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09-1215_HABITAT FOR HUMANITY_Affordable Housing Funding and Loan Agr 1st AmdTHIS FIRST AMENDMENT TO THE AFFORDABLE HOUSING FUNDING AND LOAN AGREEMENT (this "Amendment") is entered into as of December 21, 2009, by and between SAN JUAN CAPISTRANO COMMUNITY REDEVELOPMENT AGENCY, a public body, corporate and politic (the "Agency"), and HABITAT FOR HUMANITY OF ORANGE COUNTY, INC., a California non-profit, public benefit corporation ("Habitat"), with reference to the following: RECITALS A. Agency approved an Affordable Housing Funding and Loan Agreement on October 8, 2008, to grant $335,342 and loan at 0% interest $631,174.49 to Habitat for Humanity for reimbursement of extraordinary development expenses and development fees paid up front. B. The $631,174.49 0% interest loan was to be repaid on a per unit basis for the remaining 19 units, with $4,000 paid at Building Permit issuance, and $29,219.71 paid at issuance of Certificate of Occupancy. C. On November 30, 2009, Habitat for Humanity requested the remaining funds due from the Affordable Housing Funding and Loan Agreement ($681,954.78) be repaid with mortgage proceeds at the close of escrow of all 27 units. NOW, THEREFORE, for and in consideration of the mutual covenants and agreements contained within this Amendment, and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereby agree to the following amendments: Article 112.2 shall hereby read: Repayment of Agency Loan. The Promissory Note, the disbursed and unpaid principal balance of the Agency Loan shall not bear interest. Habitat shall repay the Agency Loan on a per unit basis per the following schedule: (a) $21,553.88 at close of escrow with mortgage proceeds. Article 112.3 shall hereby read: Maturity Date. Notwithstanding any other provision of this Agreement or the Promissory Note, unless due sooner, the entire outstanding principal balance of the Agency Loan shall be due and payable in full on January 1, 2011 ("Maturity Date"). The Maturity Date may only be extended by a mutual agreement of the parties in writing and fully executed. [SIGNATURE PAGE FOLLOWS] IN WITNESS WHEREOF, Agency and Habitat have signed this Agreement as of the date first set forth above. I W "_—A i "T HABITAT FOR HUMANITY OF ORANGE COUNTY, INC., a California non-profit, public benefit corporation By: hairperson By: ,4i666tive Director SAN JUAN CAPISTRANO COMMUNITY REDEVELOPMENT AGENCY, a public body, corporate and politic n. 9 W -2w Agency Cou6sel 32.400 PASEO ADELANTO MEMBERS OF THE CITY COUNCIL SAN JUAN CAPISTRANO, CA 92675 SAMALLI VmFp (949) 493-1171 ia�a�ros�rEn ASW.HRI (849)493-1053FAx ® ESTRauskEC ��� THO FHpMASM1.HR18AR www.sanjuC1'11L`apistYano.org MARK NIELSEN 6R. LONDRES USO TRANSMI I 1 AL March 10, 2010 d Habitat for Humanity 2200 S. Ritchey Santa Ana, CA 92705 FROM: Christy Jakl, Deputy City Clerk (949) 443-6310 RE: First Amendment to the Affordable Housing and Loan Agreement Enclosed: (1) Original, executed First Amendment to the Affordable Housing and Loan Agreement Please contact Laura Stokes, Housing Coordinator at (949) 443-6313, with questions regarding the agreement. CC: Laura Stokes, Housing Coordinator .fan duan Capistrano: Preserving the Past to Enhance the Future Printed on 100% recycted paper Today's ©ate: March 8, 2010 CIP No. (if any): Project Manager's Last Name: Stokes Phone Extension: 6313 Council or CRA Meeting Date (if applicable): Was from 12/15/09 approval APPROVING AUTHORITY: (Check One) ❑ Mayor ❑ CRA Chair ❑ City Manager Transmittal Routing (Check All That Apply) City Attorney ® City Manager City Clerk Provide (1) executed original contract for each signing party, including the City. If the agreement is to be recorded — only (1) original will be recorded with certified copies going to other parties. Please provide the mailing address of any party to receive an agreement — unless the mailing address is included within the body of the agreement. Names Street City t I Zi Habitat For Humanity 2200 S. Ritchey Santa Ana 92705_..._ _CA i OTHER INSTRUCTIONS: Farm Date: 01-2004 D-7