Common use of Further Modifications Clause in Contracts

Further Modifications. The Lender acknowledges that the Parties contemplate further modifications regarding the Loan and the Note in connection with the Resyndication. Specifically, at the closing of the Resyndication financing, the Parties anticipate (i) assigning the Loan and all documents evidencing the Loan, including the Note and the Deed of Trust recorded in the official records of the County of Marin as instrument number 91- 041718, from the Borrower to the Partnership; (ii) modifying the term of the Loan to be approximately fifty-eight (58) years from the Resyndication closing; (iii) modifying the interest rate to be compounding at the applicable federal rate as of the month of the Resyndication closing; and (iv) negotiating certain other changes with the California Department of Housing and Community Development ("HCD") regarding residual receipts payments in conformance with the Uniform Multifamily Regulations of HCD.

Further Modifications. The Lender acknowledges that the Parties contemplate further modifications regarding the Loan and the Note in connection with the Resyndication. Specifically, at the closing of the Resyndication financing, the Parties anticipate (i) assigning the Loan and all documents evidencing the Loan, including the Note and the Deed of Trust recorded in the official records of the County of Marin as instrument number 91- 041718041723, from the Borrower to the Partnership; (ii) modifying the term of the Loan to be approximately fifty-eight (58) years from the Resyndication closing; (iii) modifying the interest rate to be compounding at the applicable federal rate as of the month of the Resyndication closing; and (iv) negotiating certain other changes with the California Department of Housing and Community Development ("HCD") regarding residual receipts payments in conformance with the Uniform Multifamily Regulations of HCD.