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Home My WebLink About2023-0181244 - AMENDMENT DEED OF TRUSTI Gommonwealth. Land Title Company RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: City of Palm Springs The City of Palm Springs 3200 E. Tahquitz Canyon Way Palm Springs, California 92262 Attn: CityManager 505-182-010 & -004 D4d DOC # 2023-0181244 06/26/2023 08:00 AM Fees: $0.00 Page 1 of 6 Recorded in Official Records County of Riverside Peter Aldana ' Assessor -County Clerk -Recorder "This document was electronically submitted to the County of Riverside for recording" Receipted by: CRISTINA #7700 FIRST AMENDMENT TO DEED OF TRUST: SECURITY AGREEMENT AND FIXTURE FILING (WITH ASSIGNMENT OF RENTS) (Stevens Road and Palm Canyon Drive) This First Amendment to Deed of Trust, Security Agreement and Fixture Filing (with Assignment of Rents) (this "Amendment") is dated June 1, 2023 and is made and executed between the City of Palm Springs, a California charter city and municipal corporation ("Beneficiary" or "Lender") and Aloe Palm Canyon, L.P., a California limited partnership hereinafter ("Trustor" or "Borrower"). Recitals 1. Lender issued a loan to Borrower under the terms and conditions of that certain Predevelopment, Construction and Permanent Loan Agreement between Borrower and Lender dated as of December 20, 2022 (the "Original Loan Agreement"). Lender and Borrower entered into a First Amendment to the Original Loan Agreement of even date herewith to increase the loan amount by Three Million Dollars ($3,000,000) (the "Amended Loan Agreement", together with the Original Loan Agreement, the "Loan Agreement"). 2. Trustor entered into a Deed of Trust, Security Agreement and Fixture Filing (with Assignment of Rents) to and in favor of Beneficiary dated as of December 20, 2022, which was recorded on December 22, 2022, as Document No. 2022-0511381 in the official records of Riverside County, State of California (the "Deed of Trust"). 3. In connection with the foregoing, Lender and Borrower desire to enter this Amendment to amend certain terms of the Deed of Trust to be consistent with the provisions of the Loan Agreement. NOW THEREFORE, for valuable consideration, the parties hereto agree as follows: 55575.1817M41301849.1 Exempt from fee per GC 27388.1(a) (1); fee cap of $225.00 reached. I commonwealth Land Title Comoany RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: City of Palm Springs The City of Palm Springs 3200 E. Tahquitz Canyon Way Palm Springs, California 92262 Attn: City Manager APNs: 505-182-010 & -004 d!/- o54a Space FIRST AMENDMENT TO DEED OF TRUST, SECURITY AGREEMENT AND FIXTURE FILING (WITH ASSIGNMENT OF RENTS) (Stevens Road and Palm Canyon Drive) This First Amendment to Deed of Trust, Security Agreement and Fixture Filing (with Assignment of Rents) (this "Amendment') is dated June 1, 2023 and is made and executed between the City of Palm Springs, a California charter city and municipal corporation ("Beneficiary" or "Lender") and Aloe Palm Canyon, L.P., a California limited partnership hereinafter ("Trustor" or `Borrower"). Recitals 1. Lender issued a loan to Borrower under the terms and conditions of that certain Predevelopment, Construction and Permanent Loan Agreement between Borrower and Lender dated as of December 20, 2022 (the "Original Loan Agreement'). Lender and Borrower entered into a First Amendment to the Original Loan Agreement of even date herewith to increase the loan amount by Three Million Dollars ($3,000,000) (the "Amended Loan Agreement', together with the Original Loan Agreement, the "Loan Agreement'). 2. Trustor entered into a Deed of Trust, Security Agreement and Fixture Filing (with Assignment of Rents) to and in favor of Beneficiary dated as of December 20, 2022, which was recorded on December 22, 2022, as Document No. 2022-0511381 in the official records of Riverside County, State of California (the "Deed of Trust'). 3. In connection with the foregoing, Lender and Borrower desire to enter this Amendment to amend certain terms of the Deed of Trust to be consistent with the provisions of the Loan Agreement. NOW THEREFORE, for valuable consideration, the parties hereto agree as follows: 55575.18175\41301849.1 Exempt from fee per GC 27388.1 (a) (1); fee cap of $225.00 reached. 1. Incor?oration of Recitals. The Recitals set forth above are true and correct and are incorporated into this Amendment by this reference. 2. . Incorporation of Defined Terms. All terms, phrases and words indicated to be defined terms by initial capitalization in this Amendment that are not specifically defined in this Amendment shall have the meaning ascribed to the same term, phrase, or word, respectively, in the Deed of Trust. 3. Definitions. Defined terms in the Deed of Trust are amended to read as follows: "Note" means that certain Development Promissory Note of even date herewith, in the principal amount of SEVEN MILLION FOUR THOUSAND THREE HUNDRED DOLLARS ($7,004,300), executed by Trustor in favor of Beneficiary, the provisions of which are incorporated into the Deed of Trust, including any amendments thereto. "Affordable Housing Agreement" means that certain Amended and Restated Affordable Housing Disposition Agreement (Stevens Road and Palm Canyon Drive) dated December 20, 2022, between the Trustor and the Beneficiary, including any amendments thereto. "Loan Agreement" means that certain Predevelopment, Construction and Permanent Loan Agreement, dated December 20, 2022, between the Trustor and the Beneficiary, including any amendments thereto. 4. Force and Effect. Except as provided in this Amendment, all other terms and conditions of the Deed of Trust shall remain in full force and effect. In the event of a conflict between this Amendment and the Deed of Trust, the provisions of this Amendment shall control. Whenever the term "Deed of Trust' is used in the Deed of Trust, it shall mean the Deed of Trust as amended by this Amendment. 5. Counterparts. This Amendment may be executed in counterparts, each of which shall constitute an original, and all of which taken together shall constitute one and the same instrument. [Signatures on following pages] 55575.18175A1301849.1 IN WITNESS WHEREOF, the Parties have executed this First Amendment through their duly authorized representatives as of the date first written above. DEVELOPER: Aloe Palm Canyon, L.P., a California limited partnership By: Aloe Palm Canyon LLC, a California limited liability company, its general partner By: West Hollywood Community Housing Corporation, a California nonprofit public benefit corporation, its sole member/manager By:�/ 0 Jesse Slansky, President and Chief Executive Officer CITY: City of Palm Springs, a California charter city ptunr Neu, (-its Mall't'o I APPROVED AS TO LEGAL FORM: BEST BEST & KRIEGER LLP By:�t- 1e S. Ballinger. City Attorney 55575. 1817541301849 1 IN WITNESS WHEREOF, the Parties have executed this First Amendment through their duly authorized representatives as of the date first written above. DEVELOPER: Aloe Palm Canyon, L.P., a California limited partnership By: Aloe Palm Canyon LLC, �'gn�� n CQ(Ai a California limited liability company, nt�rpalrt its general partner By: West Hollywood Community Housing Corporation, a California nonprofit public benefit corporation, its sole member/manager Jesse Slansky, President and Ch' f Executive Officer CITY: City of Palm Springs. a California charter cite By /- S tt C. Stiles, City Manager APPROVED AS TO LEGAL FORM: BEST BEST & KRIEGER LLP or By: /�/rrrJ t3f )q JelIrt S. Ballinger, City Attorney 55575. 18175W 1301849A A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. STATE OF CALIFORNIA ) ss COUNTY OF Los e-lee' ) On de— _a-Q_ -__-, 2023 before. a notary public, personally appeared .J - en; 5 /ets k _, who proved to me on the basis of satisfactory evidence to be the person(s) whose ameW isAvwsubscribed to the within instrument and acknowledged to me that heAshefthey executed the same in hisAwr*teir authorized capacity(tes+ and that by hisAwrltheir signature(u}on the instrument the personal: or the entity upon behalf of which the person(4 acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. BARBARA H. KASEY Notary Public - California Los Angeles County Commission p 2439407 My Comm. Expires Mar 22, 2027 A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. STATE OF CALIFORNIA ) ss COUNTY OF ) On , 20_, before me, a notary public, personally appeared _ _ _ who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that heisherthey executed the same in his/heritheir authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. 55575.181754130 t 849.1 A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. STATE OF CALIFORNIA p� S) ss COUNTY OF AeX�Ck(?, ) %� On .1MAfe 5 , 241 before me, Sr eA1 TZ�pi 45, a notary public, personally appeared 59!0— C who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. 1 certify under PENALTY OF PERJURY under the laws of the State of Cal ifomia that the foregoing paragraph is true and correct. WITNESS my hand and official seal. voury Public - California z Riverside Coumy Commission o 2398347 My Comm. Expva Mar 24, 2026 A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document. STATE OF CALIFORNIA ) R W67%Jf� )ss COUNTY OF ) l On ;StkKer 5 20A3reme,_ l�r�ih,7 f t a notary public, personally appeared b opyt u,i boa who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. �. BRENT RA51 Rotary Public falifornk Riverside County CO MISaion 0 2398347 My Comm. Expires Mar 24, 2026 r 55575.18175\41301849.1