RIDGE VIEW REFINANCING - Laserfiche WebLink

4. Regulatory Agreement Modification. A. Extension of Time. Beginning October 1, 1999, the Regulatory Agreement shall remain in full force and effect for a period of thirty (30) years, terminating at the same time as the Note and Deed of Trust. B. Replacement Reserve. Prior to this loan modification, the Borrower shall deposit with the Agency Six Hundred Thousand Dollars and No /100 ($600,000.00), cash, to replenish the Replacement Reserve Account ( "RRA "). Thereafter, the monthly RRA deposit shall be reduced to Three Thousand Three Hundred and No /100 Dollars ($3,300.00). 5. Title Insurance. This Agreement shall be operative as of its date (on page 1). Notwithstanding the foregoing, within thirty (30) calendar days following such operative date, the Borrower shall provide the Agency with an ALTA - Lender CLTA Form 110.5 Endorsement to that certain Security Union Title Insurance Company title insurance policy No. 05305892001175 dated January 12, 1990 in substantially the form of that certain pro forma endorsement approved by the Agency prior to its execution of this Agreement. As an alternative to the CLTA 110.5 endorsement, Borrower may provide to CHFA a new ALTA Lender's title policy issued by North American Title Company providing CHFA with the same title insurance as a CLTA 110.5 would provide, as approved by CHFA. Such endorsement shall be issued by a title insurance company which is acceptable to the Agency, in its sole discretion. In the event that the Borrower fails to provide such title insurance endorsement within such time limit, the Agency may, by unilaterally recording a written declaration to that effect, declare this transaction void, cancel this Agreement and reinstate the original Note terms unamended by this Agreement. 6. Note, Etc., Unimpaired. Except as otherwise provided in this Agreement, the Note, the Deed of Trust, and the Regulatory Agreement shall continue in full force and effect and shall remain unaffected, unchanged, and unimpaired. 7. Attorneys Fees and Costs. In any action or proceeding to enforce or relating to this Agreement, the prevailing party shall be entitled to receive from the other party reasonable attorneys fees and costs. 8. Counterparts. This Agreement may be signed in counterparts which together shall be deemed to be one document. BORROWER: AGENCY: RIDGE VIEW COMMONS ASSOCIATES, a CALIFORNIA HOUSING FINANCE AGENCY California limited partnership By ul By: Theresa A. Parker V Name: Executive Director Title: ACKNOWLEDGMENTS LOAN.MOD.AGMT.RIDGE VIEW 9/15/99.RK0 -3- SAON2T3A