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LIHF Loan and the sums to be disbursed pursuant to the New LIHF Loan Agreement. Upon <br /> execution of the New LIHF Note, the Predevelopment LIHF Note shall be amended to reduce the <br /> stated loan amount to $125,575.29, which reflects the remaining outstanding balance of <br /> disbursed Predevelopment LIHF Loan funds that are not being assigned to Assignee pursuant to <br /> this Agreement. <br /> F. Concurrently herewith, Assignee will execute deeds of trust for the benefit of City <br /> to secure Assignee's obligations to repay the HOME Loan and the New LIHF Loan, and an <br /> Affordable Housing Regulatory Agreement and Declaration of Restrictive Covenants, all of <br /> which will be recorded against the Project and Assignee's leasehold interest in the Property. <br /> NOW, THEREFORE, in consideration of the foregoing, of the mutual promises of the <br /> parties hereto and for other good and valuable consideration the receipt and sufficiency of which are <br /> hereby acknowledged,the parties mutually agree as follows: <br /> 1. Assignment by Assignor. Assignor hereby assigns to Assignee all of Assignor's rights <br /> and obligations under the HOME Loan Documents and the Phase 1 Portion of the <br /> Predevelopment LIHF Loan. <br /> 2. Acceptance of Assignment. Assignee hereby accepts the above assignment and hereby <br /> assumes all of the rights, obligations, covenants, and agreements of Assignor under the HOME <br /> Loan Documents and the Phase 1 Portion of the Predevelopment LIHF Loan. Any reference to <br /> Assignor in the HOME Loan Documents described above shall be deemed a reference to <br /> Assignee. <br /> 3. Termination of Obligations Related to Phase 1 Portion of the Predevelopment LIHF <br /> Loan. Assignor, Assignee and City all hereby acknowledge and agree that upon execution of the <br /> New LIHF Note and all documents related to the New UHF Loan,the assumed rights and <br /> obligations related to the Phase 1 Portion of the Predevelopment LIHF Loan shall be superseded <br /> and governed by such documents, and the Predevelopment LIHF Note shall be amended to <br /> reduce the stated loan amount to $125,575.29, which reflects the remaining outstanding balance <br /> of disbursed Predevelopment LIHF Loan funds that are not being assigned to Assignee pursuant <br /> to this Agreement. <br /> 4. Release of Assignor. Assignee hereby releases Assignor from all obligations imposed <br /> under the HOME Loan Documents and the Phase 1 Portion of the Predevelopment LIHF Loan. <br /> 5. Payment of Obligations; Disbursements. Assignee hereby assumes the obligation to <br /> repay to the City: (i)all amounts owed by Assignor pursuant to the HOME Loan Documents, and <br /> (ii)the Phase I Portion of the Predevelopment LIHF Loan. The obligation to repay the Phase 1 <br /> Portion of the Predevelopment UHF Loan and other sums to be advanced by City will be <br /> evidenced by the New LIHF Note. Assignor retains the obligation to repay to the City the sum of <br /> $125,575.79 and interest accrued thereon, which obligation shall be evidenced by an amendment <br /> to the Predevelopment LIHF Note to be executed by Assignor and City and dated as of the date <br /> of this Agreement. Assignor and Assignee each acknowledge that as of the date of this <br /> Agreement: (i) all proceeds of the HOME Loan have been disbursed, and (ii) upon the execution <br /> 2 <br />