1995 E.G. Williams Development Corp - Implementation AgrmtIMPLEMENTATION AGREEMENT
by and between the
LA QUINTA REDEVELOPMENT AGENCY
"AGENCY"
M.
E.G. WILLIAMS DEVELOPMENT CORPORATION
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This IMPLEMENTATION AGREEMENT the ("AGREEMENT") is entered into
by and between the LA QUINTA REDEVELOPMENT AGENCY, a Public body, corporate and
politic (the "AGENCY") and E.G. WILLIAMS DEVELOPMENT CORPORATION, a
California corporation (the "DEVELOPER").
WHEREAS, the parties originally entered into that certain Disposition and
Development Agreements dated July 5, 1994 (the "DDA"); and
WHEREAS, the parties amended the DDA on September 20, 1994, (the
Amended DDA"); and
WHEREAS, certain attachments of the Amended DDA require revisions in order
to meet Fannie Mae approval thereby allowing for the sale of very low, low and moderate units;
WHEREAS, Section 406 of the Amended DDA contemplated that revisions may
need to be made to the Buyer/Agency Note in order to achieve the purpose of providing
affordable housing to very low, low, and moderated income buyers; and
WHEREAS, the purpose of this Agreement is to implement the Amended DDA
by providing the Buyer/Agency Note and conforming documents in an acceptable form pursuant
to Section 406;
NOW THEREFORE, the Parties hereto agree as follows:
Attachments Nos. 9, 10, & 19 to the Amended DDA shall be revised as provided in
Exhibits Nos. 1, 2, & 3 respectively attached hereto and incorporated herein by this
reference.
2. This Agreement is solely an implementation of the Amended DDA and revises only those
attachments as necessary to effectuate the purpose of providing affordable for sale
housing for very low, low to moderate income qualified buyers.
IN WITNESS WHEREOF, the Agency and the Developer have signed this
Agreement on the respective dates set forth below.
day of Su rn e ,1995
LA QUINTA REDEVELOPMENT
AGENCY
ATTEST:
La Quinta Redevelopment Agency
APPROVED AS TO FORM:
DAWN HONEYWEL , Agency Counsel
La Quinta Redevelopment Agency
E.G. WILLIAMS DEVELOPMENT
CORPORATION
"Developer"
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