City of Chino
13220 Central Avenue
Chino, CA 91710
September 3, 2024
VIA E-MAIL
Re: Consent to Transfer Certain Ownership Interests
Project:
Seasons at Chino Apartments
Address:
13160 6th Street, Chino, CA (“Property”)
Borrower:
Chino Housing Investors, L.P.
1st Lender:
Redevelopment Agency of the City of Chino (“RDA”)
1st Loan:
$5,980,000 (“1st Loan”) evidenced by Note dated March 19, 1998 secured by Leasehold Deed of Trust recorded against the Property as Instrument No. 1998-103961 as amended (“1st Loan Documents”) 2nd Lender:
City of Chino (“City”)
2nd Loan:
$339,312 (“2nd Loan”) evidenced by Promissory Note dated March 17, 1998 secured by Subordinate Leasehold Deed of Trust recorded against the Property as Instrument No. 19980103963 (“2nd Loan Documents”) Standard Communities:
The City of Chino as Successor Agency to the Redevelopment Agency of the City of Chino (“Successor Agency”) received that certain letter dated May 13, 2024 from Standard Communities entitled “Request for Consent to Transfer Certain Ownership Interests under the Disposition and Development Agreement” (“DDA”). Standard’s letter to the Successor Agency is hereinafter referred to as the “Successor Agency Request Letter.” As the DDA is of no further force or effect, the City as Successor Agency will not issue any consent or approval under the DDA as requested in the Successor Agency Request Letter.
The Successor Agency as 1st Lender does not believe that the proposed transfer of partnership interests requires the Successor Agency’s consent under the 1st Loan Documents.
The City as 2nd Lender does not believe that the proposed transfer of partnership interests requires the City’s consent under the 2nd Loan Documents.
Very truly yours,
CITY OF CHINO (as City and Successor Agency)
By:
Dr. Linda Reich, City Manager & Executive Director
3008/029060-0329
20712198.6 a08/21/24