1987-165-Approving The Amendment To The Agreement To Rehabilitate HousingRESOLUTION NO. 1987 -165
RESOLUTION APPROVING THE AMENDMENT TO
THE AGREEMENT TO REHABILITATE HOUSING
RESOLVED, by the Town Council of the Town of Los Gatos, County of
Santa Clara, State of California, that the TOWN OF LOS GATOS enter into an
amendment to agree to Rehabilitate Housing (a copy of which is attached hereto)
and that the Mayor is authorized, and is hereby directed, to execute said
amendment to agreement in the name and in behalf of the TOWN OF LOS GATOS.
PASSED AND ADOPTED at a regular meeting of the Town Council of the
Town of Los Gatos held on 19th day of October, 1987, by the following vote:
AYES: COUNCIL MEMBERS Joanne Benjamin, Eric D. Carlson, Thomas J.
Ferrito, Robert L. Hamilton and Mayor Brent N. Ventura
NOES: COUNCIL MEMBERS None
ABSTAIN: COUNCIL MEMBERS None
ABSENT: COUNCIL MEMBERS None
SIGNED:
MAYO T TOWN OF LOS GATOS
ATTEST:
u IT CLERK OF THE TOWN LOS GATOS
TOWN
AMENDMENT TO
AGREEMENT TO REHABILITATE HOUSING
This AMENDMENT TO AGREEMENT is entered into this 19th day of
October , 1987 and is effective as of the 3rd day of May, 1987 by and
between TOWN OF LOS GATOS, a municipal corporation ( "Town ") and MID- PENINSULA
COALITION HOUSING FUND ( MPCHF).
WHEREAS, Town and MPCHF executed an Agreement to Rehabilitate
Housing on September 9, 1981; and,
WHEREAS, the Town Council has approved an extension of Housing Conservation
Program loan to MPCHF on August 3, 1987;
AGREEMENT:
IT IS THEREFORE AGREED by the parties as follows:
1. Section 6 -A of the original Agreement is amended to read as follows:
"a) Be payable within 20 years to the order of Town in a sum equal
to the CDBG funds released to the Fund for the project with interest
from the close of escrow on unpaid principal at the rate of six (6)
percent per annum; should interest not be paid annually, it shall
thereafter bear like interest as the principal, but the debt shall
not thereby be accelerated and such unpaid interest so compounded
shall not exceed an amount equal to simple interest on the unpaid
principal at the maximum rate permitted by law."
2. The terms and conditions of the original Agreement, except as herein
amended, shall remain in full force and effect.
IN WITNESS WHEREOF, the parties have executed this Amendment to the Agreement
to Rehabilitate Housing on the date written above, effective May 3, 1987.
APPROVED AS TO FORM:
r
Mary o Le ge,
ATTEST:
TOWN OF LOS GGATTOSS
BY
Brent N. Ventura, Mayor
i
BY
Fran Wagstaff, Executvve DirgCtbr
6 Mid- Peninsula Coalition Housing Fund
Rose E. Aldag ler< Oy the Town of Los GaS