City Council

Item No. 20. 2023-0783 APPROVAL OF AMENDMENTS TO LOAN\nAGREEMENT, PROMISSORY NOTE, DEED OF TRUST\nAND ASSIGNMENT OF RENTS AND RIDER, AND\nREGULATORY AGREEMENT (COLLECTIVELY, THE\n"LOAN MODIFICATION AGREEMENTS") RELATED\nTO AVALON COURTYARD (HOUSING AUTHORITY)\nRecommendation: That the Housing Authority Board:\nA. APPROVE the Loan Modification Agreement with revisions to\nthe Existing Loan Documents through a restated and amended\npromissory note, restated and amended deed of trust, and a\nrestated and amended regulatory agreement (and any necessary\nrelated documents), which are collectively the "Loan Modification\nDocuments" to preserve and support the rehabilitation of the\nexisting Affordable Project, and\nB. AUTHORIZE the Chair or her designee to negotiate and\nexecute all documents related to the loan modification for the\nAffordable Project in accordance with the Loan Modification\nDocuments or as set forth herein, in a form acceptable to the\nAuthority Counsel.\nAttachments: Avalon Loan Modification Agreement-60084990-v8