RES 17969 - Laserfiche WebLink

ASSIGNMENT, ASSUMPTION AND MODIFICATION AGREEMENT This Assignment,Assumption and Modification Agreement(the"Agreement")is entered into as of , 2017, by and among MidPen Housing Corporation,a California nonprofit public benefit corporation ("Assignor"), Kottinger Gardens Phase 2 Associates, L.P., a California limited partnership ("Assignee"), and the City of Pleasanton, a municipal corporation (the "City"), with reference to the following facts: A The City made a loan to Assignor using City Low-Income Housing Funds to fund certain Project predevelopment expenses in the amount of one-hundred twenty-five thousand and 29/100 dollars ($125,575 29) (the "Phase 2 Predevelopment LIHF Loan") to be used in connection with Assignor's proposed demolition of existing improvements and development of a new affordable senior housing development consisting of 54 apartments and related improvements (the "Project"), on the real property located in the City of Pleasanton, Alameda County, California, at 243 — 253 Kottinger Drive, known as Alameda County Assessor Parcel No 094-0019-017, (the "Property") Assignor's obligation to repay the Predevelopment LIHF Loan is evidenced by a Predevelopment Promissory Note dated as of March 1, 2016 (the "Predevelopment LIHF Note") B Assignee was formed to develop, own and operate the Project City and Assignee intend to enter a ground lease, pursuant to which Assignee will lease the Property from the City for 75 years and develop, own, and operate the Project. C In connection with the Project, Assignor desires to assign to Assignee, Assignor's right, title, interest and obligations under the Predevelopment LIHF Note. Concurrently herewith, Assignee and City will enter into an Affordable Housing Loan Agreement (the "New LIHF Loan Agreement")and Assignee will execute a new promissory note (the "New L1HF Note"). The New LIHF Loan Agreement will govern $125,575 29 of the funds disbursed pursuant to the Predevelopment LIHF Loan (plus $xx,xxx in accrued interest) and an additional amount of City Low-Income Housing Funds to be provided by City to Assignee for the Project (collectively, the "New LIHF Loan") The New LIHF Note will evidence Assignee's obligation to repay the Predevelopment LIHF Loan and the sums to be disbursed pursuant to the New LIHF Loan Agreement D Concurrently herewith, Assignee will execute deeds of trust for the benefit of City to secure Assignee's obligations to repay the New LIHF Loan, and an Affordable Housing Regulatory Agreement, all of which will be recorded against the Project and Assignee's leasehold interest in the Property. NOW,THEREFORE, in consideration of the foregoing,of the mutual promises of the parties hereto and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the parties mutually agree as follows• 1