HomeMy WebLinkAboutR01-Economic Development Agency
o
o
DEVELOPIIEBT DEPARTIIEBT
OF TIlE CIn OF SAIl ~1mIAVnnto
Ilal)IWIDUII
-------------------------------------------------------------------------------
TO: Honorable Chairman and Members of
the Community Development Commission
FROM: KENNETH J. HENDERSON
Executive Director
SUBJECT: SECOND AImlumm: TO JOIIIT DEVELOPIIDT ACRRI<IOWI"X
BETWEEII DUDS-DUDS AD ASSOCIATES AD TIlE UDEVELOPIIDT
AGEIfCY
DATE: April 17, 1992
COPIES: Administrator - EDA; Deputy Director; Manager, Administrative
Services; Project Manager Hassel; File
-------------------------------------------------------------------------------
The attached draft agreement has been prepared by Staff and Sabo and Green
pursuant to the action taken by the Community Development Commission at its
April 6, 1992 meeting.
The agreement represents the culmination of negotiationa between staff and
Leon Jordan of Dukes-Dukes and Associates. Please note that the final agreed
upon language was underlined to assist staff, Dukes and now the Commission in
reviewing the attached agreement.
Please note that the agreement was faxed to staff and Dukes simultaneously on
April 15, 1992 to expedite the review and approval process. With the approval
of the Commission and Agency Counsel and the submission of appropriate
documentation by Dukes, the net loan proceeds can be disbursed.
Staff is available to answer any questions Commission members may have.
ERSOIl. Executive Director
epartaent
-------------------------------------------------------------------------------
KJH:lag:0702E
Attacbment
Ff'R 15 '92
83: 32PM SO & GREEN
8ABo &: GREEN .
o
P.l
A~ rIAL.....~..
.
A.u a.eA1'LA.W
--
_-.A_
---~-
(111) ~115
.. NlIi.I.r (III) 'lOWT.ZlI
PAX COVER SHEET
Dat.:
April 15, 1892
Mr. Ken HenderlOn
Mr. Smfford Parker
FII. No. SBEO 0107
To:
From:
Deb~. for TlmothV J. Sebo
Telephone Number: (714) 384-&081 Fax: (714)384-15434
Number of Peges Including thla Cover: 13
If you do not receive ,II INIga or to
I1Iquelt conftrmetlon, pi.... contact: Jennifer
Comments:
Enclosed I. a I1IVla8d bl8ckDnBCI copy of the second Amendment to the Joint
Development Agreement. Plea.. call If you have any qU8ltlon.. Thank you.
__10___......_....._........._.... 11 I. ..__.........._.............
.....GA.... If.,..........,..........................,. _ L___ - '.
FFR 15 '92 1!l3'32PM SO & GREEN
o
P.Z
SBCClltD AIIIIlmID'l' TO
JOIJIT DBVBLOPJIBR'.l' AmlEE-IBIIT
'1'1118 AIIDDIIDI'r TO lmMPmaarr, ..de thi. day of
, 1992, by and lM1:ween the a.cleftlopaent
AgenclY of the Cit:y of Sen BernardiDo (hereinafter refend t:o ..
the "AgeIIGY"), tbe Ci'ty of San Benull:\tiDO, . c:lbartez' oit:y cluly
o1'9eniaed and exist:iJuJ puz'suant 'to the constit:ut:ion of the St:.t:.
of Californi. (hereinafter referred 'to .s the "Ci1:y"), IIIl4 OOKBS-
DUDS Ii ASSOCUoTE8, INC., . California COrpor.tion (hereinaft:er
referre4 'to .. "DYkes").
DCrl'ALS
A. WIIDIAS, t.be JlU'ti.s enterllcl int:o Ulat certain Joint
Development .e..nt, date4 April 20, It'O, and recorcIe4 on
May 22, 1'90 .s DocuaeDt pnohar 90-199231, Offioi.l -.corel. of
San Bernardino county;
8. WHEREAS, the parties eMered into 'the Firat Aaen4llent
to 'that certain Joint Development .e_t, clate4 .:JUly 1, 19111;
aIlCl
C. 1IIID.BA8, the par'ti.. desire now t:o aaeDlS for the Hoonl!
'ti_ a.id Join't Developll8Dt: .._nt: to revis. tbe lIChac!ulinq
and 1:h. _thoda of dlBura_ent of fund..
HOW, THBRBPORB, the parti.. ~o .9%'ee .. followsl
1. Section 3.1.2 of the Avre_en't is ~e4 to read ..
follows:
"'1'h. portion of th. loan .ttrUN~le 'to th. 3 lIOCl.b
-1-
. .
APR 15 '92 03:33PM 0 & GREEN
o
P.3
WhiCh b 111 the 1*'ill01pa1 _~ of $2715.000 will be ~a14 in an
_~ equal ~o $2,412.28 for .1lClb of the 114 1ID1u whiCh 114
uzaU:. inc111C1.. the 3 ao4e111D1u. Th. _l.Ung 3 lIClClel uzaib_y
be ~ld a~ .IIY 1:1_ with oza1y the '2,412.28 UCNllt w be npaid
I)y D\aku 1:0 the Atezacy upon _all. .1lCIh ..le. 1NJc....y ..t ..14.
.w:h other uzai~. a. d_tIC! .ppropriate1:o fuJaction a. lIClClala, !:Nt
upon .a1. of nch other unib .0 ..t ..ide .. lICd.ela. the
applicab1. re1.... price ahall be raitU4 w the AgeDCY a.
prov14ed in thi. .....nt for tile Ale of Wl1b witllin the
.ppropriat. Pha.. and Group of anita within a Pha....
2. s.otlon 3.3 of the A9rHaent aball be nen4a4 to read
.. fo1lowlJ:
"3.3 upon OOlllJll__t of CODIJ~ion of the anits in
Group A of Pba.. II, the A9ancy will loan to Duk.. a thlr4
tellpOZ'ary conatructioza loan in th. lIpprml:t..ta principal ..OUllt
of '1'WO 111111011 on. H\U\CIrad J'ittY-Tnl'H Dl.O\IIIanct Biqbt: Hundra4
8evanty-Ona Dollara and Pifty Can~. ($2,1153,871.50) to build the
24 hoaeII in Group A. 1NJc.. w111 pay CD!) 1.n of neb loan prior
to rae.ipt of the loan for a loan f.. anct tor d11JJ:Nre..ezat
adainlatration. Said loan aha11 be . ncn-int:erut bearing
Obligation. sa14 loan will be .v14ence4 by a Proai..ory Rote
.ub8tafttially in the fema of 1h,M.htt "e" an4 .eoure41)y a Dea4 of
Truat .ubatantial1y in the fOrlll of Bxbibit .D". which .Juall be
partially r.l...aci a. .ach baaa i. ae14 upon the peyaent of the
proportional Ulount 4ue of the r_ln1nliJ principal amount for
that unit, inclu4iDliJ th. unit'. ahara of the co.t of the 1\04.1.
a. ..1: forth in section 3.1.2. Said Deed of Trust will be janior
-2-
. .
Ff'R 15 '92 l!I3'33'M ~ & GREEN
o
P.4
W t:.ha~ D.ed of Trla~ d..aribecl 111 Parap'apb 2.2..
3. Section 3.4 of the .-.m: ahall be aaendecl to read
a. follcnq:
"3.4 Vpcm G~DClaUt of _t:ruct:ioll of the unit. in
lJroup B of Pha.. II, the Afenoy will 101m t:o Duk.. . fourth
tapol'al'y -.t:ruotlon loan in the approx1llate principal UIOIUIt:
of Two Killion On. lI\m4red ,ifty-Tbre. ThouAD4 Bight 1IImdrec1
8eV81\ty-on. Dollar. &ad .ifty cent. ($2,153,871.50) to build the
25 boa.. in lJroup 8. Duk.. will pay COD 1.5' of .uch loan prior
t:o receipt of the 101m for a loan t_ and for di.burs_ant
adminiatratlon. Baid loan &hall be a DOn-intere.t bearing
obligation. Said 10lUl will be evidenced by a PrCDd..Ol'y Note
aubatAnt:1ally in t:he fOnl ot Bxhibit "c. and .eour.s by a Deed ot
'l'ruet .~tantially in the f01'll ot Bxhlbit .D", which ahall be
partially rel...ed as each hOM 18 sold upon the payaent of the
proportional amount due of the reJDaining prinoipal aaOUBt for
t:.ha~ unit, irIolwUng the unit'. ahara of t:he cost of the aodels
.. .et for1;b in 8ea1:ion 3.1.2. Baid Deed of Trlat will be ::Iunior
w that D.ed of Trlat duodbed in 'erap'aph 2.2."
4. Section 3.5 of th. .....nt llhall be re.tored and
_ande4 to read.. tollowaz
"3.5 COHS'DlUC'l'ION LCWII'UllDIlfG PROCIDURBS !'OR PHASE II,
GROUP B; PHASB III, cmoUP A; AND PRASE IU, GJlOUP B. '!'he
proceecS. ot t:h. Con.truction Loan tor t:h. afo~nt:ioned groupin'l
&hall be disbursed as .et forth her.ln.
Duk.. .hall be .ntitled to draw on the loan proceed. .. tallows:
forty perc.nt (40') of th. construotion loan prOOllea, 1... tour
-3-
FFR 15 '92 EI3'33PM SO & GREEN
o
P.5
p~t (n) of tite oan.truot:ion loan prooee<<., 1.a tour percent
(n) of tbe oonat.&'\action 1_ proceeda, tor ret;eftt.1on or thirty-
.ix percent (ut) of the oon.tl'V.ot;ion loan prooe.s. upon iaauance
ot wlldill9 ,...ite; twftty-five percot can) of tbe
oonatl'V.ot:ion loan proceed.. le.. t_ and one-Ilalt pez'cent (2. lit)
ot the OOIlatruc:t.ion loan pnl"..~., fOIl: retention or twenty-two
1Ul4 one-balf peZ'ceJlt (22. lit) of the conatruct.1on loan upon
rec-.n4at10n by tIla Bxecutive Direot:OII: 011: hia 1S_19fte. that
epproxbately forty percent (40') of the project has _1Ul
ClOIIpleta4; twenty-five perCiUlt (25t) ot the oonatrucHon loan
proceeda 1... t;1ft) and one-balt p8rCiUlt (2.5') of the conatruction
loan p~eeda, tor retlUltion or tweA~-two and one-balf percent
(22.lIt) of the conatruction loan proce.s. upon rec_ndation by
the BxecuUve Director or hia de.ilplH that approxbately aixty-
five percent ('5t) of the projeot: baa been coapleted; aDd ten
peroat (lot) ot the con.truotioll lo.n proceeda, le.. one percent
(It) of the conatruction 1_ prooee4ll for retention or nine
percent (n) of the conetruction loan proceeda upon
reC_n4etion by the Bxecut.ive Director or hi. deai9ft88 that
nine~ perOlUlt (SlO') of the project Ilas been 1CCmp1eted.
Ca) '!'he A;ency aball llake diabura_ent baaed upon the
ldoraent1cned achedule of activiti.. and baaed upon the PrCfre..
PaYll8ht ltequ..t., to ba aUlllllitted by and certified .. to
COICrectn..a by Dukea to tite Ag'1Ulcy on or _fOll:e the fir.t.
~inaa. day of tIla celendar aontb. PrCfre.. payaent Requests
tillely received by the A9ency in .ald aanner llhall !la paid in one
or 1IOre cm.cU of the A;ency, either to Duke. and/or one or acre
-4-
Ff'R 15 '92 1l3:34PM ~ & GREEN
o
P.6
IIUppl1ar. ot l8Jx)r or _t:ar1al. and tor the payaent of f... ancl
or the r.latM cons1:ruct1on exp.... on or befozoe twenty (20)
bu.iD... 4&y. atter a=ual r_1pt by the AgeDay and &clcepta_
at a properly prepared ProIJr... PaYMDt Jtetu..t~
(b) SUch Profne. ..yaent lIacJU..U .all 1Dolu4e tor
payaent ODly thee. aoutruGtlon expqee 1t... of the Project (1)
.. vera pr.viOUllly paiel a. 811 aclvance ot twul., if U1y, to INk..
(11) inClUrrecl by Duke. tOr which labor or _terial. were
aareviOUllly renclered and/or .uppUeel U1eS tor vh1ah payaent baa not
be.n _eSe, it any, anel/or (11i) which are expenee it... for labor
an4 _tarial. to be incurred aneS paid within the next llUCoaacUD'J
paymen~ reque.t par10cS a. Ufineel (1... Progr... payaeDt Request
edVUlC. from 40t to an aclclitional 25').
(e) DIIk.. Ball eubDit to the Ag'enay 811 ~iJI.eriD9
Schaelul. of Value denoting each 11ne ita for which future
Proqr... .aYJl8D1: Request. will be be.eel, to the AcJency for the
AlJ.ncy'. approval prior to the tir.t forty pel'Gent (40') aelvUlce
reque.t, and a Project Schaclul. tor OOlIPletion of the Project.
Duk.. .hall al.o provleS. the Agency with a current 8Jl9ineerlng
8CheduJ.. of valu.. elenotln, each lin. item for Vbiob a Proqr...
'ayalent Requ.1It: baa been lIUbalttecl. Such .cbeelul. of value.
Rall inclueSe U1Y ..tiaate., aqrMlll8nt. or contr.ct:. to .vidence
the actual dollar _ount to _ paid to U1Y .Ubcontract:or, Il1bcr
CIODtract:or, vendor or .upplier.
(4) Payment. Rall be _de by the Ag'ency for only
tho.. liD. it... included on a Proqre.. payaent ltaczU..t WhiCh
bav. attached thEeto evidcma8 of the aotual dollar llBO\U\t to be
"5-
Ff'R 1:5 '92 03:34PM 0 & GREEN
o
P.7
.
paid 'to -y ~n1:raotor, I_bor c:on1:raotor, vanclor or npplier.
e.) AlJltDGl' lotaff ldua11 GODduci: rou.'tiM on-eite
i_~ion. on at l...t . __17 _.i. t:o verify tat labor ba.
been perforaed and aaterial. _ppli.s t:o ~ proj.c:t: in
aoOOJ:Clanoe with the lIO.t recant ftogr... Payment aequ.t for
Wbich payaant ba. lIMn _de in wbo1. or in part. In tile evwnt
A9ency lotaff 4etenaJ.n.. th.t all or a portion of the dollar
.-ount edvanced tor one or IIOr. 1in. i t_ ba. not In f.ot bean
paid or w111 not _ paid by the date of .uIlIIi..lon by INk.. of
the next IIOntbly progr... PlIyaan1: -.que.t, the AlIency ehall
dadlKlt .uoJl unpaid ..owlt frCllll the total to !Ie paid by the AlJency
pur_ant to .uab nut IlOnt:hly Progr... payaant Requa.t.
ef) INkea ehall .Wlait with ..ab Progr... .ayaant
lteqUe.t appropri.te .vidence of either ccmclitional 1'.1...... for
1.abor and ..terial for Wbiab payaant wa. not ..de and/or
unconditional 1'81..... for ].U)or and material for which payaent
va. ..4e, plu., if applicabl., cae rec.ipt. or involc..
indicating' that payaant w.. aacle with n9ar4 to all labor and
uterial co.te .dvanced or pai4 by the Agency for the f-.:m.cU.t.ly
prao-!n9 aont:hly Proqn.. payaent aeque.t.
(g) bcept for the .c:t:ual purcb... of ..ter1a1. frOll
v.nclor. or euppliar. evidencacl by unCOllditional r.l....., aU
l.bor contr.ot. and fixed. t_ labor and utari.l contract. with
.uboontrac:t:or. .. D.ll be ant.reel into by DuJt.. .hall provide
for a t.n percent (lot) r.tention of e.Ch draw undar the
con.truotlon Loan to _ held by t:he Aqency and properly noted ..
fund. not advanced uncler the construction Loan tor ..ch
...-
'"
RPR 15 '92 03:35PM SO' GREEN
o
P.8
appropriat. liJle itea. Duk.. Hall 80 1JlCl1aau on ~ PrOP-".
Pa}'llU\1: a.qu..t: tb. lin. iu.. for which the 1:en percent (10')
lI:Kention b applicabl. an4 .utn01: nch aIIOant: fl:'Clll the total
va" requ..t:. fte anrevat:e tea pe1'oeD~ (10') r.t:u.t:ioD allall
not: be paid t:o DIIk.. QIItU (1) .ild:y (lIO) day. afbr the
reoordation which nall be f11ed within ~en (10) w.ine.. days by
~ City of San Bernar41no of a certificate of coapl.tion tor the
Proj.ct, (11) ther. are no (a) ~r or _terial 11_ or clai_
tiled aga1n.t the Project, (b) Lt. Penden. recor4ed ap1net: the
hoject, ancS (e) court .ctions tiled .pimrt Duke. or the Aqency
di.putinv any amount paid or owed tor labor or _terial. a. to
the Pr~ject, an4 (11i) . Utl. inauranoe eOllp&DY IlU is.ued an "
appropri.t. lien 1'.1.... .ndor.aaant to the Aqency Qllder a
lander's title policy. If Cla1aa, li_, It. PeIld- or court
action. are filed, t:be Agency llhall withhold one hQllclrecS :Utqr
percent (150'1 of the ..1::1_1::ecI or actual sta~ value of _eb
cl.iJI, 11.~, 11s penclana or oourt action QIItU such t1ae .. tbe
_tter. addr..'" tber.in have been .1tber acSjucSieat:ecl or
otbervi.. ~.olved.
(h) }JZQClt "Ub res~ t:o Gr01Dl . oUba- xx _ .~
;orth in _ct10n ;'.4, _eb. diabur...nt requ_t:ed on the Prop-...
Pa)'Mnt Raqu..t: shall inclU<<. tbe appliCable IIOnthly inter..t
dr.w trQIII the inter..t reserve containe4 within the total amount:
of the COnstruction Le.n. 8ueb. :.Dnthly inter..t .hall be
calculated .t the rate .et forth in Hction 3 of .aid Joint:
Development: Aqr...ent and shall be applied to 1:be t.otal principal
balance of the Construction Lean out.tand1n9 a. of tb. d.te of
-7-
. .
FI'R 15 '92 ~:35PM 0 & GREEN
o
P.9
.uJ:a1..1on or gab PrecJr". pa,..m: -.quast. The A9ancy llball
draw s1Klb IIOI\thly intezwat trOll .aid inter_t reSU'Ye UI4 ara41t
1t: to the aooruacs int:er..t: Oft t:ha t:haD CNt:stanesinv pd.no1pal
balance. It: ia t:ha 1nt:ent or tha pania. barato that salel
iftt:eraat reserve w11l not be hn4a4 as a oatlh d1~ant wt
w11l be treata4 .. a bactkeaph9 azrI:zy and th_ horae.a the
out8b.n4iDg prinoipal balance or tha eon.truation Loan untU saiel
interast ruerve baa bean claplatacl. Upon Uplation of _iel
intereat re..rvw _OWlt, it "ill thereupon be tha sole abliqation
of Dulce. to pay ny aoorue4 and unpaid iDtera.t on the
COhll'trllGticm :Loan rrOll all other avaUable aourca..
S. A n_ Beation 3.10 1a ad4ed to tile Agreement to read ..
tollows:
"3.10
Tba
Ao;noy "ill
--
a
bu.in..s
raorqanil:ation Iou to DlJltas in a pr1Dcipal _t equal to
.250,000 at a rate or 1nt:srast aqual to 7.5' per &ftDWI on the
unpaiel principal balnCA. BUab lou _
JunII 30, 15It2, aid aft:sr lIUch clat:s any unf1ul4acl portion tbaraof
llball not be aU!laAJUaDtlV :funded by tIua AQ'anov ~auant to tbJa..
.ection. _0 portion of lIUab lou llball be disbursed until the
_ot:s and Deed of Tru8t: referred to _lOW have baen .x-te4 by
Dukes in raoorclUla fcmll and the Dae4 of 'l'rUt has tleen 4U1Y
reoorcled. Int:era.t shall be due and payal)le only upon aaturity
as at:st:ed below or upon prapaYllent in tull .s to both principal
and interast. Tha Agency llhall ratain trOll tile proceed. of such
loan upon the Aqency eIi.bura_ant of tha nat loan .-aunt a loan
origination f_ equal to $3,750. An .-aunt qual to $24&,250
-8-
,"
Ff'R lS '92 1l3::36PM ~ & GREEN
o
p.le
ahall tnen be dlebUrM4 ~ DIIJCeII, and bo1:h tn. principal UIOWIt
~ be repaid ad the initial pdDCipal __t upon which lnter..t
ehall be calculated eball be in the principal aIIOunt equal to
U50,000. 8uc:lh Rote in the principal uount. or $250,000 ad
bearing' in1:eraat at .aid 7." iater..t rat. per a_ .hall be
.ubatantially in tIw foZ'll aa attached hereto .. ~'bt.t "_" ad
eecured !Iy th. Deed of Tl:uat .ubetaJltJ.ally in th. roZ'll ..
attached her.~ a. Bxbibit "_".
~e loan eball _tur. and be due and payable in whole
both a. to priaclpal anlS accrued and unpaid inter..t 011 or before
April _, 1993, or earlier upon the aala of any OI1e of the
followinq real ..tate developaen1; projecte owned in who1. or in
part!ly Duk.. or any individual OIminv an interut in Duk..: (il
Dorjil I B.tate., (ill Dorjil II IlIItat.., or (i11) loittle Zion
IIanor. The D.ed of Trust referred t.o IIlIove aba11 be executed !Iy
Dukea in r.cordable foZ'll and ahall be ..parat.ely recorded a. to
tn. entire principal alIOWlt. avainst. the parcel or parc.l.
c~is1ng both Dorjil I Estat.. ad Dorjil II btat.. ~lor to
any di.hure~t of fund8 fnm the D~.4L.aF .uch ~..
6. A new Bection 1. add.d to the ACJr_t to read
a. follow.,
"Upon the _le of _ch unit. to a hoaebuyer within
Phas.s I and II, the Agency lJhall ..81.t each homenyer in the
purchue of .\Ioh unit. !Iy loaninq ~ 8uch hoae1:Nyer the cutOllllrY
and typical clo.1nq coat. a. ..t forth in the .eorow olo.inq
statement. (tor purpo... her.of "OUIItoaary ad typical closiDq
co.t." lIhall .ean d.i8count. pointa ad non-r.curr1ng closinq costa
M'_
"
FFR 15 '9Z 03:36PM ~ & GREEN
o
P.ll
a. ..y lie approved. by ApftCly staU). !rMi obl1lJ1ltion of DuJag
1m4er Section 2.1 to repay the t25,000 per unit 1lU1d co.t for
nu.. I lUId It ...11 lie off..t by the .-ount of 01~iD9 ~t
loan .0 .,ranted by the Iog'enoy to a bOllUayar .. ..t forth a))ove.
1Nlw. .ull r..,ay upon the cl~ of _row for aacb unit in
Pbu.. I and II an alIOQDt equal to '25,000 1e.. the aaount of
.uch cl~inlJ OOR loan to a boIIe1Nyar, provided, howeVer, that
DuJag re~b_ and -.,r... that DUJuJ. will nevertllel._ lie
a01.11' r_pons1ble for d.po.itinlJ the entire '25,000 llUld cost
lUllDunt into .~ow for: the .al. of eaClh .uch unit, lUId an _t
equal to the actual Clatollary aDd typical o1~in9 COR. Mall lie
d8c1uc~ frOll .aid $25,000 4epoIIlt to pay auClh actual CIa'tollary
and typical c10ainv ooata of 'the bllDebUyer.
The c10dDCJ coat loan
~ Staff ~ will lie evidenced by a note to the Aqenoy
executed by the hOlleOWDU' and aecured by a .eoond deed of truat
on such unit. Such olo.1n9 coat loan a. ao _rov~OY
Staff will beer 1ntue.t at a fixed or YllZ'ia1:lle rate ~l to
that. rate of interest per aNlWII as ..t forth in thia firat
lIOr'tlJalJe loan of auch ~1:luyer. Such c1oain9 coat loan w111 lie
clue and payable both as to (i) principal and (11) accrued and
unpaid interest upon Mob refinanoing of aUch unit and any unpaid
principal and intereat _oun'ta Mall be paid in tull upoD. .al..
As an alternative, each b~.k1yer aha11 bave the option to have
the inter..t rate on the AgeDCY'. olo.ing coat loan reduced by
one (1) parcen1:age point for every five peroent (st) of the total
equity obtained ~ the bClllle1:lllyer in .uob unit (-equity" ae u.ed
-10-
FF'R 15 '92 03: 37PM ~ & GREEN
o
P.12
berain .u11 MUl Cba UOUDt tat ~in. upon ..1e or
r.f1Jl&noiD; after payJlAftt of .1.1 Al. or nf1MJlcill9 coati! and
paYMftt: of ~ outlltan41ng pr1l\cipal Mlanc. of the f1r8t:
aORvag. lOUl .nd all principal and intereat due and ow1q on the
ol~inlr cat lOUl). '1'be .ote an4 Deed of ft\UIt 1Ib&1l contain
.u.ab inter_t rate a1\4 equity partioipation pzoov1.1ona a. eleoted
by the boaebuyer an4 Mall be due and parul. .. to (1)
prinoipel, (1i) ao0rue4 and. Ulll*1d inter_t: and. (i11) equity
partioip.t:ion aount upon ..le or refinancin; of nob unit: in Cb.
.... IIIUIIlE .s provided IIbove..
7. Bxcapt.. _ndad herein, ..id Joint Developaeftt
AqreeMnt: ahall remain in full force and effect.
-11-
,-
APR 15 '92 03' 37PM SO & GREEN
o
P.13
.
D 1lITRB118 1IIIDIlOJ'. tile parti.. bez'~ !lava _'*I 1:h1a
amandmant ~ Ue Jo1n1: Deval.opMnt ~t. on tile clay and clat.e
rirat above ttholm.
A'l'TUT:
crn 01' IlAIf JlDMUl)I1fO
C.lty c~_Jt
By:
WeR. Su...., 1IayOZ'
C1ty of 8Ul lIez1Iar41no
ATTBS'l':
~~ AGlMCl/OCI.ItIII.L~t
DIVILOPIIIIC'1' COIIIII..IOlf
leoret;ary
By:
..It. JB)LCCIIIIJ. Cba1~n
DUDS-IlI'IIA' 'AS-:l\"'BS, DC.
By:
By:
Approved a. ~ fonl
and leg'al content:
JAIIES .,. PDlNAN
CUy A1:~rnay
By:
Approved .. to fonl
and laeJal content.:
By:
Aqency CO\1D..~
~D
--
-12-