State of California
Cal HFA California Housing Finance Agency
November 26, 2013
City of Hercules
Attn: Margaret Roberts
111 Civic Drive
Hercules, CA 94547
Re: Amendments to HELP and RDLP Loan Agreements
Enclosed are two original sets of the Amendment to Loan Agreement for your RDLP and HELP loans.
If you have any questions, please contact me at (916) 326-8682.
Sincerely
Housing Finance Specialist
Sacramento Headquarters • Los Angeles Office
P.O. Box 4034 100 Corporate Pointe, Suite 250
Sacramento, , CA 95812 Culver City, CA 90230
(916) 326-8000 (310) 342-5400
www.calhfa.ca.gov
CALIFORNIA HOUSING FINANCE AGENCY
AMENDMENT TO LOAN AGREEMENT
Housing Enabled by Local Partnerships
CalHFA Loan No. HELP- 080604-03
This amendment (Amendment), dated October 21, 2013 amends that certain HELP Loan Agreement (the "Agreement") made and entered into on April 11, 2005, by
RECIALS
The Agency has authorized the making of a loan (the "HELP Loan") to the Borrower for the purpose of assisting the Borrower in operating a local housing program Age "Py act) as more particulary described in the Borrowers loan application to the The agreed term of the Loan will expire on April 11, 2015, and the balance of the HELP Loan will become due in full on said date.
As of October 18, 2013, there remained an unpaid balance due on the HELP Loan of One Million Nine Hundred Seven Thousand, Nine Hundred Eighty-seven and 57/100 Dollars ($1,907,987.57) consisting of the following:
Original Principal Amt. $1,600,000.00
Interest 307,987.57
Interest on said sum accrues at the rate of $133.34 per day.
Borrower has requested and the Agency has agreed to grant an extension of time to repay the HELP Loan balance.
NOW, THEREFORE, in consideration of the mutual promises expressed herein, the parties hereto agree as follows:
1. Recitals. The above recitals are incorporated herein.
2. Term. The term of the Agreement and the time for Borrower to repay the entire unpaid balance of the HELP Loan is extended to April 11, 2027.
3. Other terms.
a. As a condition of the extension, Borrower shall make the following payments to the Agency in the following manner:
i. $50,000 no later than December 31, 2013
HELP Loan Amendment
City of Hercules
ii. $50,000 no later than April 11, 2015
$50,000 no later than April 11, 2016
iv. $50,000 no later than April 11, 2017
V. 1n ter than April 11, 2018
vi. $100,000 no later than April 11, 2019
vii. $100,000 no later than April 11, 2020
Viii. $100,000 no later than April 11, 2021
IX. $100,000 no later than April 11, 2022
x. $100,000 no later than April 11, 2023
Xi. $100,000 no later than April 11, 2024
xii. $100,000 no later than April 11, 2025
$100,000 no later than April 11, 2026
xiv. Payment of the remaining loan balance no later than April 11, 2027 b. Any additional payments received above the minimum required payments will be applied towards principal.
c. The interest rate will be reduced to 1.5% simple interest effective October 31, 2013, and continue to accrue at that rate until payment of all principal. d. Except as expressly modified herein, all terms of the Agreement remain in full force and effect.
CALIFORNIA HOUSING FINANCE AGENCY THE CITY OF HERCULES
It lure
By: By:
Claudia Cappio Steven Duran
Executive Director City Manager
HELP Loan Amendment
City of Hercules
CALIFORNIA HOUSING FINANCE AGENCY
FOURTH AMENDMENT TO LOAN AGREEMENT
Residential Development Loan Program
CalHFA Loan No. RDLP- 060506-01
This amendment ("Amendment"), dated October 21, 2013 amends that certain RDLP Loan Agreement (the "Agreement") made and entered into on February 15, 2007, by and between the City of Hercules, a municipal corporation of the State of California (the "Borrower"), and the California Housing Finance Agency, a public instrumentality and political subdivision of the State of California (the "Agency'").
RECIALS
The Agency has authorized the making of a loan (the "RDLP Loan") to the Borrower for the purpose of assisting the Borrower in operating a local housing program (the "Project") as more particularly described in the Borrower's loan application to the Agency; and
The agreed term of the Loan expired on August 15, 2011, and the balance of the RDLP Loan became due in full on said date.
C. As of October 18, 2013, there remained an unpaid balance due on the RDLP Loan of Four Million One Hundred Ninety Thousand, Seven Hundred Fifty-nine and 12/100 Dollars ($4,190,759.12) consisting of the following:
Original Principal Amt. $3,750,000.00
Interest $ 440,759.12
Interest on said sum accrues at the rate of $312.50 per day.
Borrower has requested and the Agency has agreed to grant an extension of time to repay the RDLP Loan balance.
NOW, THEREFORE, in consideration of the mutual promises expressed herein, the parties hereto agree as follows:
1. Recitals. The above recitals are incorporated herein.
2. Term. The term of the Agreement and the time for Borrower to repay the entire unpaid balance of the RDLP Loan is extended to August 15, 2026.
3. Other terms.
As a condition of the extension, Borrower shall make the following payments to the Agency:
i. $50,000 no later than December 31, 2013
RDLP Loan Amendment
City of Hercules
il. $50,000 no later than August 15, 2014
IlI. $50,000 no later than August 15, 2015
$50,000 no later than August 15, 2016
V. $100,000 no later than August 15, 2017
Vi. $100,000 no later than August 15, 2018
vii. $100,000 no later than August 15, 2019
Vili. $100,000 no later than August 15, 2020
IX. $100,000 no later than August 15, 2021
X. $100,000 no later than August 15, 2022
Xi. $100,000 no later than August 15, 2023
xii. $100,000 no later than August 15, 2024
$100,000 no later than August 15, 2025
XiV. Payment of the remaining loan balance no later than August 15, 2026 b. Any additional payments received above the minimum required payments will be applied towards principal.
c. The interest rate will be reduced to 1.5% simple interest effective October 31, 2013, and continue to accrue at that rate until payment of all principal. d. Except as expressly modified herein, all terms of the Agreement remain in full force and effect.
CALIFORNIA HOUSING FINANCE AGENCY THE CITY OF HERCULES
At lane
By: By:
Claudia Cappio Steven Duran
Executive Director City Manager
RDLP Loan Amendment
City of Hercules