RIDGE VIEW REFINANCING - Laserfiche WebLink

B. The Deed of Trust encumbers that certain real property located in the City of Pleasanton, County of Alameda, State of California, and more particularly described in Exhibit A attached hereto and incorporated herein by this reference (hereafter the "Development "); and C. The Development is also encumbered by that certain "Regulatory Agreement, CHFA Development No. 87- 007 -N" (hereafter the "Regulatory Agreement ") executed among the Borrower and the Agency, dated January 1, 1990 and recorded on January 12, 1990 as Instrument No. 90009858 in the Official Records of the Alameda County Recorder; and D. The Agency and the Borrower desire to modify the terms of the Note and Regulatory Agreement. NOW, THEREFORE, in consideration of the mutual covenants contained in this Agreement, and other consideration the sufficiency of which is hereby acknowledged, the Agency and the Borrower agree that the Note and Regulatory Agreement shall be modified as follows: 1. Note Modifications. A. Interest Rate Reduction. The Note shall be modified to reflect that effective October 1, 1999, interest shall accrue on the amounts owed under the Note at the rate of five and fifty one - hundredths percent (5.50 %) instead of nine and fifty -five one - hundredths percent (9.55 %) per annum as a result of the interest rate buydown as described in paragraph 3, below. B. Loan Term Extension. Effective October 1, 1999, the term of the Note shall be extended for a period of thirty years and will continue to be secured for the extended term of the Note by the Deed of Trust. C. New Payment Schedule. Commencing on November 1, 1999, and continuing on the first day of each and every month thereafter until payment in full of all amounts due and payable under the Note, the Borrower shall make payments to the order of the Agency on a level payment thirty (30) year fully amortized basis computed in order that such payments will repay the Note on October 1, 2029 (29 years and 11 months after November 1, 1999). As of October 1, 1999, the unpaid principal balance due on the Note (computed as if all payments due up to and including the October 1, 1999 have already been paid), shall be Eight Million Five Hundred Fifty -Two Thousand Five Hundred Seventeen and 35/100 Dollars ($8,552,517.35). Commencing with the payment due on November 1, 1999, the new monthly principal and interest payment due on the Note shall be Forty -Eight Thousand Five Hundred Sixty and 25/100 Dollars ($48,560.25). 2. Refinancing Fee. Prior to this loan modification, the Borrower shall pay a refinancing fee (in cash) to the Agency in the amount of Two Hundred Fifty -Six Thousand Five Hundred Seventy -Five and 52/100 Dollars ($256,575.52). 3. Interest Rate Buydown. Prior to this loan modification, the Borrower shall pay an interest rate buydown fee (in cash) to the Agency in the amount of One Million Five Hundred Seven Thousand One Hundred Ninety -Three and 89/100 ($1,507,193.89). LOAN.MOD.AGMT.RIDGE VIEW 9 /15 /99.RKO -2- SAON2T3A