CONTRACT 1937B Amendment CLOSED19 3 7f. . . .4
SECOND AMENDMENT TO
REPAYMENT AGREEMENT NO. 1937 BETWEEN
THE CITY OF EL SEGUNDO AND THE EL SEGUNDO SENIOR CITIZEN
HOUSING CORPORATION
THIS SECOND AMENDMENT ( "Amendment ") is made and entered into this 7th day of
December 2004 by and between the CITY OF EL SEGUNDO, a general law city and
municipal corporation existing under the laws of California ( "CITY "), and El Segundo
Senior Citizen Housing Corporation, a California Nonprofit Public Benefit Corporation
( "CORPORATION ").
A. The CITY and CORPORATION entered into a Repayment Agreement on or
about January 5, 1988 ( "AGREEMENT ").
B. The CITY and CORPORATION do hereby agree to amend paragraph 1 of the
AGREEMENT as follows:
The remaining balance of $ $521,234 on the original $1,780,000 loan shall
be paid back to CITY by the CORPORATION on the following terms: As
of January 5, 2005 the interest rate on the remaining balance shall be
reduced to 4.75 %; and based thereon payments due on and after February
1, 2005, shall be made by the Corporation to the City in equal monthly
installments of $12,644.00 and for a total of 45 payments. Payments shall
be due no later than the fifth day of each month. Each payment shall first
be credited to first to accrued interest and the balance shall be applied to
principal.
C, This Amendment may be executed in any number or counterparts, each of which
will be an original, but all of which together constitutes one instrument executed
on the same date.
D. Except as modified by this Amendment, all other terms and conditions of
Agreement No. 1937 remain the same.
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1.
ATTEST:
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City Cler 7&
I uV FWANK ► kr,46 Im I I
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Karl H. Bergq(A§4Jstant City Attorney
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9 3
Kelly McDowell,
EL SEGUNDO SENIOR CITIZEN
HOUSING CORPORATION
President