Building Horizons/DDA Amend#1 95THIS FIRST AM
J—u , 1995, by
("Agency') and BUILDF
FIRST AMENDMENT TO
AND DEVELOPMENT AGREEMENT
BY AND BETWEEN
QUINTA REDEVELOPMENT AGENCY
AND
BUILDING HORIZONS
IMENT ("First Amendment") is entered into this _ ay of
between the LA QUINTA REDEVELOPMENT AGENCY
HORIZONS ("Developer").
RECITALS
WHEREAS, the Agency and the Developer entered into a Disposition and Development
Agreement, dated September 30, 1994 (the "DDA"), a copy of which is on file as a public record
with the City Clerk of the City of La Quinta and which is incorporated herein by reference; and
WHEREAS, the
Agency Assistance and
will create more favora
NOW, THEREFO
as follows:
Section 1.
read as follows:
(ii) A;
exceed $85,000 f
combination of a
by the Agency E:
and repayment se
7) respectively).
categories but in
Section 2. A
"Agency Assistance" to
(iii) He
second trust deed
;ency and the Developer desire to amend the DDA with respect to the
definition of the "Affordable Housing Cost" which the parties agree
terms for the moderate income purchaser.
AGREEMENT
the Agency and the Developer do hereby agree to amend the DDA
subsection 201(ii) of the DDA relating to "Agency Assistance" to
icy Funds for the Construction Loan in an amount not to
each of the housing units shall be dispersed according to a
nstruction schedule and invoice documentation to be approved
;utive Director pursuant to the Construction Promissory Note
red by the Construction Deed of Trust (Attachment Nos. 6 and
ie dispersements may exceed the individually budgeted
event may the total dispersement per house exceed $85,000.
i the first paragraph of subsection 201(iii) of the DDA relating to
as follows:
Buyer Assistance funds which shall be in the form of a
i to assure the affordability of the housing unit to moderate
income buyers as
to Twenty -Five T
Note and Second
Section 3.
the definition of "
iefined in Section 401 hereof in an approximate amount of up
iousand Dollars ($25,000) pursuant to the Buyer Promissory
'rust Deed (Attachment Nos. 8 and 9).
the first paragraph of subsection 401(2)(a) of the DDA relating to
Housing Cost" to read as follows:
(a) "A fordable Housing Cost" shall be that purchase price which
would result in m imum monthly housing payments for a thirty (30) year
mortgage for thatIr
rtion of the purchase price which is to be paid in the form of
loan proceeds and currently prevailing mortgage loan rates or the interest rate of
any below-markeortgage program for which such purchaser has obtained a first
trust deed loan, fohe moderate income group calculated pursuant to Health and
Safety Code Secti 50052.5, which sets forth the following formula:
Section 4. Amlend the first paragraph of subsection 4(A)(b) of the Buyer Promissory
Note (Attachment No. 8 o the DDA) relating to the definition of "Affordable Housing Cost" to
read as follows:
(a) "A ordable Housing Cost" shall be that purchase price which
would result in maximum monthly housing payments for a thirty (30) year
mortgage for that portion of the purchase price which is to be paid in the form of
loan proceeds and r currently prevailing mortgage loan rates or the interest rate of
any below -market ortgage program for which such purchaser has obtained a first
trust deed loan, for the moderate income group calculated pursuant to Health and
Safety Code Sec
n 50052.5, which sets forth the following formula:
Section 5. Am nd item 6 of the Hypothetical Example on the Maximum Sales Price
Illustration (Attachment N . 12 of the DDA) to read as follows:
6. Downnavm6nt on house = 3% of Sales Price.
Section 6. This First Amendment and the provisions of the DDA which remain in
effect collectively constitute the "Amended DDA." The Amended DDA integrates all of the
terms and conditions of
previous agreements bel
Section 7.
the full power and
authorizations and
have been obtained, and th
such parties has been fully
nent between the parties, and supersedes all negotiations or
the parties with respect to the subject matter hereof
of the parties hereto warrants and represents to the other that it has
to enter into and execute this First Amendment, that all
s required to make this First Amendment binding upon such party
t the person or persons executing this First Amendment on behalf of
authorized to do so.
2
The effective date of this First Amendment shall be the date of execution by the Agency.
19�5
W-
APPROVED AS TO F
Dawn C. Honeywell
Agency Counsel
REDEVELOPMENT AGENCY OF THE
CITY OF LA QUINTA
BUILT;
By:
Its:
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