2011 Habitat for Humanity of the Coachella Valley, Inc. - Amendment No. 2AMENDMENT NO.2 TO AFFORDABLE HOUSING AGREEMENT
by and between
LA QUINTA REDEVELOPMENT AGENCY,
a public body, corporate and politic,
�I
HABITAT FOR HUMANITY OF THE COACHELLA VALLEY, INC.
a California nonprofit public benefit corporation
882/015610-0046
2233639.2 a07/28/11
AMENDMENT NO. 2 TO AFFORDABLE HOUSING AGREEMENT
This AMENDMENT NO. 2 TO AFFORDABLE HOUSING AGREEMENT
("Amendment") is entered into as of August 3 2011 (the "Effective Date"), by and between
the LA QUINTA REDEVELOPMENT AGENCY, a public body, corporate and politic (the
"Agency"), and HABITAT FOR HUMANITY OF THE COACHELLA VALLEY, INC.,
a California nonprofit public benefit corporation (the "Developer").
RECITALS:
A. On August 23, 2010, the Agency and the Developer entered into an Affordable
Housing Agreement (the "Original Agreement"), pursuant to which the Agency agreed to
provide financial assistance to the Developer for the Developer's development and sale of two
single-family homes within La Quinta Project Area No. 1 ("Home 1 and Home 2") to income -
qualified households at a sales price affordable to such households.
B. On or about February 1, 2011, the Agency and Developer entered into that certain
Amendment No. I to Affordable Housing Agreement ("Amendment No. 1"), pursuant to which
the Agency agreed to provide additional financial assistance to the Developer for the
Developer's development and sale of five (5) additional single-family homes within La Quinta
Project Area No. 1 during the five-year period commencing on July 1, 2013, and ending on
June 30, 2018. The Original Agreement, as modified by Amendment No. 1, is hereinafter
referred to as the "Agreement." All capitalized terms not specifically defined herein shall have
the meanings ascribed thereto in the Agreement.
C. In completing Home 1 and Home 2, Developer incurred costs in excess of the
Agency Financial Assistance provided to Developer pursuant to the Original Agreement, and
Developer and Agency now wish to provide for an increase in the Agency Financial Assistance
in the amount of Five Thousand One Hundred Dollars ($5,100) to cover such excess costs.
AGREEMENT:
NOW, THEREFORE, in consideration of the foregoing Recitals, which are incorporated
herein by this reference, and for other valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the Agency and Developer hereby agree as follows:
1. The Agreement is hereby amended to increase the amount of the Agency
Financial Assistance for the development of Home 1 and Home 2 by Five Thousand One
Hundred Dollars ($5,100) (the "Additional Home 1 and Home 2 Agency Financial Assistance").
2. The Additional Home 1 and Home 2 Agency Financial Assistance will be funded
from the Agency's Low and Moderate Income Housing Fund. Subject to Section 3 below, the
Additional Home 1 and Home 2 Agency Financial Assistance will be disbursed to Developer in
accordance with the disbursement provisions in Article II of the Original Agreement.
3. Prior to, and as a condition to Agency's disbursement of the Additional Home 1
and Home 2 Agency Financial Assistance, Developer shall be obligated to execute and deliver to
Agency (i) a replacement promissory note substantially in the form attached hereto and
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incorporated herein as Exhibit "A" (the "Replacement Promissory Note"); (ii) a modification to
the Deed of Trust substantially in the form attached hereto and incorporated herein as Exhibit
"B" ("Modification to Deed of Trust"), and (iii) an amendment to the Affordable Housing
Agreement and Declaration of Covenants, Conditions and Restrictions substantially in the form
attached hereto and incorporated herein as Exhibit "C" ("Amendment No. 1 to Declaration").
4. Upon Developer's sale of Home 1 (53220 Avenida Alvarado) to an Eligible
Household, and the Eligible Household's execution of a complete set of Buyer Affordable
Housing Documents, Two Thousand Nine Hundred Dollars ($2,900) of the Additional Home 1
and Home 2 Agency Financial Assistance (in addition to fifty percent (50%) of the Agency
Financial Assistance disbursed to Developer pursuant to the Original Agreement) shall be
credited to Developer and deemed transferred to the Eligible Household purchasing Home 1.
Upon Developer's sale of Home 2 (53240 Avenida Alvarado) to an Eligible Household, and the
Eligible Household's execution of a complete set of Buyer Affordable Housing Documents, Two
Thousand Two Hundred Dollars ($2,200) of the Additional Home 1 and Home 2 Agency
Financial Assistance (in addition to fifty percent (50%) of the Agency Financial Assistance
disbursed to Developer pursuant to the Original Agreement) shall be credited to Developer and
deemed transferred to the Eligible Household purchasing Home 2.
5. In the event of any action between Agency and Developer seeking enforcement of
any of the terms and conditions to this Amendment No. 2, the prevailing party in such action
shall be awarded, in addition to damages, injunctive or other relief, its reasonable costs and
expenses, including without limitation its expert witness fees and reasonable attorney's fees.
6. This Amendment No. 2 shall be construed according to its fair meaning and as if
prepared by both parties hereto.
7. This Amendment No. 2 shall be governed by the internal laws of the State of
California and any question arising hereunder shall be construed or determined according to such
law. The Superior Court of the State of California in and for the County of Riverside, or such
other appropriate court in such county, shall have exclusive jurisdiction of any litigation between
the parties concerning this Amendment No. 2. Service of process on Agency shall be made in
accordance with California law. Service of process on Developer shall be made in any manner
permitted by California law and shall be effective whether served inside or outside California.
8. Time is of the essence of this Amendment No. 2 and of each and every term and
provision hereof.
9. A waiver of a provision hereof, or modification of any provision herein contained,
shall be effective only if said waiver or modification is in writing, and signed by both Agency
and Developer. No waiver of any breach or default by any party hereto shall be considered to be
a waiver of any breach or default unless expressly provided herein or in the waiver.
10. This Amendment No. 2 may be executed in counterparts, each of which, when
this Amendment No. 2 has been signed by all the parties hereto, shall be deemed an original, and
such counterparts shall constitute one and the same instrument.
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IN WITNESS WHEREOF, the Agency and the Developer have signed this Amendment
No. 2 on the respective dates set forth below.
LA QUINTA REDEVELOPMENT AGENCY,
/n� a publiUO
orporate an/dd !i i
Dated: (it f404T 3i 701 By: �rca /,
Thomas P. Genovese,
ATTEST:
SIn4'r/h- N"
Veronica J. Monte ' o, CMC
Agency Secretary
APPROVED AS TO FORM:
RUTAN & TU CER LLP
Aatherine Jens , Agency Counsel
Dated: -7/ z V 2 0 V
Dated:
Executive Director
HABITAT FOR HUMANITY OF THE
COACHELLA VALLEY, INC., a California
nonprofit ublic benef o or
/ TIZI"�i tTg0(kT
Its: ���5 j�-2/c�i�-
By. / t KLE
JALERIE A
Its:
882/015610-0046
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EXHIBIT "A"
REPLACEMENT PROMISSORY NOTE
[See following document]
882/015610-0046
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REPLACEMENT PROMISSORY NOTE
$180,040
La Quinta, California
FOR VALUE RECEIVED, HABITAT FOR HUMANITY OF THE COACHELLA
VALLEY, INC., a California nonprofit public benefit corporation ("Borrower") promises to pay
to LA QUINTA REDEVELOPMENT AGENCY, a public body, corporate and politic
("Agency") at 78-495 Calle Tampico, La Quinta, California 92253, or at such other address as
Agency may direct from time to time in writing, the sum of One Hundred Eighty Thousand Forty
Dollars ($180,040) (the "Note Amount"), plus accrued interest (if applicable), and other charges
owing hereunder, or such lesser amount which shall from time to time be owing hereunder
pursuant to the terms of this Note.
Reference is made to:
(a) That certain Affordable Housing Agreement between Borrower and
Agency dated August 23, 2010, as may be amended from time to time
("Original AHA"), which sets forth terms and conditions for Borrower's
redevelopment of that certain real property located in the City of La
Quinta, County of Riverside, State of California, more particularly
described in the Original AHA as the "Site."
(b) That certain Amendment No. 1 to Affordable Housing Agreement
between Borrower and Agency dated February 1, 2011 ("Amendment No.
1"), which provides for Borrower's redevelopment of additional real
property located, or to be located, in the City of La Quinta, County of
Riverside, State of California.
(c) That certain Amendment No. 2 to Affordable Housing Agreement
between Borrower and Agency dated August 3, 2011 ("Amendment
No. 2"), which provides for Agency's provision of additional financial
assistance to cover certain excess costs incurred by Developer in
developing the Site. The Original AHA, as amended by Amendment
No. 1 and Amendment No. 2, is hereinafter referred to as the "AHA." All
terms not otherwise defined herein shall have the meanings given in the
AHA.
(d) That certain Promissory Note executed by Borrower on August 18, 2010,
that evidences Borrower's repayment obligations for the Agency Financial
Assistance provided to Borrower by Agency pursuant to the Original AHA
(the "Original Note").
(e) That certain Affordable Housing Agreement and Declaration of
Covenants, Conditions and Restrictions between Agency and Borrower,
recorded against the Site in the Office of the Riverside County Recorder
(the "Official Records") on August 30, 2010, as Instrument No. 2010-
0414647 ("Original Declaration").
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(f) That certain Amendment No. 1 to Affordable Housing Agreement and
Declaration of Covenants, Conditions and Restrictions between Agency
and Borrower, recorded against the Site in the Official Records on or
about the date hereof ("Amendment No. 1 to Declaration"). The Original
Declaration, as modified by Amendment No. 1 to Declaration, is
hereinafter referred to as the "Declaration.")
(g) That certain Deed of Trust securing the Original Note executed by
Borrower in favor of Agency, recorded against the Site in the Official
Records on August 30, 2010, as Instrument No. 2010-0414646 ("Original
Deed of Trust").
(h) That certain Modification to Deed of Trust executed by Borrower in favor
of Agency, recorded against the Site in the Official Records on or about
the date hereof ("Modification to Deed of Trust"). The Original Deed of
Trust, as modified by the Modification, is hereinafter referred to as the
"Deed of Trust."
The AHA, Declaration, and Deed of Trust are collectively referred to herein as the "Agency
Agreements." The Agency Agreements are incorporated herein as though set forth in full.
1. Replacement of Original Note. This Replacement Note replaces, in its entirety,
the Original Note.
2. Note Amount; Interest.
(a) Note Amount. The principal amount of Agency's loan to Borrower is
One Hundred Eighty Thousand Forty Dollars ($180,040) ("Note Amount"). The Note Amount
represents the financial assistance provided by Agency to Borrower to enable Borrower to
develop the Project on the Site.
(b) Interest. Subject to Section 4 below, no interest shall accrue on the
outstanding principal Note Amount.
3. Term of Note; Repayment. Repayment of the Loan Amount shall be as follows:
(a) Subject to the provisions of Section 4 herein, which provide for
acceleration of the then outstanding principal and accrued interest and immediate payment
thereof in the event of a default by Borrower, Borrower shall not be required to make any
payments of principal or interest on this Note until such time as Borrower sells a Home to an
Eligible Household. Upon Borrower's sale of Home 1 to an Eligible Household at an Affordable
Sales Price and the Eligible Household's execution of a complete set of Buyer Affordable
Housing Documents, the Note Amount shall be reduced by Ninety Thousand Three Hundred
Seventy Dollars ($90,370). Upon Borrower's sale of Home 2 to an Eligible Household at an
Affordable Sales Price and the Eligible Household's execution of a complete set of Buyer
Affordable Housing Documents, the Note Amount shall be reduced by Eighty -Nine Thousand
Six Hundred Seventy Dollars ($89,670). Upon the occurrence of either of such sale and
corresponding reduction in the Note Amount, the amount by which the Note Amount is reduced
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shall be deemed transferred to the applicable Eligible Household, in the form of a first trust deed
loan. Upon Borrower's sale of the last Home in the Project to an Eligible Household at an
Affordable Sales Price and said Eligible Household's execution of a complete set of Buyer
Affordable Housing Documents, this Note shall be automatically cancelled, as evidenced by
Agency's return to Borrower of the original of this Note marked "cancelled," and the Deed of
Trust shall no longer secure the obligations hereunder.
(b) Borrower shall have the right to prepay all or any portion of this Note at
any time without penalty.
(c) Any payments made by Borrower in payment of this Note shall be applied
in the following order: (i) first to the interest then accrued and due on the unpaid principal
balance under this Note, (ii) second to reduction of the principal balance of this Note.
4. Default and Cross -Default. Borrower shall be deemed in default of this Note in
the event Borrower (a) fails to timely make a payment required by this Note within ten (10) days
following the due date of any payment due hereunder; or (b) Borrower is in material default of
any of the covenants, terms, or provisions of this Note, or any of the Agency Agreements, and
Borrower fails to timely cure such default under the terms of the applicable agreement, it being
understood and agreed by Borrower that a default of any of the Agency Agreements (beyond any
applicable cure period) shall be a default of this Note. In the event of a default, all portions of
the Note Amount that have been disbursed to Borrower and all accrued interest thereon shall
become immediately due and payable. The rate of interest applicable to periods of default for
the defaults set forth in this Paragraph 4 shall be calculated at the lesser of ten percent (10%) per
annum or the maximum legal rate, and shall accrue as of the date such payment was originally
due.
5. Collection Costs; Attorneys' Fees. If the Note Amount becomes due and is not
paid, Borrower shall pay all costs of collection, including, but not limited to, attorneys' fees, and
all expenses incurred in connection with the protection or realization of the collateral securing
the payment hereof or enforcement of any guarantee, incurred by Agency on account of such
collection, whether or not suit is filed hereon.
6. Waiver of Presentment, Etc. Borrower and all endorsers, guarantors and
persons liable or to become liable on this Note waive presentment, protest and demand, notice of
protest, demand and dishonor and nonpayment of this Note and any and all other notices or
matters of a like nature, and consent to any and all renewals and extensions near the time of
payment hereof and agree further that at any time and from time to time without notice, the terms
of payment herein may be modified or the security described in any documents securing this
Note released in whole or in part, or increased, changed or exchanged by agreement between
Agency and any owner of the premises affected by said documents securing this Note, without in
any way affecting the liability of any party to this Note or any persons liable or to become liable
with respect to any indebtedness evidenced hereby.
7. Severability; Governing Law; Amendment. The unenforceability or invalidity
of any provision or provisions of this Note as to any persons or circumstances shall not render
that provision or those provisions unenforceable or invalid as to any other provisions or
882/015610-0046
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circumstances, and all provisions hereof, in all other respects, shall remain valid and enforceable.
This Note has been executed and delivered by Borrower in the State of California and is to be
governed and construed in accordance with the internal laws thereof. Neither this Note nor any
term hereof may be waived, amended, discharged, modified, changed, or terminated orally; nor
shall any waiver of any provision hereof be effective except by an instrument in writing signed
by Borrower and Agency.
8. No Waiver by Agency. No waiver of any breach, default, or failure of condition
under the terms of this Replacement Note or the Deed of Trust or the obligations secured thereby
shall be implied from any failure of Agency to take, or any delay be implied from any failure by
Agency in taking action with respect to such breach, default, or failure from any prior waiver of
any similar or unrelated breach, default, or failure.
9. Usury. Notwithstanding any provision in this Replacement Note, the Deed of
Trust, or other document securing same, the total liability for payment of any interest shall not
exceed the limit imposed by applicable laws of the State of California.
10. Non -Recourse Obligation. In the event of any default under the terms of this
Replacement Note or any of the Agency Agreements, the sole recourse of Agency for any and all
such defaults shall be by judicial foreclosure or by the exercise of the trustee's power of sale, and
Borrower and its partners shall not be personally liable for the payment of this Replacement Note
or for the payment of any deficiency established after judicial foreclosure or trustee's sale;
provided, however, that the foregoing shall not in any way affect any rights Agency may have
(as a secured party or otherwise) hereunder or under any of the Agency Agreements to recover
directly from Borrower any amounts secured by the Deed of Trust, or any funds, damages or
costs (including without limitation reasonable attorneys' fees and costs) incurred by Agency as a
result of fraud, intentional misrepresentation, or bad faith waste, and any costs and expenses
incurred by Agency in connection therewith (including without limitation reasonable attorneys'
fees and costs).
11. Assignment. Borrower may not transfer or assign this Replacement Note without
the express written consent of Agency, which may be given or withheld in Agency's sole and
absolute discretion. Agency may transfer or assign Agency's interest in this Replacement Note.
12. Counterparts. This Replacement Note may be executed in counterparts, each of
which, when this Replacement Note has been signed by all the parties hereto, shall be deemed an
original, and such counterparts shall constitute one and the same instrument.
[End of Replacement Note — Signature page follows]
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Dated:
"Borrower"
HABITAT FOR HUMANITY OF THE
COACHELLA VALLEY, INC., a California
nonprofit pyblic benefit
In
auY
Dated:
Its:
By:
g4ERi6 VAN WjNkt-E
Its:
"Agency"
LA QUINTA REDEVELOPMENT AGENCY,
n . ' a pub ' bo y corporate p is
Dated: (�11� 3 r r B) :. �'1iliD�
Executive Director
ATTEST: In Q
Agency Secretary
APPROVED AS
RUTAN & TiUQ
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EXHIBIT "A" TO
ATTACHMENT NO. 3
DISBURSEMENT RECORD
Disbursement Amount
Date
Acknowledgment of
Receipt of Borrower
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
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EXHIBIT `B"
MODIFICATION TO DEED OF TRUST
[See following document]
882/015610-0046
22336392.0728/11
RECORDING REQUESTED BY AND
WHEN RECORDED MAIL TO:)
La Quinta Redevelopment Agency
P.O. Box 1504
La Quinta, CA 92247
Attn: Executive Director
(Space Above for Recorder's Use)
Exempt from Recordation Fee per Gov. Code § 27383
MODIFICATION OF DEED OF TRUST
This MODIFICATION OF DEED OF TRUST ("Modification") is dated as of
August .3 , 2011, and made by and between the LA QUINTA REDEVELOPMENT
AGENCY, a public body, corporate and politic ("Agency" or "Beneficiary"), and HABITAT
FOR HUMANITY OF THE COACHELLA VALLEY, INC. ("Trustor").
RECITALS
A. Trustor, as "Trustor," executed that certain Deed of Trust With Assignment of
Rents dated September 15, 1992, in favor of First American Title Company, as Trustee, and
Beneficiary, as the beneficiary thereunder, recorded on August 30, 2010, as Instrument No.
2010-0414646, in the Official Records of Riverside County, California ("Deed of Trust"),
pursuant to which they granted to the Trustee, for the benefit of Beneficiary, certain real property
more particularly described in the Deed of Trust ("Property").
B. Trustor and Beneficiary now desire to amend the Deed of Trust as more
particularly described herein.
NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of
which is hereby acknowledged, the parties hereto agree as follows:
1. Modification to Deed of Trust. The Deed of Trust is hereby modified as follows:
a. To replace the clause (a) of the second paragraph on page 1, in its entirety,
with the following:
(a) payment of the sum of One Hundred Eighty Thousand
Forty Dollars (`Mote Amount"), with interest thereon
according to the terms of a promissory note or notes of
even date herewith made to Trustor, payable to order of
Beneficiary, and modifications, extensions or renewals
thereof ("Note").
b. No Other Modification. Except as expressly modified by this
Modification, the Deed of Trust shall remain unmodified and in full force and effect.
882/015610-0046
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C. Counterparts. This Modification may be executed in counterparts, each of
which, when this Modification has been signed by all the parties hereto, shall be deemed an
original, and such counterparts shall constitute one and the same instrument.
IN WITNESS WHEREOF, the parties have executed this Modification as of the date set
forth above.
ATTEST: I�w _ ' / ,
�% V r " lit 9 —
Agency Secretary
APPROVED AS TO FORM:
RUT —AN & T E LLP
gen y Counsel
"Beneficiary"
LA QUINTA REDEVELOPMENT AGENCY, a
public body, corporate and politic
Executive Director
"Trustor"
HABITAT FOR HUMANITY OF THE
COACHELLA VALLEY, INC., a California
nonprofit public benefit corporation
By:
Its: SCCke l-Ryt
887/015610-0046
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EXHIBIT "C"
AMENDMENT NO. 1 TO DECLARATION
[See following document]
882/015610-0046
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1' AUG 30(UI1 iJ
RECORDING REQU T i,AykND 1
WHEN RECORDED MAIL TO-_ ---
La Quinta Redevelopment Agency
P.O. Box 1504
La Quinta, CA 92247
Attn: Executive Director
DOC # 2011-0364931
08/18/2011 22:22P Fee:NC
Page 1 of 6
Recorded in Official Records
County of Riverside
Larry W. Ward
Assessor, County Clerk & Recorder
IIIIII IIIIIII III IIIIII IIIIII IIIII IIIII III IIIII IIII IIII
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PAGE
SIZE
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MISC
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COPY
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466
426
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Exempt from Recordation Fee per Gov. Code § 27383
AMENDMENT NO. 1 TO AFFORDABLE HOUSING AGREEMENT AND
DECLARATION OF COVENANTS, CONDITIONS AND RESTRICTIONS �62
This AMENDMENT NO. 1 TO AFFORDABLE HOUSING AGREEMENT AND
DECLARATION OF COVENANTS, CONDITIONS, AND RESTRICTIONS (this
"Amendment No. 1") is made by and between HABITAT FOR HUMANITY OF THE
COACHELLA VALLEY, INC., a California nonprofit public benefit corporation (the
"Developer") and the LA QUINTA REDEVELOPMENT AGENCY, a public body, corporate
and politic (the "Agency") as of the 3 1*4 day of August, 2011.
RECITALS
A. Developer and Agency are parties to that certain Affordable Housing Agreement
and Declaration of Covenants, Conditions and Restrictions dated August 23, 2010, and recorded
in the Official Records of the County of Riverside on August 30, 2010, as Instrument No. 2010-
0414647 (the "Declaration"). Unless otherwise defined herein, terms used in this Amendment
No. 1 shall have the meanings ascribed thereto in the Declaration.
B. The Declaration was executed pursuant to an Affordable Housing Agreement
entered into by and between Developer and Agency and dated August 23, 2010, which was later
amended by that certain Amendment No. 1 to Affordable Housing Agreement dated February 1,
2011 (as amended, the "Original AHA"). The Original AHA provides for Developer's
construction on the real property encumbered by the Declaration of an affordable housing project
referred to in the Declaration as the "Project".
C. Pursuant to the Original AHA, (i) the Agency agreed to provide Developer with a
loan in the amount of One Hundred Seventy -Four Thousand Nine Hundred Forty Dollars
($174,940) (the "Original Agency Loan Amount") to construct the Project, and (ii) upon the
Developer's sale of each Home to an Eligible Household at an Affordable Sales Price and said
Eligible Household's execution of a complete set of Buyer Affordable Housing Documents, fifty
percent (50%) of the outstanding principle balance of the Original Agency Loan Amount was to
be credited to the Developer and deemed transferred to said Eligible Household, in the form of a
first trust deed loan.
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D. On or about August 3 , 2011, Agency and Developer entered into that certain
Amendment No. 2 to Affordable Housing Agreement ("Amendment No. 2 to AHA"), pursuant
to which Agency agreed to increase the amount of the Agency's financial assistance to
Developer by Five Thousand One Hundred Dollars ($5,100) (the "Additional Agency Financial
Assistance").
E. Agency and Developer now wish to amend the Declaration to provide that, upon
the transfer of the two Homes to Eligible Households, the Additional Agency Financial
—Assistance shall be credited to the Developer and transferred to said Eligible Households, all as
more fully described herein.
NOW, THEREFORE, in consideration of the foregoing recitals, which are incorporated
herein by this reference, and for valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the Agency and Developer hereby agree as follows:
1. The Declaration is hereby amended as follows:
A. As used in this Amendment No. 1 and in the Declaration, the tern
"Agency Loan" shall mean and refer to the sum of the Original Agency Loan Amount and the
Additional Agency Financial Assistance.
B. Upon Developer's sale of the Home to be constructed at 53220 Avenida
Alvarado to an Eligible Household at an Affordable Sales Price and the Eligible Household's
execution of a complete set of Buyer Affordable Housing Documents, Ninety Thousand Three
Hundred Seventy Dollars ($90,370) of the Agency Loan shall be credited to the Developer and
deemed transferred to said Eligible Household, in the form of a first trust deed loan. Upon
Developer's sale of the Home to be constructed at 53240 Avenida Alvarado to an Eligible
Household at an Affordable Sales Price and the Eligible Household's execution of a complete set
of Buyer Affordable Housing Documents, Eighty -Nine Thousand Six Hundred Seventy Dollars
($89,670) of the Agency Loan shall be credited to the Developer and deemed transferred to said
Eligible Household, in the form of a first trust deed loan. As used in the Declaration, the term
"Homebuyer Loan" shall refer to the portion of the Agency Loan transferred to the Eligible
Buyer in question pursuant to this paragraph.
2. In the event of any action between Agency and Developer seeking enforcement of
any of the terns and conditions to this Amendment No. 1, the prevailing party in such action
shall be awarded, in addition to damages, injunctive or other relief, its reasonable costs and
expenses, including without limitation its expert witness fees and reasonable attorney's fees.
3. This Amendment No. 1 shall be construed according to its fair meaning and as if
prepared by both parties hereto.
4. This Amendment No. 1 shall be governed by the internal laws of the State of
California and any question arising hereunder shall be construed or determined according to such
law. The Superior Court of the State of California in and for the County of Riverside, or such
other appropriate court in such county, shall have exclusive jurisdiction of any litigation between
the parties concerning this Amendment No. 1. Service of process on Agency shall be made in
882/015610-0046
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accordance with California law. Service of process on Developer shall be made in any manner
permitted by California law and shall be effective whether served inside or outside California.
5. Time is of the essence of this Amendment No. 1 and of each and every term and
provision hereof.
6. A waiver of a provision hereof, or modification of any provision herein contained,
shall be effective only if said waiver or modification is in writing, and signed by both Agency
and Developer. No waiver of any breach or default by any party hereto shall be considered to be
a waiver of any breach or default unless expressly provided herein or in the waiver.
7. This Amendment No. 1 may be executed in counterparts, each of which, when
this Amendment No. 1 has been signed by all the parties hereto, shall be deemed an original, and
such counterparts shall constitute one and the same instrument.
8. The person(s) executing this Amendment No. 1 on behalf of each of the parties
hereto represent and warrant that (i) such party is duly organized and existing, (ii) they are duly
authorized to execute and deliver this Amendment No. 1 on behalf of said party, (iii) by so
executing this Amendment No. 1 such party is formally bound to the provisions of this
Amendment No. 1, and (iv) the entering into this Amendment No. 1 does not violate any
provision of any other agreement to which such party is bound.
9. Except as otherwise expressly provided in this Amendment No. 1, all of the terms
and conditions of the Declaration shall remain in full force and effect.
[End — Signature page follows]
882/015610-0046
2233639.2 a0728/11
IN WITNESS WHEREOF, the Agency and Developer have caused this instrument to be
executed on their behalf of their respective officers hereunto duly authorized as of the date set
forth above.
Dated 3 2011
ATTEST: �/� �, , 0^
- kZ , r "7"i7�" '
Agency Secretary
APPROVED AS TO FORM
RUTAN & T C R, LLP
--
o eys for the
La Q inta Redevelol0ent Agency
Dated %/ 2 , 2011
Dated 7174 2011
"Agency"
LA QUINTA REDEVELOPMENT AGENCY,
a pu ' bo y, corpo��nd tic
B:/
Its: Executive Director THOMAs GE9ov/E5E
"Developer"
HABITAT FOR HUMANITY OF THE
COACHELLA VALLEY, INC., a California
nonprofit public benefit corporation
By:
ATRIC 5WAB-f0ouT
Its:
SAL'CF-ig VAf4 W(NKLE
Its: C/ZETi9�
882/015610-0046
2233639.2.07/28/11 -4-
State of California )
1
County of Riverside )
On August 3, 2011, before me, SUSAN MAYSELS, Notary Public, personally
appeared THOMAS P. GENOVESE who proved to me on the basis of
satisfactory evidence to be the person whose name is subscribed to the
within instrument, and acknowledged to me that he executed the same in his
authorized capacity, and that by his signature on the instrument the person,
or the entity upon behalf of which the person acted, executed the
instrument.
I certify under PENALTY OF PE
California that the foregoing parag
WITNESS my hand and official seal.
Signature
DOCUMENT:
AMENDMENT NO. 1 TO AFFORDABI
DECLARATION OF COVENANTS, CC
between LQ Redevelopment Agency
Coachella Valley, Inc.
RY under the laws of the State of
is true and correct.
SUSAN MAYSELS
comm.018W79
Nor RLSTM 0
0amiu0=Affl 213
(seal)
HOUSING AGREEMENT AND
IDITIONS AND RESTRICTIONS
nd Habitat for Humanity of the
State of California
County of Riverside
On %o�d° �� ,before me, P AM n►e-+0 ,
II"- (insert Pnao o2e
CNotary Public, personally appeared rt o �cer)
IV/0.r�l�kl e
who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are
subscribed to the within instrument and acknowledged to me that he/she/they executed the same
in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument
the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of California that
the foregoing paragraph is true and correct.
WITNESS my hand and official seal.
PAMELA RIETO
Commbsion a 1"""
No"PuMk • CWDMIS
Signature
RWerside Cm"
My Comm. Expires May 2, 2016
(Seal)
8821015610-0046
2233639.2 aOM8/11 -6-
PLEASE COMPLETE THIS INFORMATION
RECORDING REQUESTED BY:
VERONICA J. MONTECINO, City Clerk
AND WHEN RECORDED MAIL TO:
CITY OF LA QUINTA
Attn: CITY CLERK DEPT
P O Box 1504
La Quinta, CA 92247
SPACE A.
CORRECTED - MODIFICATION OF DEED OF TRUST
Dated August 3, 2011 between La Quinta Redevelopment Agency 030
and Habitat for Humanity of the Coachella Valley, Inc.
DOC # 2011-0436168
20/03/2011 10:58A Fee:NC
Page 1 of 7
Recorded in Official Records
County of Riverside
Larry W. Ward
Assessor, County Clerk & Recorder
111111111111111111111 RE E 111111111111111111111111111
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THIS DOCUMENT IS BEING SUBMITTED FOR RE-RECORDING TO
INCLUDE THE MISSING ACKNOWLEDGMENTS FOR SIGNATORS FOR
HABITAT FOR HUMANITY OF THE COACHELLA VALLEY INC.
Title of Document
THIS AREA FOR
RECORDERS
USE ONLY
THIS PAGE ADDED TO PROVIDE ADEQUATE SPACE FOR RECORDING INFORMATION
Exempt Recording Fees per Government Code Sections 6103 and 27383
RECORDING REQUESTED BY AND
WHEN RECORDED MAIL TO: .
La Quinta Redevelopment Agency
P.O. Box 1504
La Quinta, CA 92247
Attn: Secretary/City Clerk
(Space Above for Recorder's Use)
Exempt from Recordation Fee per Gov. Code § 27383
MODIFICATION OF DEED OF TRUST
This MODIFICATION OF DEED OF TRUST ("Modification') is dated as
of August 3, 201.1, and made by and between the LA QUINTA
REDEVELOPMENT AGENCY, a public body, corporate and politic ("Agency"
or "Beneficiary"), and HABITAT FOR HUMANITY OF THE COACHELLA
VALLEY, INC. ("Trustor").
RECITALS
A. Trustor, as "Trustor," executed that certain Deed of Trust With
Assignment of Rents dated September 15, 1992, in favor of First American
Title Company, as Trustee, and Beneficiary, as the beneficiary thereunder,
recorded on August 30, 2010, as Instrument No. 2010-0414646, in the
Official Records of Riverside County, California ("Deed of Trust'), pursuant
to which they granted to the Trustee, for the benefit of Beneficiary, certain
real property more particularly described in the Deed of Trust ("Property").
B. Trustor and Beneficiary now desire to amend the Deed of Trust
as more particularly described herein.
NOW, THEREFORE, for good and valuable consideration, the receipt
and adequacy of which is hereby acknowledged, the parties hereto agree as
follows:
1. Modification to Deed of Trust. The Deed of Trust is hereby
modified as follows:
a. To replace the clause (a) of the second paragraph on
page 1, in its entirety, with the following:
(a) payment of the sum of One Hundred
Eighty Thousand Forty Dollars ("Note
Amount'), with interest thereon according to
the terms of a promissory note or notes of
even date herewith made to Truster, payable
to order of Beneficiary, and modifications,
extensions or renewals thereof ("Note").
b. No Other Modification. Except as expressly modified by
this Modification, the Deed of Trust shall remain unmodified and in full force
and effect.
C. Counter arts. This Modification may be executed in
counterparts, each of which, when this Modification has been signed by all
the parties hereto, shall be deemed an original, and such counterparts shall
constitute one and the same instrument.
IN WITNESS WHEREOF, the parties have executed this Modification
as of the date set forth above.
ATTEST:
Agency Secretary
N&
AS TO FORM:
sel
"Beneficiary"
LA QUINTA REDEVELOPMENT AGENCY, a
public body, corporate and politic
Bv:
SIGNED IN COUNTERPART
Thomas P. Genovese,
Executive Director
even date herewith made to Trustor, payable
to order of Beneficiary, and modifications,
extensions or renewals thereof ("Note").
b. No Other Modification. Except as expressly modified by
this Modification, the Deed of Trust shall remain unmodified and in full force
and effect.
C. Counterparts. This Modification may be executed in
counterparts, each of which, when this Modification has been signed by all
the parties hereto, shall be deemed an original, and such counterparts shall
constitute one and the same instrument.
IN WITNESS WHEREOF, the parties have executed this Modification
as of the date set forth above.
"Beneficiary"
LA QUINTA REDEVELOPMENT AGENCY, a
public body, corporate and Politic
By:
Thomas P. Genovese,
Executive Director
A TTCQT.
APPROVED AS TO FORM:
RUTAN & TUCKER, LLP
SIGNED IN COUNTERPART
Agency Counsel
"Trustor"
HABITAT FOR HUMANITY OF THE
COACHELLA VALLEY, INC., a California
nonprofit ublic ben it corngvelion
By: ----�
Patrick Swarth�o�ut�, �Pr/esident
By.
Valerie Van Winkle, Secretary
STATE OF CALIFORNIA )
CITY OF LA QUINTA )
COUNTY OF RIVERSIDE )
On September 2, 2011 before me, Pamela Nieto, Notary Public, personally
appeared Thomas P. Genovese, who proved to me on the basis of
satisfactory evidence to be the person(s) whose name(s) is/are subscribed to
the within instrument, and acknowledged to me that he/she/they executed
the same in his/her/their authorized capacity(ies), and that by his/her/their
signature(s) on the instrument the person(s), or the entity upon behalf of
which the person(s) acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of
California that the foregoing paragraph is true and correct.
WITNESS my hand and official seal.
Signature (>>�eX� F"_
DOCUMENT:
Pa1MELA NIM
CommN., 11934M
Nobly PoWk - California
Niwnldo County
Comm. Ex Tres May 2, 2015
MODIFICATION OF DEED OF TRUST dated August 3, 2011 between LQ
RDA and Habitat for Humanity of the Coachella Valley, Inc.
State of California 1
County of Riverside
6 On 09 31 2011, before me NVJAPa\) • B-Mwv\ , Notary Public, personally appeared
PATRICK SWARTHOUT who proved to me on the basis of satisfactory evidence to be the
person whose name is subscribed to the within instrument, and acknowledged to me that he
executed the same in his authorized capacity, and that by his signature on the instrument the
person, or the entity upon behalf of which the person acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of California that the
foregoing paragraph is true and correct. -
WITNESS my hand
Sig
State of California )
County of Riverside )
cial seal. MICHAELJ.BROWN
COMM. 0 185,305
NOTARY PUBUC• CAUFORNIA
RIVERSIDE COUNTY r"
My Commucoion EzDireo
dung 25, 2013�/�duno 25, 2013
(seal)
a \
On 00 %,Zl 201 1, before me lrV LtAAP.4,(J . �Yb.Jv` , Notary Public, personally appeared
VALERIE VAN WINKLE who proved to me on the basis of satisfactory evidence to be the person
whose name is subscribed to the within instrument, and acknowledged to me that she executed
the same in her authorized capacity, and that by her signature on the instrument the person, or
the entity upon behalf of which the person acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of California that the
foregoing paragraph is true and correct.
WITNESS my hand and official seal,
Jt:MM. !fs iS:i V:!05
'v'+ IJOTARI'PUBLlC•CAUFTY
" ]� i9NERSIU� COc' µ
Oc . m Sian Esnirt�s
1 J um, 25,2;,"i3
(seal)
DOCUMENT:
MODIFICATION OF DEED OF TRUST between LO RDA and Habitat for Humanity of the
Coachella Valley, Inc.
RECORDING REQUESTED BY AND
WHEN RECORDED MAIL TO:)
La Quinta Redevelopment Agency
P.O. Box 1504
La Quinta, CA 92247
Attn: Executive Director
DOC # 2011-0364932
08/18/2011 12:22P Fee:NC L���
Page 1 of 2 1z,,."
VO
Recorded in Official Records
County of Riverside
Larry W. Ward
Assessor, County Clerk & Recorder
NlIII !lIIII! III IIlII! IIIIlI full !IlII III !IIlI IIII IIII
UNI
T: CTY
Exempt from Recordation Fee per Gov. Code § 27383
MODIFICATION OF DEED OF TRUST
This MODIFICATION OF DEED OF TRUST ("Modification") is dated as of
August 32011, and made by and between the LA QUINTA REDEVELOPMENT
AGENCY, a public body, corporate and politic ("Agency" or "Beneficiary"), and HABITAT
FOR HUMANITY OF THE COACHELLA VALLEY, INC. ("Trustor").
RECITALS
A. Trustor, as "Trustor," executed that certain Deed of Trust With Assignment of
Rents dated September 15, 1992, in favor of First American Title Company, as Trustee, and
Beneficiary, as the beneficiary thereunder, recorded on August 30, 2010, as Instrument No.
2010-0414646, in the Official Records of Riverside County, California ("Deed of Trust"),
pursuant to which they granted to the Trustee, for the benefit of Beneficiary, certain real property
more particularly described in the Deed of Trust ("Property").
B. Trustor and Beneficiary now desire to amend the Deed of Trust as more
particularly described herein.
NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of
which is hereby acknowledged, the parties hereto agree as follows:
1. Modification to Deed of Trust. The Deed of Trust is hereby modified as follows:
a. To replace the clause (a) of the second paragraph on page 1, in its entirety,
with the following:
(a) payment of the sum of One Hundred Eighty Thousand
Forty Dollars ("Note Amount"), with interest thereon
according to the terms of a promissory note or notes of
even date herewith made to Trustor, payable to order of
Beneficiary, and modifications, extensions or renewals
thereof ("Note").
b. No Other Modification_. Except as expressly modified by this
Modification, the Deed of Trust shall remain unmodified and in full force and effect.
882/015610-0046
2233639 2 a07/28/1 I
C. Counterparts. This Modification may be executed in counterparts, each of
which, when this Modification has been signed by all the parties hereto, shall be deemed an
original, and such counterparts shall constitute one and the same instrument.
IN WITNESS WHEREOF, the parties have executed this Modification as of the date set
forth above.
"Beneficiary"
LA QUINTA REDEVELOPMENT AGENCY, a
public body, corporate and politic
By:
Executive Director 7TH oMAS P &CPI6465 E
ATTEST:
Agency Secretary
APPROVED AS TO FORM:
RUT,AN & T ER LLP
gen y Counsel
"Trustor"
HABITAT FOR HUMANITY OF THE
COACHELLA VALLEY, INC., a California
nonprofit public benefit corporation
IC
Its:
By: V --
VALCIVE
Its: Src/Ze ray
882/015610-0046
2233639 2 a07/28/11 -2-