HomeMy WebLinkAboutAgreement - Eden Investments, Inc. - Contract No. 18CDD1264-1 - Eden Investments, Inc. | Connell LLC - Signed 2023-09-21City of Gilroy
Agreement/Contract Tracking
Today’s Date: September 20, 2023 Your Name: Sandra Nava
Contract
Type:
Other (Non-Standard contracts
must be reviewed by the City
Administrator prior to initiating)
Phone Number: 408.846.0290
Contract Effective Date:
(Date contract goes into effect)
8/7/2017
Contract Expiration Date: 12/31/2074
Contractor / Consultant Name:
(if an individual’s name, format
as last name, first name)
Eden Investments, Inc.
Contract Subject:
(no more than 100 characters)
First Amendment to Modification to Loan Documents
Contract Amount:
(Total Amount of contract. If no
amount, leave blank)
Loan Amount $206,316.00
By submitting this form, I confirm
this information is complete:
➢Date of Contract
➢Contractor/Consultant name and complete address
➢Terms of the agreement (start date, completion date or “until
project completion”, cap of compensation to be paid)
➢Scope of Services, Terms of Payment, Milestone Schedule and
exhibit(s) attached
➢Taxpayer ID or Social Security # and Contractors License # if
applicable
➢Contractor/Consultant signer’s name and title
➢City Administrator or Department Head Name, City Clerk
(Attest), City Attorney (Approved as to Form)
Routing Steps for Electronic Signature
Risk Manager
City Attorney Approval As to Form
City Administrator or Department Head
City Clerk Attestation
Sharon Goei, Community Development Director
DocuSign Envelope ID: 34A3C645-E30E-429E-B67D-92A9933D3FB8
4845-8215-5540v1
MDOLINGER\04706083 -1-
FIRST AMENDMENT TO MODIFICATION TO LOAN DOCUMENTS
WHEREAS, the City of Gilroy, a municipal corporation (“City”), and Connell LLC, a California
limited liability company (the “Borrower”) entered into that certain agreement entitled
MODIFICATION TO LOAN DOCUMENTS effective on August 7, 2017, hereinafter referred to as
“Original Agreement”; and
WHEREAS, City and Connell LLC have determined it is in their mutual interest to amend
certain terms of the Original Agreement.
NOW, THEREFORE, FOR VALUABLE CONSIDERATION, THE PARTIES AGREE AS
FOLLOWS:
1. Paragraph 11, Section 2 of the Note is deleted in its entirety and replaced with the following:
“Interest. The Note shall accrue interest at the rate of 2.58% simple interest.”
2. This Amendment is entered into effective retroactively to August 7, 2017.
3. Except as expressly modified herein, all of the provisions of the Original Agreement shall remain
in full force and effect. In the case of any inconsistencies between the Original Agreement and this
Amendment, the terms of this Amendment shall control.
4. This Amendment may be executed in counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument.
IN WITNESS WHEREOF, the parties have caused this Amendment to be executed as of the
dates set forth besides their signatures below.
CITY OF GILROY ASSIGNEE: Connell Apartments, L.P.,
A California limited partnership
By: Connell Apartments LLC,
A California limited liability company,
its general partner
By: Eden Investments, Inc., A California
nonprofit public benefit corporation, its
sole member manager
By: By:
[signature] [signature]
Jimmy Forbis Tatiana Blank
[employee name] [name]
City Administrator Chief Financial Officer
[title/department] [title]
Date: Date:
Approved at to Form: ATTEST:
City Attorney City Clerk
DocuSign Envelope ID: 34A3C645-E30E-429E-B67D-92A9933D3FB8
9/21/20239/21/2023