City Council

Item No. 20. 2023-0783 APPROVAL OF AMENDMENTS TO LOAN AGREEMENT, PROMISSORY NOTE, DEED OF TRUST AND ASSIGNMENT OF RENTS AND RIDER, AND REGULATORY AGREEMENT (COLLECTIVELY, THE "LOAN MODIFICATION AGREEMENTS") RELATED TO AVALON COURTYARD (HOUSING AUTHORITY) Recommendation: That the Housing Authority Board: A. APPROVE the Loan Modification Agreement with revisions to the Existing Loan Documents through a restated and amended promissory note, restated and amended deed of trust, and a restated and amended regulatory agreement (and any necessary related documents), which are collectively the "Loan Modification Documents" to preserve and support the rehabilitation of the existing Affordable Project, and B. AUTHORIZE the Chair or her designee to negotiate and execute all documents related to the loan modification for the Affordable Project in accordance with the Loan Modification Documents or as set forth herein, in a form acceptable to the Authority Counsel. Attachments: Avalon Loan Modification Agreement-60084990-v8