AMENDMENT NO. 1 TO LOAN AND PROMISSORY NOTE AGREEMENT
This Amendment (“Amendment No. 1”) is hereby entered into effective September 9, 2025 (Amendment Effective Date) by and between the CITY OF LANCASTER , a Municipal Corporation, in the State of California (“Lender”), and FRIENDS OF ANTELOPE V ALLEY FAIR, INC., a California nonprofit corporation (“Borrower”).) with respect to the Friends of Antelope Valley Fair ~ 2021 Loan Agreement between the parties dated July 31, 2021 (“Agreement”).
The Parties agree as follows:
1. Extension of Maturity Date.
The definition of “Loan Maturity” in Section 8 of the Original Agreement, and the “Maturity Date” in the Note, are hereby amended and restated to provide that the unpaid principal balance of the Loan, together with all accrued and unpaid interest and other sums due, shall be paid in full on July 31, 2027 (“Extended Maturity Date”), unless sooner paid in accordance with the terms of the Loan Agreement.
2. Continued Simple Interest Accrual.
(a) Interest shall continue to accrue on the outstanding principal balance of the Loan at the rate set forth in the Note (based on the average monthly effective yields of the Local Agency Investment Fund (“LAIF”)), or such other default rate as may apply under the Note, through the Extended Maturity Date.
(b) For avoidance of doubt, the Borrower remains obligated to pay all accrued and unpaid interest through July 31, 2027. All other terms and provisions of the Agreement and subsequent amendments are hereby reaffirmed.
3. Amendment to Promissory Note (Exhibit A)
Exhibit “A” (Promissory Note) to the Loan Agreement is hereby amended such that the reference to the Maturity Date of July 31, 2023, is extended to July 31, 2027. All accrued interest shall continue to be calculated in accordance with the terms of the Note.
4. No Waiver.
Except as expressly amended by this Amendment, all terms, covenants, and conditions of the Original Agreement and Note shall remain unmodified and in full force and effect. Nothing contained herein shall be deemed a waiver of any rights or remedies of Lender under the Original Agreement, the Note, or any other Loan Document.
5. Representations.
Borrower reaffirms each of the representations and warranties set forth in the Original Agreement as of the Amendment Effective Date.
6. Counterparts.
This Amendment may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument.
CITY OF LANCASTER FRIENDS OF ANTELOPE V ALLEY FAIR, INC.
___________________________ _______________________________________ Trolis Niebla, City Manager Dan Jacobs, Chief Executive Officer
ATTEST:
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City Clerk
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City Attorney
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Department Head