CONTRACT 1937A Amendment CLOSEDCIMn
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AMENDMENT NO. 1 TO REPAYMENT AGREEMENT (;�T� nr s crpl��InQ
THIS AMENDMENT NO. 1 TO REPAYMENT AGREEMENT ( "AMENDMENT ") is entered into
this 18 day of April, 1997 by and between the City of El Segundo, a California Municipal Corporation,
( "CITY ") and the El Segundo Senior Citizen Housing Corporation, a California Nonprofit Public Benefit
Corporation ( "CORPORATION ").
WHEREAS the CITY and CORPORATION entered into a Repayment Agreement on or about
January 5, 1988 ( "AGREEMENT ");
WHEREAS the CITY and CORPORATION are desirous of amending paragraph 3. of the
AGREEMENT pursuant to this AMENDMENT;
NOW THEREFORE the CITY and CORPORATION do hereby agree to amend paragraph 3. of the
AGREEMENT as follows;
In addition to repaying the foregoing advance, CORPORATION agrees to pay to the
City for deposit in the General Fund, or such other fund as the City may determine, a sum equal
to the $2,345,538 expended from the Voters' Trust Account for construction of the Project
together with interest accrued through July 1987 in the amount of $882,544. Such payment shall
not be subject to additional periodic interest payments. Repayment shall begin when all
principal and interest payments on the $1,780,00 loan from the General Emergency Contingency
Reserve Fund have been made, but not later than June 5, 2008. Payments shall be made in equal
monthly installments of $14,889.00 or more and shall be due and payable on the fifth day of each
month beginning June 5, 2008. However, the last payment shall be in the amount of $12,058.00
and shall be due and payable April 5, 2026.
Other than the above amendment to paragraph 3. all other terms and conditions of the AGREEMENT
shall remain unchanged and in full force and effect.
CITY, OF EL SEGUNDO
Sandra Jacobs, Ma
ATTEST:
ty Clerk
EL SEGUNDO SENIOR CITIZEN
HOUSING CORPORATION
C.
President
ATTEST:
Secretary
APPROVED AS TO FORM-
City Attornev