Freddie Mac Loan Number: 510842429
Property Name: Grayson Creek Apartments
CONSENT TO COLLATERAL ASSIGNMENT OF GRANT AGREEMENT
THIS CONSENT TO COLLATERAL ASSIGNMENT OF GRANT AGREEMENT (“Assignment”) is made effective as of the February ___, 2026, by CITY OF PLEASANT HILL, as housing successor to the Pleasant Hill Redevelopment Agency (“City”) for the benefit of BERKADIA COMMERCIAL MORTGAGE LLC, a Delaware limited liability company (“Lender”), and acknowledged BRIDGE GRAYSON CREEK ASSOCIATES, A CALIFORNIA LIMITED PARTNERSHIP, a California limited partnership (“Borrower”).
RECITALS:
A. Pursuant to an Amended and Restated Loan and Grant Agreement dated as of September 14, 2001 (“Loan and Grant Agreement”), by and between the City and Borrower, the City, among other things, made a grant to Borrower in the amount of $6,815,000 (“Grant Award”).
B. Pursuant to Section 3.2 of the Loan and Grant Agreement, the City is obligated to disburse annual installments of the Grant Award in the amount of $235,000 (each an “Annual Grant Payment”) through 2031.
C. Borrower has requested that Lender make a loan to Borrower (“Loan”). The Loan will be evidenced by a Multifamily Note from Borrower to Lender effective as of the date of this Assignment (“Note”). The Note is secured by, among other things, a Multifamily Loan and Security Agreement (“Loan Agreement”) and a Multifamily Mortgage, Deed of Trust, or Deed to Secure Debt (“Security Instrument”), dated as of the date of this Assignment, which grants Lender a lien on the property encumbered by the Security Instrument (“Mortgaged Property”). The Note, the Loan Agreement, the Security Instrument, this Assignment and any of the other documents evidencing the Loan are collectively referred to as the “Loan Documents”. Other capitalized terms used but not defined in this Assignment will have the meanings given to those terms in the Loan Agreement.
D. Lender requires as a condition to the making of the Loan that Borrower assign all of Borrower’s right, title, and interest in and to the grant provisions of the Loan and Grant Agreement (“Grant Assignment”) to Lender as collateral security for the Loan.
NOW, THEREFORE, for and in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:
Docusign Envelope ID: 02FFB812-7BEB-4074-9347-43ECD2D2D3EB
1. Assignment. Pursuant to Section 9.1 of the Loan and Grant Agreement, the Loan and Grant Agreement may not be assigned without the prior written consent of the City.
Borrower has advised the City that Borrower wants to make the Grant Assignment to Lender, as security for the Loan by Lender to Borrower, and that Lender will assign the Loan to Freddie Mac. The City consents to the Grant Assignment by Borrower to Lender as security for the Loan and consents that Lender may assign its security interest in the Grant Assignment to Freddie Mac.
2. Effect of Consent to Assignment. The City is not a party to the Loan, nor the Grant Assignment by the Borrower to the Lender, nor to any assignment of the Grant Assignment or the Loan to Freddie Mac. The consent to the Grant Assignment does not change the terms of the Loan and Grant Agreement in any way and does not change the rights or obligations of the City or the Borrower under the Loan and Grant Agreement.
The creation or transfer of any security interest in the Grant Assignment is limited to an Annual Grant Payment payable under the Loan and Grant Agreement in accordance with the terms of the Loan and Grant Agreement. The grant of consent by the City to the Grant Assignment by Borrower to Lender, and the grant of consent by the City of the Grant Assignment by Lender to Freddie Mac, does not constitute consent to any further assignment or other transfer of the Grant Assignment.
3. Payment to Assignee (Lender or Freddie Mac. When the assignee (Lender or Freddie Mac) notifies the City, in writing, that an Annual Grant Payment payable pursuant to the Loan and Grant Agreement should be directed to the assignee, the City may make such Annual Grant Payment to the assignee instead of the Borrower. In making such payments, the City is not required to consider or make any inquiry as to the existence of a default under the Loan Documents but may rely on notice by the assignee; and any payments by the City to the assignee shall be credited against amounts payable by the City to the Borrower pursuant to the Loan and Grant Agreement.
4. Counterpart. This Assignment shall be deemed to be effective on and as of the date written above and may be executed by the parties in as many counterparts as may be deemed necessary and convenient, but all such counterparts shall constitute but one and the same instrument.
[SIGNATURE AND ACKNOWLEDGMENT PAGES FOLLOW]
Docusign Envelope ID: 02FFB812-7BEB-4074-9347-43ECD2D2D3EB IN WITNESS WHEREOF, the parties have duly executed this Assignment as of the day and year first above written.
CITY:
CITY OF PLEASANT HILL
By: ____________________________________
Name: ___________________________________
Title: ___________________________________
Approved as to form:
By: ____________________________________
Name: ___________________________________
Its: ___________________________________
Docusign Envelope ID: 02FFB812-7BEB-4074-9347-43ECD2D2D3EB The Borrower has read the terms of the City’s consent to the Grant Assignment by the Borrower to the Lender, and by the Lender to Freddie Mac. In consideration for the City’s grant of such consent to the Grant Assignment, the Borrower agrees to all the terms of the consent to assignment, and agrees that any assignment by the Borrower is subject to all such terms.
BORROWER:
BRIDGE GRAYSON CREEK ASSOCIATES, A CALIFORNIA LIMITED
PARTNERSHIP, a California limited partnership
By: CHURCH STREET HOUSING, INC.,
a California nonprofit public benefit corporation,
its General Partner
By: __________________
Name: Sierra Atilano
Title: Vice President
Docusign Envelope ID: 02FFB812-7BEB-4074-9347-43ECD2D2D3EB