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HomeMy WebLinkAboutD Avenue Housing Associates, L.P. - Amended and Reinstated Kimball Highland Ground Rent Promissory Note - 2026 AMENDED AND RESTATED PROMISSORY NOTE [Kimball Highlands — Operating Ground Lease Rent] $3,000,000.00 Effective as of June 1, 2022 National City, California This Amended and Restated Promissory Note ("Note") amends and restates in its entirety,that certain Promissory Note, dated June 1, 2002 ("Original Note"), made by the Borrower (as defined below), in favor of the Lender Maker(as defined below). The Original Note is hereby cancelled and amended and restated in its entirety as provided herein. RECITALS A. WHEREAS, COMMUNITY DEVELOPMENT COMMISSION-HOUSING AUTHORITY OF THE CITY OF NATIONAL CITY, a public body, corporate and politic ("Lender"), and D AVENUE HOUSING ASSOCIATES,L.P., a California limited partnership ("Borrower") entered into that certain Ground Lease (Kimball Highlands Master Plan Project Site 2) of even date herewith, as amended by that certain First Amendment to Ground Lease (Kimbal Highlands Master Plan Project Site 2) (as amended, "Ground Lease"); B. WHEREAS,pursuant to the Ground Lease,Lender is making a loan to Borrower in the amount of$3,000,000.00. NOW, THEREFORE, FOR VALUE RECEIVED, Borrower promises to pay to the order of Lender, at 1243 National City Blvd.,National City, California 91950, or at such other place as Lender may from time to time designate in writing, (a) the principal sum of $3,000,000.00,with interest from the dates of disbursement of the loan until paid at the rate of 3.0% simple interest, and(b)all fees, costs and expenses payable hereunder. 1. Definitions; Interpretation; Accounting. 1.1 Definitions. Initially capitalized words and terms used in this Note without definition shall have the meanings ascribed thereto in the Ground Lease or the following definitions,unless the context or use clearly requires otherwise: "Base Rate"means a fluctuating interest rate per annum as shall be in effect from time to time,which rate at all times shall be equal to the rate of interest announced publicly by Bank of America,N.A., from time to time as its base rate. "Capital Improvements" means all work and improvements with respect to the Property for which costs and expenses may be capitalized in accordance with GAAP. "Cash Flow" means, for the applicable period of time, the remainder of Net Operating Income less Debt Service. "Commencement Date" shall mean the earlier of(a) when the Construction has been as certified by the project architect, or (b) when the Improvements have been placed in service. "Commission Deed of Trust" means the Deed of Trust of even date herewith by which this Note is secured. "Construction" means the construction to be performed by Borrower pursuant to the DDA. "Debt Service" means scheduled debt service on the Senior Loan and any other loans approved by Lender which are senior to the Commission Deed of Trust. "DDA" means that certain Disposition and Development Agreement (Kimball Highlands Master Plan) dated as of October 20, 2020, among Lender, Centro De Salud De La Comunidad De San Ysidro, Inc., dba San Ysidro Health, and Community HousingWorks, a California nonprofit public benefit corporation. "Effective Gross Income" means Operating Income after allowance for vacancy and collection losses. "Executive Director" means the Executive Director of Lender or their designee. "Fair Market Value" shall have the meaning provided in Section 1263.320(a) of the California Code of Civil Procedure or any successor statute thereto. "Fiscal Year" means the fiscal year of Borrower, which is the calendar year. "GAAP" has the meaning set forth in Section 1.3 of this Note. "Improvements" means the improvements to be made to the Property by Borrower in accordance with the DDA. "Net Operating Income" means, for the applicable period of time, the amount, if any, by which Operating Income for such period exceeds Operating Expenses paid by Borrower during such period. The calculation of Net Operating Income for each Fiscal Year shall be computed based on GAAP (whether or not Operating Expenses are properly deductible or must be characterized as a capital expenditure under the Internal Revenue Code). "Net Refinancing Proceeds" means, from time to time, the proceeds of any Refinancing (less any reserves required by any lender, investor or TCAC) in excess of(a) the amount of any senior obligation or debt secured by the Property and satisfied out of such proceeds, and (b) the reasonable and customary costs and expenses incurred in connection with such Refinancing. "Net Sale Proceeds" means, from time to time, the gross proceeds of a Sale, irrespective of the form of said proceeds, less (a) payment in full of the Senior Loan and any other loans approved by Lender which are senior to the Commission Deed of Trust, (b) return of the cash equity invested in the Project by the partners in Borrower, (c) any reserve reasonably contemplated by Borrower's partnership agreement at the time this Note was executed by Borrower or required by TCAC, and (d) the reasonable and customary costs and expenses incurred by Borrower in connection with the subject Sale. If Lender reasonably determines that any Sale is not made in an arm's length transaction, other than to a general partner in Borrower pursuant to an option or right of first refusal granted to such general partner(or its affiliate) on or before the date this Note was executed by Borrower, then instead of the Net Sale Proceeds being the result of the aforementioned deductions from the gross proceeds of the subject Sale, the Net Sale Proceeds shall be the result of the aforementioned deductions from the Fair Market Value of the Property. "Official Records" means the Official Records of the County of San Diego, California. "Operating Expenses" means, for the applicable period of time, all costs and expenses incurred by Borrower in the ordinary course of the management, ownership, and/or operation of the Property by Borrower, including, without limitation, (a) tax credit syndication, partnership management, guaranty, monitoring, asset management and other fees payable to the partners of Borrower each in the amounts set forth in the Partnership Agreement as in effect as of the date of this Note, (b)any credit deficiency payments or tax equivalency payments owed to the limited partner pursuant to the Partnership Agreement as in effect as of the date of this Note, (c) all amounts deposited in the reserve fund of the Project for replacements,provided,however,such amounts shall not,without the prior approval of the Executive Director,which approval shall not be unreasonably withheld, exceed those amounts deposited as reserves for similar projects in California, (d) all amounts deposited in the operating reserve fund of the Project, provided, however, such amounts shall not, without the prior approval of the Executive Director, which approval shall not be unreasonably withheld, exceed those amounts deposited as operating reserves for similar projects in California, and(e)any development fee payable to Developer and approved by the Executive Director, the payment of which has been deferred. With reference to the reserve funds referred to in subdivisions(c)and(d),above,Lender agrees that any such reserve funds required by the Senior Lender and/or the Tax Credit Partner shall be deemed reasonable. Debt Service is not an Operating Expense.Operating Expenses shall not include any expenses for Capital Improvements, except for Capital Improvements which are not paid from reserves. Operating Expenses shall be calculated on a cash basis.The first adjustment of the Social Services Fees shall be made on January 1 following the date on which the Certificate of Completion issues. "Operating Income" means, for the applicable period of time, all proceeds received by Borrower from the operation of the Property and from any and all sources resulting from or attributable to the operation of the Property, including, without limitation, all rentals, parking receipts, laundry receipts, forfeited Security Deposits, and all expense reimbursements paid to Borrower by tenants of the Property.Operating Income shall be calculated on a cash basis. Operating Income shall not include any Senior Loan funds, payments for tax credits or the sale of partnership interests in Borrower, or proceeds of a casualty loss or condemnation. Operating Income for the last year of the term of the Ground Lease shall include all amounts, if any, remaining in the reserve fund of the Project. Operating Income shall also include any funds on deposit in a reserve fund for the Project in excess of such amounts as are permitted to be included as Operating Expenses under this Note, unless such excess amount is required by any lender or investor. "Partnership Agreement" means that certain Amended and Restated Agreement of Limited Partnership of the Developer dated substantially concurrently herewith. "Project" means the improvements to be made to the Property pursuant to the DDA. "Property" has the meaning ascribed thereto in the Commission Deed of Trust. "Recordation Date" means the date on which the Commission Deed of Trust records in the Official Records. "Refinancing" means changing the existing financing on the Property, or relating to the Property, by increasing the amount of the existing mortgage(s), adding one or more mortgages to the existing mortgage(s), or paying off an existing mortgage or mortgages and obtaining a new, larger mortgage or mortgages. A Refinancing may be in any form, including, without limitation, debt or a sale and leaseback. of Trust. "Sale" has the meaning set forth in subparagraph 29(d) of the Commission Deed "Security Deposits" means all security deposits collected from tenants of the Property. "Senior Lender" means the holder of the Senior Loan. "Senior Loan"means that certain construction/permanent loan made to Borrower by Senior Lender, for the Construction and for permanent financing. "Senior Loan Documents" means the documents evidencing and securing the Senior Loan. "Tax Credit Partner" means Bank of America, N.A. and Banc of America CDC Special Holding Company, Inc., and their successors and assigns. 1.2 Interpretation. In this Note, (a) the singular includes the plural and the plural the singular; (b) words and terms which include a number of constituent parts, things or elements, unless otherwise specified, shall be construed as referring separately to each constituent part, thing or element thereof, as well as to all of such constituent parts, things or elements as a whole; (c) words importing any gender include the other genders; (d) references to statutes are to be construed as including all rules and regulations adopted pursuant to the statute referred to and all statutory provisions consolidating, amending or replacing the statute referred to; (e) references to agreements and other contractual instruments shall be deemed to include all subsequent amendments thereto or changes therein entered into in accordance with their respective terms; (f) the words "hereto" or "herein" or "hereof or "hereunder" 01' words of similar import refer to this Note in its entirety; (g) the words "include" or "including" or words of similar import, unless otherwise specified herein,shall be deemed to be followed by the words"without limitation"; (h) all references to Articles and Sections,unless otherwise specified,are to the Articles and Sections of this Note;and(i)headings of Articles and numberings and headings of Sections and paragraphs are inserted as a matter of convenience and shall not affect the construction of this Note. 1.3 Accounting Terms and Determinations. Unless otherwise specified herein, (a) all accounting terms used herein shall be interpreted, (b) all accounting determinations hereunder shall be made, and (c) all books, records and financial statements required to be delivered hereunder shall be prepared in accordance with generally accounting principles as in effect from time to time, consistently applied ("GAAP"), except for changes approved by Lender. 2. Disposition and Development Agreement. Notwithstanding any provision to the contrary set forth in the DDA, an Event of Default by Developer under the DDA shall not be a default hereunder, and a default hereunder shall not be an Event of Default by Developer under the DDA. 3. Ground Lease. Notwithstanding any provision to the contrary set forth in the Ground Lease, an Event of Default by Tenant under the Ground Lease shall not be a default hereunder, and a default hereunder shall not be an Event of Default under the Ground Lease. 4. Financial Reporting and Accounting Covenants. Borrower will permit the representatives of Lender at any time or from time to time, upon one (1)business day's notice and during normal business hours, to inspect, audit and copy all of Borrower's books, records, and accounts relating to the Property.Borrower shall furnish or cause to be furnished to Lender the following: 4.1 Quarterly Statements. As soon as available, and in no event later than forty-five (45) days after the close of each of the first three calendar quarters of each Fiscal Year, commencing with the calendar quarter ending,June 30,2024,financial statements of Borrower, including a balance sheet and profit-and-loss statement, as at the close of and for such quarter, all in reasonable detail and prepared in accordance with GAAP; such statements to be accompanied by a certificate signed by a general partner of Borrower to the effect that such statements fairly present the financial condition of Borrower as at the date indicated and the results of operations for the period indicated, subject, however, to year-end audit adjustments; 4.2 Annual Statements. As soon as available,but in no event later than one hundred twenty(120)days after the close of each Fiscal Year,financial statements of Borrower,including a profit-and-loss statement, reconciliation of capital accounts and a consolidated statement of changes in financial position of Borrower as at the close of and for such Fiscal Year, all in reasonable detail, certified as provided in clause(a) above by a general partner of Borrower; 4.3 Annual Operating Statements.As soon as available but in no event later than one hundred twenty (120) days after the close of each Fiscal Year, an "Annual Operating Statement" showing all Operating Income, Operating Expenses, Debt Service and any other amounts taken into consideration in computing Net Operating Income and Cash Flow, if any, for the subject Fiscal Year, in a form reasonably satisfactory to the Executive Director; 4.4 Tax Returns. As soon as available,but in no event later than at the time of filing with the Internal Revenue Service, the federal tax returns (and supporting schedules, if any) of Borrower; 4.5 Audit Reports. Promptly upon receipt thereof, copies of all reports submitted to Borrower by independent public accountants in connection with each annual, interim or special audit of the financial statements of Borrower, made by such accountants, including the comment letter submitted by such accountants to management in connection with their annual audit; 4.6 Notices, Certificates or Communications. Immediately upon giving or receipt thereof, copies of any material notices, certificates or other communications given by or on behalf of Borrower or received by or on behalf of Borrower from Senior Lender pursuant to or in connection with any of the Senior Loan Documents,as well as any material notices and other communications delivered to the Property or to Borrower naming Lender or the "Construction Lender" as addressee, or which could reasonably be deemed to affect the construction of the Improvements or the ability of Borrower to perform its obligations to Lender. 5. Payment. Borrower shall make payment on this Note in accordance with the following: 5.1 Annual Payment. Concurrently with Borrower's delivery of each Annual Operating Statement to Lender,Borrower shall make payments in the amount of$30,000.00 on this Note to Lender annually. In addition, if, when Borrower delivers each Annual Operating Statement to Lender pursuant to Subdivision 4.3, above, said Annual Operating Statement shows that there was Cash Flow for the subject Fiscal Year, or part thereof, Borrower shall make payment to Lender on account of this Note in the amount of 34.43% of such Cash Flow. 5.2 Refinancing.As and when there is any Refinancing of the Property, Borrower shall pay the Net Refinancing Proceeds to Lender on account of this Note to the extent of the outstanding balance of principal and accrued interest. 5.3 Mandatory Prepayments. If, upon completion of Construction and when an independent audit of the total cost of the development has been prepared as required by the Tax Credit Allocation Committee, Forms 8609 have been issued by the Tax Credit Allocation Committee and all final tax credit adjusters have been agreed upon, the remainder of said total cost of the development and funding of all required reserves less the sum of(a) the actual syndication proceeds of the Federal Low-Income Housing Tax Credits, and(b) the permanent loan proceeds (whether the product of a take-out or sale of the Senior Loan) for the Project is less than$28,875,000.00,then Borrower shall, in connection with the closing of the permanent loan, make a prepayment to Lender in the amount of such difference. That notwithstanding, Borrower shall not be obligated under this Section to make all or any part this payment if to do so would(a) violate any rule or regulation of the Tax Credit Allocation Committee applicable to the Project, or(b)would jeopardize the Tax Credits for the Project. 5.4 Sale. As and when there is any Sale,Borrower shall pay the Net Sale Proceeds to Lender on account of this Note to the extent of the outstanding balance of principal and accrued interest. 5.4.1 Seller Financing.In the event that the Net Sale Proceeds include fmancing to be provided by Borrower as a purchase money lender, Lender shall not be obligated to accept any part of said financing. All or any part of the payment to Lender shall be made in cash. 5.4.2 In Kind Consideration. In the event that the Net Sale Proceeds include in kind consideration, Lender shall not be obligated to accept any part of such in kind consideration, but Borrower shall be entitled to substitute cash for the cash equivalent value of the in kind consideration.The cash equivalent value of the in kind consideration shall be its Fair Market Value as determined by the Appraisal Process. 6. Distribution of Profits.From and after the Commencement Date,Borrower covenants and agrees that,except for fees payable as Operating Expenses pursuant to this Note,Borrower shall not withdraw or distribute to the partners in Borrower any of the rents, issues and/or profits of the Project for any Fiscal Year unless payment is concurrently made to Lender of the percentage of such rents, issues and profits payable to Lender pursuant to Section 5.1. 7. Maturity. This Note shall be all due and payable on the "Maturity Date," which Maturing Date shall be fifty-five (55) years after the issuance of the certificate of occupancy for the Improvements. 8. Application of Payments. Any payments received by Lender pursuant to the terms hereof shall be applied first to sums, other than principal and interest, due Lender pursuant to this Note; next to the payment of all interest accrued to the date of such payment; and the balance, if any,to the payment of principal. 9. Form of Payment. All amounts due hereunder are payable in immediately available funds and lawful monies of the United States of America. 10. Dispute Regarding Annual Operating Statement. If Lender disputes any Annual Operating Statement, Lender shall notify Borrower of such dispute and the parties shall cause their representatives to meet and confer concerning the dispute and to use all reasonable efforts to reach a mutually acceptable resolution of the matter in question within thirty (30) days after Lender's notice of such dispute. If the parties are unable to achieve a mutually acceptable resolution within such 30-day period, then, within twenty(20) days after the expiration of such period, Borrower and Lender shall appoint a national firm of certified public accountants to review the dispute and to make a determination as to the matter in question within thirty(30)days after such appointment. If the parties cannot, within ten (10) days, agree on the firm to be appointed,then,upon the application of either party,such firm shall be appointed by the Presiding Judge of the Superior Court for the County of San Diego, California. Such firm's determination shall be final and binding upon the parties. Such firm shall have full access to the books,records and accounts of the Borrower and the Project.If any audit by Lender reports an underpayment by Borrower on this Note,Borrower shall pay the amount of any such underpayment,together with the late charge specified in Section 13 of this Note, to Lender within five (5) days after notice thereof to Borrower or,in the event of a dispute,after notice to Borrower of the resolution of such dispute by the independent firm of certified public accountants, as the case may be, and, if such underpayment amounts to more than three percent (3%) of the disputed payment for the period audited,then, notwithstanding anything to the contrary in this Section, Borrower shall pay to Lender,within five (5) days after demand, Lender's reasonable costs and expenses in conducting such audit and exercising its rights under Section 10 of this Note (including a reasonable charge for the services of any employees of Lender conducting such audit and exercising its rights under this Section). 11. Prepayment. At any time, Borrower may prepay in whole or in part, without penalty, the outstanding principal balance under this Note,together with all accrued and unpaid interest, fees, costs and expenses payable hereunder. 12. Security.This Note and all amounts payable hereunder are secured by the Commission Deed of Trust. The terms of the Commission Deed of Trust are incorporated herein and made a part hereof to the same extent and with the same force and effect as if fully set forth herein. A default under any of the provisions of the Commission Deed of Trust shall be a default hereunder, and a default hereunder shall be a default under the Commission Deed of Trust. . 13. Late Payment. If any annual payment of accrued interest and principal is not received by the Lender within ten(10) calendar days after the installment is due, Borrower shall pay to the Lender a late charge of five percent (5%) of such payment, such late charge to be immediately due and payable without demand by Lender. 14. Acceleration and Other Remedies. If (a) any payment under this Note is not made when due and Borrower fails to cure said default within fifteen(15) days after notice from Lender; (b) Borrower defaults under any other provision of this Note and Borrower shall have failed to cure said default within thirty (30) days after notice from Lender, provided, however, if cure of such default reasonably requires more than thirty (30) days, then, provided that Borrower commences to cure within such thirty (30)-day period and thereafter diligently and continuously prosecutes the cure to completion, Borrower shall not be in default during the cure period; (c) Borrower, subject to force majeure, fails to complete the Construction; (d) there is an event or occurrence which,pursuant to the Commission Deed of Trust, gives rise to acceleration of the indebtedness evidenced by this Note, the entire principal amount outstanding hereunder and accrued interest thereon shall at once become due and payable, at the option of Lender. 15. Remedies. Upon the occurrence of an event of default and the expiration of any cure period therefor as provided in this Note without such event of default having been cured,then,at the option of Lender, the entire balance of principal together with all accrued interest thereon shall,without demand or notice,but subject to the non-recourse provisions of Section 22 of this Note, immediately become due and payable. Upon the occurrence of an event of default(and so long as such event of default shall continue), the entire balance of principal together with all accrued interest shall thereafter bear interest at the lesser of(a) the maximum rate permitted by law, and(b)the Base Rate plus three percent(3%)per annum.No delay or omission on the part of Lender in exercising any right under this Note or under the Commission Deed of Trust shall operate as a waiver of such right. 16. Third Party Cure Rights. Notwithstanding anything to the contrary contained in this Note,Lender,prior to any action to enforce this Note,shall give the Tax Credit Partner notice and opportunity to cure for a period of not less than(a)forty-five(45)days if a monetary default,and (b)ninety(90)days if a nonmonetary default;provided,however,if in order to cure such a default Tax Credit Partner reasonably determines that it must remove the general partner of Borrower, Tax Credit Partner shall so notify Lender and so long as Tax Credit Partner is diligently and continuously attempting to so remove such general partner, Tax Credit Partner shall have until the date thirty(30) days after the effective date of the removal of the general partner or general partners to cure such default but in no event more than one(1)year. 17. Waiver. Except as otherwise expressly provided herein, Borrower hereby waives diligence,presentment,protest and demand,notice of protest,dishonor and nonpayment of this Note, and expressly agrees that, without in any way affecting the liability of Borrower hereunder, Lender may extend any maturity date or the time for payment of any installment due hereunder, accept additional security, release any party liable hereunder and release any security now or hereafter securing this Note. Borrower further waives, to the full extent permitted by law, the right to plead any and all statutes of limitations as a defense to any demand on this Note, or on any deed of trust, security agreement, lease assignment, guaranty or other agreement now or hereafter securing this Note. 18. Attorneys' Fees. If this Note is not paid when due or if any event of default occurs, Borrower promises to pay all costs of enforcement and collection,including but not limited to, reasonable attorney's fees, whether or not any action or proceeding is brought to enforce the provisions hereof. 19. Severability.Every provision of this Note is intended to be severable. In the event any term or provision hereof is declared by a court of competent jurisdiction to be illegal or invalid for any reason whatsoever, such illegality or invalidity shall not affect the balance of the terms and provisions hereof, which terms and provisions shall remain binding and enforceable. 20. Interest Rate Limitation.Lender and Borrower stipulate and agree that none of the terms and provisions contained herein or in any of the loan instruments shall ever be construed to create a contract for the use,forbearance or detention of money requiring payment of interest at a rate in excess of the maximum interest rate permitted to be charged by the laws of the State of California. In such event, if any holder of this Note shall collect monies which are deemed to constitute interest which would otherwise increase the effective interest rate on this Note to a rate in excess of the maximum rate permitted to be charged by the laws of the State of California,all such sums deemed to constitute interest in excess of such maximum rate shall, at the option of such holder, be credited to the payment of the sums due hereunder or returned to Borrower. 21. Non-Recourse.Notwithstanding anything to the contrary contained in this Note or in the Commission Deed of Trust referred to in this Note,but without in any manner affecting the validity of this Note or the lien or charge of the Commission Deed of Trust, in the event of any default under the terms of this Note or the Commission Deed of Trust,the sole recourse of the Lender for any and all such defaults shall be by judicial foreclosure or by the exercise of the trustee's power of sale, or such other appropriate means of enforcing the Commission Deed of Trust, and the undersigned, and the partners of the undersigned, shall not be personally liable for the payment of this Note or for any other default under the Commission Deed of Trust or for the payment of any deficiency established after judicial foreclosure or trustee's sale under the Commission Deed of Trust.Notwithstanding the limitations of liability set forth above,Borrower shall be fully liable for: (a) Cash Flow payable to Lender pursuant to Section 5.1 but not applied to this Note; and (b) all legal costs and expenses reasonably incurred by Lender in the enforcement of this Note. 22. Headings.Headings at the beginning of each numbered Section of this Note are intended solely for convenience and are not to be deemed or construed to be a part of this Note. 23. Giving of Notice. Unless applicable law requires a different method, any notice that must be given to Borrower under this Note will be given by mailing it by first class mail to Borrower at the following address: Borrower: D Avenue Housing Associates,L,.P. c/o Community HousingWorks 3111 Camino Del Rio North, Suite 800 San Diego,CA 92108 Attention: President and CEO With a copy to: Downs Pham&Kuei LLP 235 Montgomery Street,30th Floor San Francisco,CA 94010 Attention: Irene C.Kuei With a copy to: Bank of America,N.A. MA1-225-02-02 225 Franldin Street Boston,MA 02110 Attention:Asset Management With a copy to: Banc of America CDC Special Holding Company,Inc. MA1-225-02-02 225 Franldin Street Boston,MA 02110 Attention: Asset Management With a copy to: Buchalter, a Professional Corporation 1000 Wilshire Boulevard, Suite 1500 Los Angeles,CA 90017 Attn: Michael A. Williamson, Esq. Matter No: B0965-0654 or at a different address if Borrower gives Lender a notice of that different address. Any notice that must be given to Lender under this Note will be given by mailing it by first class mail to Lender at the following address: 1243 National City Blvd. National City, California 91950 Attention: Executive Director or at a different address if Lender gives Borrower a notice of that different address. 24. Choice of Law. This Note shall be governed by and construed and enforced in accordance with the laws of the State of California. Borrower: D AVENUE HOUSING ASSOCIATES,L.P., a California limited partnership By: CHW D Avenue,LLC, a California limited liability company, its Managing General Partner By: Community HousingWorks, a California nonprofit public benefit corporation, its 1 Member d Manager By: 04p�f t-- evin • er Senior Vice President Lender: COMMUNITY DEVELOPMENT COMMISSION- HOUSING AUTHORITY OF THE CITY OF NATIONAL CITY, a public body, corporate and politic By: /, /� ' Name: S so�+c.� /mot., �,.„;c (fa Title: Executive Director.. APPROVED AS TO FORM: By: (IQ 0------ Name: ‘Alt c 4 A S-(.\(vv.... Title: City Attorney