FIRST AMENDMENT TO PROMISSORY NOTE
(HOME Loan - City of Riverside)
Loan Amount: $510,788.00 _ 2022
Riverside, California
THIS FIRST AMENDMENT TO PROMISSORY NOTE (HOME Loan) (this "First day of
"Effective Date"), by and between ANACAPA RIVERSIDE LLC, a California limited liability ompany, acting through its sole member and manager Northtown Housing Developmen 'orporation, a California nonprofit public benefit corporation ("Maker"), and the CITY O RIVERSIDE, a California charter city and municipal corporation (the "Payee"), or order.
RECITALS
WHEREAS pursuant to that certain HOME Investment Partnerships Loan Agreement dated as of February 13, 2019, as amended by that certain First Amendment to HOME Partnership Investment Loan Agreement dated as of → 2022 (collectively, the "Loan Agreement"), by and between Payee and Maker, Payee agreed to provide financial assistance using funds received by the Payee pursuant to the Federal HOME Investment Partnership Act and HOME Investment Partnerships Program (the "HOME Loan") to assist Maker for certain Eligible Project Costs incurred by Maker for the development of two single family residences for rental occupancy by Low Income Households (the "Project") and located at 11502 Anacapa Place, Riverside, California, and further identified as Assessor Parcel Nos. 141-173-012 and 141-173- 036 (the "Property");
WHEREAS the Loan was evidenced by that certain Promissory Note dated August 3, 2020, by Maker for the benefit of Payee in the original principal amount of Three Hundred Fifty-Four Thousand Seven Hundred Twenty-Six Dollars ($354,726.00) (the "Note"); WHEREAS Payee and Maker desire to amend the amount of the loan and to restate the balance owing under the Note; and
WHEREAS the Payee and Maker have agreed to amend the Note in accordance with the terms of this Amendment,
NOW, THEREFORE, the Payee and Maker desire to amend the Note as follows.
AGREEMENT
All capitalized terms not defined herein shall have the same meaning as defined in the Note.
2. As of the date of this Amendment, the outstanding principal balance together with any and all accrued interest owing on the Note is Five Hundred Ten Thousand Seven Hundred Eighty-Eight Dollars ($510,788.00).
1 This Amendment is governed by and construed in accordance with the laws of the State of California without regard to principles of conflicts of law. Any claim, action, suit or proceeding (collectively, "Claim") between Maker and Payee that arises from or relates to this Amendment shall be brought and conducted solely and exclusively within the Superior Court of the State of California - County of Riverside.
This Amendment may be signed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same amendment.
Except as modified by this Amendment, the terms of the Note shall remain unchanged and in full force and effect.
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[SIGNATURE PAGES FOLLOW]
2 IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written above.
MAKER
ANACAPA RIVERSIDE LLC,
a California limited liability company
By: Northtown Housing Development Corporation,
a California nonprofit public benefit corporation,
its Sole Member and Manager
[PAYEE'S SIGNATURE PAGE FOLLOWS]
SIGNATURE PAGE TO
FIRST AMENDMENT TO PROMISSORY NOTE
(HOME Loan)
Maker: Anacapa Riverside LLC
Loan Amount: Five Hundred Ten Thousand Seven Hundred Eighty-Eight Dollars ($510,788.00) PAYEE:
CITY OF RIVERSIDE,
a California charter city and municipal corporation
By:_
Name:
Title:
And
ATTEST:
By:_
Name:
APPROVED AS TO FORM:
By:_
Name:_ ANTHONY BEAUMON
Title: Sr- DEPUTY CitY ATTORNEY
CERTIFIED AS TO FUNDS AVAILABILITY:
BY:_
Chief Financial Officer/ City Treasurer
18-0228.5 RK 08/19/2022
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