HomeMy WebLinkAboutC2007-475 - 12/11/2007 - Approved--~+ ~+ ~+
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FAR A NE~V ONTi RU'~I~I~ I~iV~E~YER ~~~'~A~E P~~J~T
' endrrrent `{~'~rst ~endr~e~.t'~~ to the Affordable Housing Agreerrrent with
Thr ~ f first are ~ .
John M~~ulencal~ dba Extreme Lorne of Texas far ~ New ~onstruct~on ~oniebuyers
sistance Pro'e~t f{/"A reer~ent" is entered into between the corpus Christi ~usi~.es
i ~ ~~ ~ ~~
l~evelo n~ent ~o oration "a ora~tiari"}, the pity of Corpus hrlst~ ~ arty },
and Job ~
and John Mikuleneak dba Ext~errie Homes of Texas ~"Extreme Homes }.
the Co oration Cit and Extxerrie Hones executed the ,Agxeenrrent for the
AREA., rP ~ Y
u ore of uti~~zin 4A sales tax funds to accarnplish the affordable housing pray ect
described in the A.gree~nent end in the Extreme ~o~nes proposal;
`~**y{J`Y ~`~-J-+y~REA an unantic~ ated o ortunity a~los Extreme fiornes to use rriultip~e
i r ~F-~ ~ ~ ~1 ~ .
ro rams to make the homes more affordable to qualified buyers, but requrres the Tien
~~
securin the loan of 4A funds to be subordinated to a third lien position;
Tlyy~y/I7'}+yT11 y1,~'yy~+yyy~~1~~~''~(((~~/// A the A Bement and ro{I-r#)'osal provided for a forgivable loan Frith a 2~~1~
T ! i i.Ll ' ~ .i ~ f
aft er ear in the event of default and the intent of the pragrarxi is to provrde for a
pen y p ~ ~ e nth the loan
r~ recive for iveness of the loan as the hon~ebuyer lives 1n the horn ,
p ~ ~ idence~
begin. corn letel for even upon occupation afthe hone as principal res ,
~ ~ ~ ~
the artier to the A ree~.ent to execute this ~i~st Ameridrr~ent to revise the
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provisions as stated above.
N~ THERE~'Q~E, the parties to the Agreement agree to amend the Agreement as
folios:
ectron 3 of the A reernent entitled "Ter~~ri" rs deleted in its errtrret~ aril rs
eC~~On 1.
replaced with the folla~ving language
;~E~Z~ 3, ~'erm.
"The term of this Pro rare Agreement extends until November 30, ~~08."
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a ra h b. of ectton ~ of the A.greernent entitled "services to be Provided
ectYan ~. Par p
by Extreme Haines'} is amended to read as follov~s:
~~T~N 5. ervxces to be P~rov~~cd by ~~~reme domes.
~;b. Ali ible homeov~ner ~"I~orneoner"~ shall receive a deferred
i
for ~vable loan at . zero ercent ~rztexest rate and amortl~ed for the tern
rav~ded ~n other ~~D su orted xo rams. The amount of the deferred
~`_ _.-'--., , 4~an sha11 be u to $-~2~,Q~~ de endin on ~ncoe. a`c'he
~0~7~47 ed under this Pro rarr~ A reerr~ent ire to be used to assist the
~ g
1~111~a'~
Res, 0~75~
Jahn N~~kulenc~k
.genda120~7111-2~1~IRST AMENDMENT-Extreme Homes.doc
homebu er with the urchase cf a nel constructed house b ro~tdin
. .
funds far the down pa~~nent and closing costs
.
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r ~
„~.+;1 +~, ~~,~~, ' ~a~- should th.e homebu ex sell or no ion er use the
house as hislher rima xesidenee du~in the affordable eriod then the
loan mill be due and able at a rorated amount. ~'he deferred
far i~able loan ~i11 be far given at the sane rate rovided in other ~[~~
su orted ra yarns at the time the homebu er ualifies for assistance.
~'he o oration ~i11 lace ~ lien on the ~o ert to rotect tts interest
~rhich ma be a first second or third lien then a loan from the
o oration is used in can'unction with BUD funds then the Co oration
v11 subordinate its line osition to the lender rovidin the e~rnanent
financin and ~~JD funds."
ectrnn ~ Sara ra hs a. and d, section ~ o~'the ~.greernent entitled "Loan of Funds"
~~
are amended to read as follov~s:
`{LTXI~ G, Loan a~ Funds.
~, ~'he o oration authorises the its to giant, f~orrl allocated sales tax
xevenues, u to 1 ~~,~~~ ~'or homebu~er assistance of dav~n payment and
closin casts of new homes for eligible honr~ea~rners pursuant to this
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fro am ~ ree~nent. ~Irgrble horneoner ofhorne ~r1th total price of
5,~~~ mad qualm for a n~axinlu~n 9~~a,~~0 forglva~le loan.
d, Extreme ~Iomes shall secure for the arparation the recapture of all loans
rovided to ~orneoler under this Program Agxee~nent b~ having each
Horneo~ner execute a note secured by a deed of trust that represents either a
first second a~ n~artgage lien on the prapert~. Recapture shall occur upon.
the earlier of the follov~ing events: i. ale of home; 11. I~on~ea~ner no longer
Deco ies the borne a pz~irnr~ residence; ar iii. Foreclosure of home."
P
ee~~on 4~ ~3 execution of this first ,Arnendrnent, the parties agree to be bound b~ the
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amended term rovisian. A.11 other provrsrons, obllatrons, and cand~ttons of the
1 F
A reen~ent rrot than ed b this First Arnendn~ent remain the same and rn full force an
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effect.
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E~~ UT~~ IN ~]~JPLIATE, each of ~hlch 1s CD~.1~ered o~'l~~n~, o~ this the
a of ~ a ~~a~.
J~~ ~~~E~~P~I~~IT ~RP~~AT~~~
Sig tore ~`~tle
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~`hi~ ~ ent was c o~edge~. befoxe one ors } ~ }
~ ~ ~ the ~t~t~e} of
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the or~u ~ tr Bus~~es~ aid Jo e~elopnr~e~t o~pa~atlo~, a Teas nan ~o ~t
carpo~at~on, on heh.~~f of tie cor~arati~~. ~
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y~~,~~ My Comm. Exp. ~2-18-~00~
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~~~~~ ~
Armando Chapa orge K. Noe
City Secretary City Manager
Date: ~ ~ l ~ / " ~ - Date: _ ~~ ~'~U
APPROVED AS TO FORM: ~l~~eG. ~..,,~Do7
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JAN 11~~UL~IA SBA ~~T~ ~~~IE ~ T~.A
,~ , Mil~ulenc, ~w~er
date;
STATE OF TEXAS §
§ KNEW ALL BY THESE PRESENT:
COUNTY 4F NUECES §
This instrument was acl~nowledged before me on~'l 3a, _ , 2Q07,
by John Mikulenca~.
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TAY P~J~~.~, State f ~`e~as
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