WD 698 ATLANTIC POOL - ORCHARD ESTATES - 2ND MODIFICATION TO HOME LOAN AGREEMENT.DOC

SECOND MODIFICATION AGREEMENT
(C-17-04-019-0-02)
EFFECTIVE DATE: ___________ ____, 2014
PARTIES: Maricopa County
Maricopa County Human Services Department, Community Development
234 North Central Ave, 3rd Floor
Phoenix, Arizona 85004
(“Lender”)
Orchard Estates Apartments Limited Partnership
an Arizona limited Partnership
7689 East Paradise Lane, Suite 6
Scottsdale, Arizona 85260
(“Borrower”)
This Second Modification Agreement (the “2nd Agreement”) is entered between the
Lender and the Borrower and is effective the date set forth herein.
RECITALS:
A: The Lender and Borrower executed the Urban Maricopa County HOME Loan
Agreement, dated January 7, 2004 and recorded at 2004-0020142 in the records of the County
Recorder of Maricopa County, Arizona, making a loan to the Borrower in the original principal
amount of $300,000 for improvements (described in Attachment I, Statement of Work) at the
property known as Orchard Estates (legal description provided in Attachment VIII, Exhibit A).
B: The loan is evidenced by a Subordinate Deed of Trust dated as of November 26,
2003 (Attachment VIII to the HOME Loan) and secured by a Subordinate Promissory Note dated
as of November 26, 2003 (Attachment VIII, Exhibit B to the HOME Loan).
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C: The Subordinate Deed of Trust and Promissory Note were subsequently modified
by the First Modification Agreement, dated February 1, 2004 and recorded at 2004-1001163 in
the records of the County Recorder of Maricopa County, Arizona.
D: The Lender and Borrower desire to extend the affordability period of the Urban
Maricopa County HOME Loan Agreement, and to extend the term of the Promissory Note so
that it terminates simultaneously with the loan to be made by Walker & Dunlop, LLC to
Borrower and secured by this same property.
NOW, THEREFORE, in consideration of the mutual covenants, conditions, and promises
contained herein, and for the purposes set forth in the foregoing recitals which are incorporated
by reference, the Parties covenant and agree as follows:
1. The Second sentence of Section 2, LOAN AGREEMENT, shall be amended as follows:
. . . The Loan shall be evidenced by a note as in Attachment VIII,
Exhibit B, Promissory Note, bearing an interest rate of the greater of six
percent (5%) per annum or the long term AFR on the date of Release of
Funds per annum with a term of twenty (20) years NO LESS THAN
TWENTY TWO (22) years (NOTE) executed by the BORROWER and
secured by a deed of trust (Deed of Trust) as in Attachment VIII, Deed
of Trust, which will be recorded against the property on which the
activity is to constructed.
2. Section 23, NOTICE, shall be amended; AGENCY shall be deleted and
substituted as follows:
Maricopa County Community Development
234 North Central, 3rd Floor
Phoenix, Arizona 85004
3. HOME Loan, Attachment III, AFFORDABILITY, the second sentence of Section
III (Suspension of Affordability) shall be amended as follows:
Upon foreclosure by a lender or other transfer in lieu of foreclosure made
by a public agency or nonprofit agency or others (made in order to
preserve the long-term affordability of the activity), the AGENCY may
elect to shall suspend the affordability period indefinitely with the
following exception.
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4. HOME Loan, Attachment VIII, Exhibit B, Promissory Note, the first sentence of
Section 3 shall be amended as follows:
The Note shall be due and payable in full upon the earlier of (a) NO LESS
THAN TWENTY TWO (22) years after completion of construction, BUT
NO EARLIER THAN MARCH 1, 2024 . . .
5. HOME Loan, Attachment VIII, Exhibit B, Promissory Note, Section 11 shall
deleted in its entirety and substituted as follows:
All payments required under this note shall be delivered to Maricopa
County Community Development, 234 North Central, 3rd Floor, Phoenix
AZ 85004 or such other places as the Payee notifies Maker in writing.
6. All of the terms and provisions of the Loan Agreement, the Note, the Subordinate
Deed of Trust and the other related agreements shall continue in full force and
effect except as expressly amended by this modification.
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MARICOPA COUNTY, a political subdivision duly
organized and existing under the State of Arizona
By and through Maricopa County Human Services
Department, Community Development
By: __________________________________________
Name: ___________________________________
Title: ____________________________________
STATE OF ______________________
CITY/COUNTY OF _______________, to-wit:
The foregoing instrument was acknowledged before me in the above-stated jurisdiction
this _____ day of _______________, _______ by ______________________ who is
___________________ of Maricopa County, a political subdivision by and through Maricopa
County Human Services Department, Community Development, for and on behalf of the
political subdivision.
__________________________________________
Notary Public
My commission expires:

ORCHARD ESTATES APARTMENTS
LIMITED PARTNERSHIP, an Arizona
limited partnership
By: Surprise Community Housing, Inc., an Arizona
corporation, its General Partner
By:___________________________________
Mark D. Breen
President
STATE OF ______________________
CITY/COUNTY OF _______________, to-wit:
The foregoing instrument was acknowledged before me in the above-stated jurisdiction
this _____ day of _______________, ______ by Mark D. Breen who is President of Surprise
Community Housing, Inc., an Arizona corporation, General Partner of Orchard Estates
Apartments Limited Partnership, an Arizona limited partnership, for and on behalf of the limited
partnership.
__________________________________________
Notary Public
My commission expires: