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o FIRST AMENDMENT TO AFFORDABLE HOUSING LOAN AGREEMENT AND SECURED PROMISSORY NOTE This First Amendment to Affordable Housing Loan Agreement and Secured Promissory Note (this "Amendment") is entered into as of September 1, 2016 ("Effective Date"), by and between Kottinger Gardens Phase 1 Associates, L.P., a California limited partnership ("Borrower"), and the City of Pleasanton, a municipal corporation (the "City"), with reference to the following facts A The City made a loan in the original amount of $12,940,486 (the "Loan") to Borrower pursuant to that certain Affordable Housing Loan Agreement Agreement dated as of March 1, 2016 (the "Loan Agreement") and a Secured Promissory Note dated March 1, 2016 (the "Note", and together with the Loan Agreement, the "Loan Documents") to be used in connection with Borrower's proposed demolition of existing improvements and development of a new affordable senior housing development consisting of 131 apartments and related improvements (the "Project"), on the real property located in the City of Pleasanton, Alameda County, California, at 240 — 258 Kottinger Drive, known as Alameda County Assessor Parcel Nos 094- 0095-033-03, 094-0095-017, and a portion of 094-0095-034 (the "Property") B Pursuant to Section 4 2 1 of the Loan Agreement, Borrower and City agreed that if Borrower obtained AHP funds for the Project (the "AHP Loan"), the principal amount of the Loan would be reduced by the total amount of the AHP funds obtained C Concurrently herewith, Borrower is obtaining an AHP Loan in the amount of $1,765,846 Accordingly, Borrower and City now desire to amend the Loan Documents to reduce the principal amount of the Loan to $11,174,640 D Concurrently herewith, Borrower and City will execute and record a modification to that certain Leasehold Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing dated March 1, 2016 and recorded on March 11, 2016 as Instrument No 2016059705 in the Official Records of Alameda County to reflect the reduction in the amount of the Loan 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 Borrower and City acknowledge the truth of the foregoing recitals which are hereby incorporated herein 2 Effective as of the Effective Date, the principal amount of the Loan shall be equal to Eleven Million, One Hundred Seventy-Four Thousand, Six Hundred Forty Dollars ($11,174,640) All references to the principal amount of the Loan in the Loan Agreement or in the Note are hereby modified to reflect the foregoing 3 As a result of this Amendment, the additional Loan proceeds to be disbursed as described in Section 4 1 3 of the Loan Agreement shall be reduced by the amount of the AHP Loan so that OAK#4850-5276-0376 v 1