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HomeMy Public PortalAboutC-92-002 - Avalon Courtyard, OPA 22127 S. Avalon Blvd. Amendment No.4( 5C�,0A) FOURTH AMENDMENT TO DISPOSITION AND DEVELOPMENT AGREEMENT fAVALON COURTYARD] THIS FOURTH AMENDMENT TO DISPOSITION AND DEVELOPMENT AGREEMENT ("Fourth Amendment") is entered into by and between AVALON COURTYARD, a California partnership ("Developer"), and CARSON REDEVELOPMENT AGENCY, a public body, corporate and politic ("Agency"). RECITALS A. The Agency and Thomas L. Safran d.b.a. Thomas Safran & Associates ("Safran"), are parties to a Disposition and Development Agreement dated as of July 9, 1992 (the "Original DDA"). B. The Original DDA was amended by that certain First Amendment to Disposition and Development Agreement dated as of December 7, 1993 (the "First Amendment"), that certain Second Amendment to Disposition and Development Agreement dated as of December 31, 1994 (the "Second Amendment"), and by that certain Third Amendment to Disposition and Development Agreement dated as of November 7, 1995 (the "Third Amendment"). The Original DDA, as modified by the First Amendment, the Second Amendment, and the Third Amendment is referred to herein as "the DDA." C. The Developer is the successor in interest to Safran with respect to the DDA. Safran is the sole general partner of the Developer. D. The Developer is requesting that the DDA be amended to allow units that become vacant to be raised to the maximum level allowed under the DDA rather than continuing -with the base to which the prior tenant was entitled. AGREEMENT NOW, THEREFORE, in consideration of the mutual promises of the parties hereto and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Agency and Developer agree as follows: Recitals. All of the foregoing recitals are true and correct and are incorporated herein by reference. Section Headings. The section Headings used below in this Fourth Amendment refer to the Sections of the DDA that are amended or modified as described in each section. Capitalized Terms. All capitalized terms in this Fourth Amendment shall have the meanings ascribed to them in the Original DDA, the First Amendment, the Second Amendment and the 0101810001142200.01 IN WITNESS WHEREOF. the parties have entered into this Fourth Amendment as of the day and year first above written. CARSON REDEVELOPMENT AGENCY, AVALON COURTYARD, a a public body, limited partnership corporate and politic By: (/, A omas 1.-S By:—i��7 I Its Chairpc*on Attest- Qk Its Secretary Approved as to Form: RICHARDS, WATSON & GERSHON, a professional corporation Agency Counsel By: Jeffley A. ftabin, Asst. Agency Counsel -2- 9610o9 )ar d913.jar c1374-00001 Third Amendment. Section 8.2.8. "Successor Tenants Rents" shall be revised to state as follows: "The Tenant Rent for qualified successor tenants (applicants approved for occupancy) upon the vacancy of a Unit shall be equal to the maximum rent levels allowed under the terms of the DDA assuming maximum annual rent increases had been implemented for the category of the qualified successor Tenant (i.e. very low or lower income)." Due Execution. The person(s) executing this Fourth Amendment on behalf of the parties hereto warrant that (i) such party is duly organized and existing, (ii) they are duly authorized to execute and deliver this Fourth Amendment on behalf of said party, (iii) by so executing this Fourth • Amendment, such party is formally bound to the provisions of this Fourth Amendment, and (iv) the entering into this Fourth Amendment does not violate any provision of any other agreement to which said party is bound. Full Force and Effect. The parties further agree that, except as specifically provided in this Fourth Amendment, the terms of the DDA shall remain unchanged and in full force and effect. (Signatures follow on next page) 0101 6!0001142200.01 IN WITNESS WHEREOF, the parties have executed and entered into this Fourth Amendment to be effective as of the date of execution by agency - ,,AGENCY" CARSON REDEVELOPMENT AGENCY, a public body, corporate and politic Date Chairperson ATTEST: /16 a. . <.)f 4.) Agency Secretary APPROVED AS TO FORM: ALESHIRE & WYNDER, LLP Dawn Horkdywell Assistant Agency Counsel "DEVELOPER" AVALON COURTYARD, a California limited ' rtne Genera er of a 18MG01142200.0!