HomeMy Public PortalAboutC-99-001 - Carson Terrance, L.P. Owner Participation Agreement Amendment No.1(1 FIRST AMENDMENT TO OWNER PARTICIPATION AGREEMENT
�- THIS FIRST AMENDMENT TO OWNER PARTICIPATION AGREEMENT (this
"Amendment") is made and entered into as of the3lst day of December, 2000, by and between
the CARSON REDEVELOPMENT AGENCY, a public body, corporate and politic (the "Agency"),
and CARSON TERRACE, L.P., a California limited partnership (the "Developer"), with respect to
the following facts:
RECITALS
A. The Agency and Developer entered into an Owner Participation Agreement on June
1, 1999 (the "OPA"), with respect to certain real property located in the Redevelopment Project
Area No. 1 of the City of Carson, County of Los Angeles, State of California, commonly known as
632 East 219" Street, Carson, California (the "Site"). Capitalized terms not otherwise defined
herein shall have the meanings ascribed to them in the OPA.
B. The OPA provides for the development of very low, lower, and moderate income
senior citizen housing on the Site, and the provision by the Agency of Two Million Two Hundred
Five Thousand Dollars ($2,205.000.00) in financial assistance, in the form of a construction loan
(the "Agency Construction Loan"), to the Developer in connection therewith_ subject to the terms
and conditions and as more specifically set forth in the OPA.
C. The Agency Loan was evidenced by that certain Promissory Note Secured by Deed
of Trust dated June 1, 1999, executed by Developer in favor of Agency (the "Construction Note"),
and is secured by that certain Construction Deed of Trust, Assignment of Rents, Security
Agreement and Fixture Filing dated as of June 1, 1999, executed by Developer in favor of Agency,
encumbering the Site (the "Construction Deed of Trust").
D. Pursuant to Section 3.1 of the OPA, and subject to satisfaction of certain conditions
precedent set forth in Section 3.2 of the OPA, Agency agrees to loan Developer $2,205,000.00 as
permanent financing (the "Agency Long Term Loan"). to be evidenced by a new promissory note
and deed of trust, it being contemplated by the parties that Developer would use the proceeds of
the Agency Long Term Loan to pay off the Agency Construction Loan, the outstanding principal
balance and accrued interest of which is due and payable on December 31, 2000.
E. The Developer has requested, and the Agency has agreed, to increase the amount
of the Agency Long Term Loan in order to include the accrued interest cost on the Agency
Construction Loan_ which is Ninety -One Thousand Nine Hundred Eighty -Eight Dollars ($91,988.00),
based upon simple interest accruing at the rate of three percent (3%) over the seven month term
of the Construction Note, The Agency and Deveioper desire to amend the OPA in order to
increase the amount of the Agency Long Term Loan from $2,205,000.00 to Two Million Two
Hundred Ninety -Six Thousand Nine Hundred Eighty -Eight Dollars ($2.296,988.00).
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AGREEMENT
NOW, THEREFORE, in consideration of the foregoing Recitals which are incorporated
herein by this reference, it is agreed by the parties hereto as follows:
I. Agency Lonn Term Loan. The following language shall hereby be substituted in lieu
of, and shall supersede and replace in its entirety, Section 3.1 of the OPA:
-3 1 Agency Long Ter mLoan. Subject to satisfaction of the conditions precedent set forth
in Section 3.2 hereof, Agency agrees to loan to Developer an amount not to exceed the
unpaid balance of principal and interest accrued thereon of the Agency Construction Loan,
upon the terms and conditions set forth hereinbelow, said loan to be evidenced by a
promissory note (the "Agency Long Term Promissory Note") in the form attached hereto as
Attachment No, 4, a deed of trust and assignment of rents substantially in the form attached
hereto as Attachment No. 5, and a security agreement in the form attached hereto as
Attachment No. 6. and a Financing Statement (UCC -1) covering personal property used in
connection with the operation of the Project."
2_ Event of Conflict. In the event of conflict or inconsistency between the terms and
conditions of the OPA and the terms and conditions of this Amendment, the terms and conditions
of this Amendment shall control.
3. All Other Provision§ of OPA to Remain in Effect. All of the other remaining
provisions of the OPA, and the terms, conditions and covenants contained therein, do hereby
remain in full force and effect and shall not be amended, modified or in any way affected hereby.
4. Counterparts. This Amendment may be executed in any number of duplicate
facsimile counterparts, all of which shall constitute an original of this Amendment for all purposes.
(Signature page follows)
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IN WITNESS WHEREOF, the Agency and Developer have executed this Amendment as
of the date and year first above written,
AGENCY:
CARSON REDEVELOPMENT AGENCY,
a public body, corporate and politic
By: �1
Jero 0o es, Chairperson
DEVELOPER:
CARSON TERRACE, L.P.,
a California limited partnership
By Los Angeles Housing Partnership,
Inc_, a California non-profit
corporation its General Partner
By:
Ouis J. Bernardy
President and CEO
Attest:
it
Helen Kawagoe. Agency Se etary
APPROVED AS TO FORM:
Richards, Watson & Gershon
By:
Jim G. Grayson
Assistant Agency Counsel
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