4 9 6$ APNs: 059-092-290-2 (old) (New APN not yet assessed) SPACE ABOVE THIS LINE FOR RECORDER'S USE 059-092-300 (Affects Parcel Three) 059-092-310 (Affects Parcel One and Two) &m- -q )-6`1'4 `A FIRST AMENDMENT TO DECLARATION OF AFFORDABILITY COVENANTS THIS FIRST AMENDMENT TO DECLARATION OF AFFORDABILITY COVENANTS (this "Amendment") is made and executed as of rA L -,l 1� , 2020 (the "Effective Date"), by HALLMARK 2017 LP, a California limited partnership ("Declarant") and CITY OF REDWOOD CITY, a charter city and municipal corporation in the State of California (the RECITALS: A. Pursuant to Section 24 of the Code of Federal Regulations, Part 92 for the HOME Investment Partnership Program (the "HOME Program"), the City made a loan to KDF Hallmark, L.P., a California limited partnership ("Original Declarant") of monies granted to it under the HOME Program in the original principal amount of Five Hundred Thousand Dollars ($500,000) (the "HOME Loan") as evidenced by the Loan Documents (defined below). The Redevelopment Agency of the City of Redwood City (the "Agency") made a loan to the Original Declarant in the original principal amount of One Hundred Fifty Thousand Dollars ($150,000) as evidenced by the Loan Documents (the "RDA Loan", and together with the HOME Loan, the "Loans"). B. The Loans were made in connection with the renovation of Hallmark House Apartments, a 72 -unit apartment complex located at 531 Woodside Road, Redwood City, California, and more fully described in Exhibit A, attached hereto and incorporated by reference. C. The City is the successor agency to the Agency. D. The Loans are evidenced by the following documents: (i) that certain Redevelopment Agency of the City of Redwood City Owner Participation Agreement (Hallmark Apartments Project) by and among the Original Declarant, the City, and the Agency dated December 1, 2003, and recorded in the in the Official Records of San Mateo County, California (the "Official Records") as Document Number 20.03-350637 on December 22, 2003 (the "Owner Participation Agreement"); (ii) that certain Promissory Note by Original Declarant dated December 22, 2003, in the orignal principal amount of Six Hundred Fifty Thouand Dollars REV: 03-27-2020 PR Description: San Mateo,CA Document - Year.DocID 2020.39721 Page: 1 of 9 Order: eeee Comment: