The URL can be used to link to this page

Home My WebLink AboutC2019-704 - 7/23/2019 - Approved FIRST AMENDMENT TO SUBORDINATION AGREEMENT THIS FIRST AM NDMENT TO SUBORDINATION AGREEMENT ("Amendment") is entered into this )Mt lay of ti\CrCVN ,2021,by and among STERLING BANK,a Missouri banking corporation ("Senior Lender") and the CITY OF CORPUS CHRISTI, TEXAS, a Texas Home Rule Municipal Corporation("Subordinate Lender"). RECITALS A. Fishpond Living At Corpus Christi, LP, a Texas limited partnership ("Borrower") is the owner of certain land located in Nueces County, Texas, described in Exhibit A ("Land"). The Land is improved with a multifamily rental housing project("Improvements"). B. Senior Lender has made a loan to Borrower in the original principal amount of$11,300,000 ("Senior Loan") upon the terms and conditions of a Construction Loan Agreement dated as of the date hereof ("Construction Loan Agreement") among Senior Lender and Borrower in connection with the Mortgaged Property. The Senior Loan is secured by a Deed of Trust, Collateral Assignment of Rents, Security Agreement and Financing Statement dated as of the date hereof("Senior Mortgage") encumbering the Land, the Improvements and related personal and other property described and defined in the Senior Mortgage as the"Mortgaged Property." C. Wayforward,a Texas nonprofit corporation("Wayforward")has made or is making a loan to Borrower in the original principal amount of$350,000.00 ("Subordinate Loan"). The Subordinate Loan is secured by a Deed of Trust, Security Agreement and Financing Statement dated effective the 1St day of November, 2020 ("Subordinate Mortgage") recorded on November 4,2020,at Document Number 2020050418,in the Official Records of Nueces County, Texas, encumbering all or a portion of the Mortgaged Property. The Subordinate Mortgage and Wayforward's rights,title and interest in the Subordinate Loan have been assigned at closing on the Subordinate Loan to the Subordinate Lender pursuant to that certain Collateral Assignment of Loan Document and Liens ("Collateral Assignment")dated as of the date of the Subordinate Mortgage,and recorded on November 4, 2020, at Document Number 2020050419 of the Official Records of the County of Nueces,Texas. D. Effective as of the 1St day of February, 2021, Wayforward and Borrower entered into an Amended and Restated Promissory Note("Amended Note")and an Amended and Restated Deed of Trust, Security Agreement and Financing Statement("Amended Deed of Trust") , encumbering all or a portion of the Mortgaged Property, in which the loan amount was increased from$350,000.00 to $500,000.00. E. The Senior Mortgage was recorded on November 4, 2020, at Document Number 2020050411 of the Official Records of Nueces County, Texas. In connection therewith the Subordination Agreement was executed and recorded on November 4, 2020, at Document Number 2020050420, of the Official Records of Nueces County, Texas. 1 SCANNED AGREEMENT NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which are acknowledged, the parties agree to amend the Subordination Agreement as follows: 1. Section 1. Definitions: Amend the definition of Subordinate Debt as follows: "Subordinate Indebtedness"means$500,000.00 or such other sums evidenced or secured or guaranteed by, or otherwise due and payable to Subordinate Lender pursuant to, the Subordinate Loan Documents. 2. Delete Section 3,(a)(v) in its entirety and replace it with the following: (v) The current unpaid principal balance of the Subordinate Indebtedness is collectively $500,000.00. 3. By execution of this Amendment,the Parties hereby agree that all other terms, conditions, and covenants of the Subordination Agreement not changed by this Amendment remain the same and in full force and effect. [SIGNATURES ON FOLLOWING PAGE] 2 EXECUTED IN DUPLICATE, on the day of , 2021. SENIOR LENDER: STERLING BANK, a Missouri banking corporation By: Philip Minden Executive Vice President ACKNOWLEDGMENT STATE OF MISSOURI COUNTY OF ST. LOUIS This instrument was acknowledged before me on , 2021 by Philip Minden, the Executive Vice President of STERLING BANK,a Missouri banking corporation,on behalf of said corporation. (Notary Public) My commission expires: 3 EXECUTED IN DUPLICATE,on the_day of ,2021. SENIOR LENDER: STERLING BANK,a Missouri banking corporation By: �'(C P Clip Miij en Executive ice President ACKNOWLEDGMENT STATE OF MISSOURI COUNTY OF ST.LOUTS )� This instrument was acknowledged before me on v vt- {il 2021 by Philip Minden, the Executive Vice President of STERLING BANK,a Missouri banking corporation,on behalf of said corporation. otary Public) My commission expires: /6-0 e - aoD KENDRA MOM St Laub My ConMniMlon 1214%%202. 3 First Amendment to Subordination SUBORDINATE LENDER: ATTEST: CITY OF CORPUS CHRISTI, TEXAS eb U-A 4 By: — Reb cca Huerta, City Secretary Michael Rodriguez, Chief of Staff Appro • . as to rm: AUTHORILt► ..� SY MUNCIE 4.2 V a , � Kent Mc yar, Assistant City Attorney SECRETARY ACKNOWLEDGMENT STATE OF TEXAS COUNTY OF Nueces aibilla4Lcalf This instrument was acknowledged before me on 4, 2021 by Michael Rodriguez, Chief of Staff for the CITY OF CORPUS CHRISTI, VEXAS, a Texas Home Rule Corporation, on behalf of said corporation. qktli ))(Y) ETi: I ] �: a L E Notare of TexaNotary Public v• +e:.= Corr 08.17-2022 4Frnoo N, 1687307 ` llurr// PILAR GONZALES ¢, I =��PY PUeL�Notary My commission expires: (J Oz� - =�• ;• �� Comm Expires 08-17-2022 l'':''of `S. Notary ID 131687307 4 CONSENT OF BORROWER Borrower acknowledges receipt of a copy of this Subordination Agreement, dated ,20_,by and between STERLING BANK,a Missouri banking corporation,and the CITY OF CORPUS CHRISTI, TEXAS, a Texas Home Rule Municipal Corporation, and consents to the agreement of the parties set forth in this Agreement. BORROWER: FISH POND LIVING AT CORPUS CHRISTI, LP, a Texas limited partnership By: FishPond Corpus Christi Manager, LLC, a Texas limited liability company, its General Partner By: /A614 D.Vi e M. 'oumier Managi : Member ACKNOWLEDGEMENT STATE OF 1{1(tt S ) ) ss: COUNTY OF T i„S ) On /1/Lov,i L 5 , 2021, before me, 114,i G et,?( 04 c ry a Notary Public, personally appeared David M. Fournier, who proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that he executed the same as the Managing Member of FishPond Corpus Christi Manager, LLC the General Partner of FISH POND LIVING AT CORPUS CHRISTI,LP, a Texas limited partnership,and that by his/her signature on the instrument the person,or the entity upon behalf of which the person acted, executed the instrument. IN TESTIMONY WHEREOF,I have hereunto set my hand and affixed my official seal in the County and State aforesaid,the day and year first above written. WITNESS my hand and official seal. (SEAL) (Signature of Notary) My Commission Expires: `0/`l RA Z z P,// MICHAEL WAYNE OBERRENDER .i?i ;�' Notary Public,State of Texas 'z Comm.Expires 10-01-2022 5 First Amendment to Subordination t '',inn& Notary ID 131744022 EXHIBIT A PROPERTY DESCRIPTION FISHPOND AT BAY TERRACE BLOCK 5, LOT 23, PUD, an addition to the City of Corpus Christi, Texas, Nueces County, Texas, as per map or plat recorded in Volume 69, Page 453-454, Map Records of Nueces County,Texas. 6