FIRST AMENDMENT TO by 4IZ6a2

VIEWS: 5 PAGES: 6

									                                                      [INSERT EXCHANGE DEAL NUMBER]


                      FIRST AMENDMENT TO
 DECLARATION OF LAND USE RESTRICTIVE COVENANTS FOR LOW-INCOME
    HOUSING CREDITS WITH USE OF TAX EXCHANGE PROGRAM FUNDS

  NOTICE OF CONFIDENTIALITY RIGHTS: IF YOU ARE A NATURAL PERSON,
     YOU MAY REMOVE OR STRIKE ANY OR ALL OF THE FOLLOWING
 INFORMATION FROM ANY INSTRUMENT THAT TRANSFERS AN INTEREST IN
REAL PROPERTY BEFORE IT IS FILED FOR RECORD IN THE PUBLIC RECORDS:
  YOUR SOCIAL SECURITY NUMBER OR YOUR DRIVER’S LICENSE NUMBER.

THE STATE OF TEXAS                   §
                                     §
COUNTY OF                            §

        This First Amendment to Declaration of Land Use Restrictive Covenants for Low-Income
Housing Credits With Use of Tax Exchange Program Funds (“Amendment”) is executed to be
effective as of the                     day of                  , 2011, by and between (i) [INSERT
DEVELOPMENT OWNER ENTITY NAME], [ENTITY STRUCTURE] (together with its
successors and assigns, the “Project Owner”), and (ii) the TEXAS DEPARTMENT OF
HOUSING AND COMMUNITY AFFAIRS, a public and official agency of the State of Texas
(together with any successor to its rights, duties and obligations, the “Department”).

                                         WITNESSETH:

        WHEREAS, effective [INSERT ORIGINAL DOCUMENT DATE], the Project Owner
and the Department executed that certain Declaration of Land Use Restrictive Covenants For
Low-Income Housing Credits With Use of Tax Exchange Program Funds (the “Declaration”),
which was filed of record on [INSERT ORIGINAL DOCUMENT DATE] and recorded in/under
Document No. [INSERT NUMBER] in the Official Public Records of [INSERT COUNTY
NAME] County, Texas, upon and against the real property described in Exhibit “A” attached
hereto and made a part hereof; and

       WHEREAS, [INSERT INITIAL LENDER’S NAME], [ENTITY STRUCTURE], a
national banking association, “Construction Lender” consented to the Declaration by executing
“Addendum A to Declaration – Consent and Subordination of Lienholder”; and

        WHEREAS, [INSERT NEW LENDER’S NAME], [ENTITY STRUCTURE],
“Permanent Lender” has agreed to Lend, and Project Owner has agreed to borrow from
Permanent Lender sufficient funds to renew and extend the interim construction note and deed of
trust; and

       WHEREAS, the Project Owner and the Department desire to amend the Declaration to add
the Permanent Lender’s consent to the Declaration in the manner provided herein below;


LURA Amendment Agreement –Exchange
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        NOW, THEREFORE, for and in consideration of the mutual covenants and representations
herein contained, the receipt and sufficiency of which are hereby acknowledged, the Project Owner
and the Department agree as follows:

      1.      Addendum A to Declaration is amended by the addition of the Consent and
Subordination of Lienholder executed by the Permanent Lender, and attached hereto as Exhibit
“B”:

        2.     Each capitalized term not expressly defined herein shall have the meaning given to
such term in the Declaration.

         3.     All of the remaining terms and provisions of the Declaration shall be and remain in
full force and effect and the parties hereto agree that all rights, duties and obligations contained in
the Declaration are hereby ratified, confirmed, renewed, extended and brought forward.
.
         4.     This Amendment shall be binding upon the parties hereto and their respective
successors and assigns.

     IN WITNESS WHEREOF, the Project Owner and the Department have executed this
Amendment as of the day and year first above written.




                             [SIGNATURE BLOCKS TO FOLLOW]




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                                                    [INSERT EXCHANGE DEAL NUMBER]


                                           PROJECT OWNER:

                                           [INSERT DEVELOPMENT OWNER ENTITY
                                           NAME],


                                           By:______________________________________
                                           Name:___________________________________
                                           Title:_____________________________________



THE STATE OF TEXAS                  §
                                    §
COUNTY OF __________                §

BEFORE ME, the undersigned, a Notary Public, on this day personally appeared
____________,known to me to be the person and officer whose name is subscribed to the
foregoing instrument and acknowledged to me that the same was the act of the said [INSERT
DEVELOPMENT OWNER ENTITY NAME], and that he or she executed the same as the act
of such entity for the purposes and consideration therein expressed, and in the capacity stated
therein.

      GIVEN UNDER MY HAND AND SEAL OF OFFICE, this the _____ day of
_______________, 2011.



(Seal)




                                           Notary Public, State of Texas




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                                          DEPARTMENT:

                                          TEXAS DEPARTMENT OF HOUSING AND
                                          COMMUNITY AFFAIRS, a public and official
                                          agency of the State of Texas



                                          By:
                                          Name:
                                                  Duly Authorized Representative


THE STATE OF TEXAS          §
                            §
COUNTY OF TRAVIS            §

       This instrument was acknowledged before me on this          day of              , 2011
       , by                                           , duly authorized representative of the
TEXAS DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS, a public and official
agency of the State of Texas, on behalf of said agency.

(Seal)


                                                  Notary Public, State of Texas




PREPARED BY:                                      AFTER RECORDING RETURN TO:
Texas Department of Housing                       Texas Department of Housing
and Community Affairs                             and Community Affairs
Legal Services Division                           Division
P.O. Box 13941                                    P.O. Box 13941
Austin, Texas 78711-3941                          Austin, Texas 78711-3941
                                                  Attn: Teresa Shell
                                                  HTC Exchange Administrator



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                                                 [INSERT EXCHANGE DEAL NUMBER]


                                     Exhibit A

                    DESCRIPTION OF DEVELOPMENT SITE

                        [INSERT LEGAL DESCRIPTION]




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                                                                    [INSERT EXCHANGE DEAL NUMBER]


                                                    EXHIBIT “B”

ADDENDUM A TO DECLARATION - CONSENT AND SUBORDINATION OF LIENHOLDER
 [To be executed by each lien holder on the project as of the effective date of the declaration.]

    The undersigned lien holder ("Lien holder") hereby consents to the execution by Project Owner of the foregoing
Declaration for [INSERT PROPERTY NAME] (the "Project Improvements").
         Lien holder hereby subordinates its lien(s) to the rights and interests created pursuant to Section 5(c) of the
Declaration such that a foreclosure of its lien(s) shall not extinguish such rights and interests.
         Lien holder acknowledges and agrees that, pursuant to Section 5(b)(1) of the Declaration, the Declaration will
terminate on the date the Project is acquired by foreclosure or deed in lieu of foreclosure, upon the recorded declaration
of the party so acquiring the building (unless it is determined that such acquisition is part of an arrangement with
Borrower a purpose of which is to terminate such period); provided, however, Lien holder hereby acknowledges and
agrees that the acquisition of the Project by any party by foreclosure or instrument in lieu of foreclosure shall be subject
to the provisions of Section 5(c) of the Declaration, which provisions shall continue in full force and effect for a period
of three (3) years from the date of such acquisition; provided, further, that such provisions shall not apply during such
period if and to the extent that compliance therewith is not possible as a consequence of damage, destruction,
condemnation or similar event with respect to the project.
         Executed to be effective the ______ day of                   , 2011.


                                                         LIENHOLDER:

                                                         [INSERT          NEW         LENDER’S            SIGNATURE
                                                         BLOCK],

                                                         By:_________________________
                                                         Name: _______________________
                                                         Title: ________________________
THE STATE OF TEXAS                             §
                                               §
COUNTY OF __________                           §

       BEFORE ME, the undersigned, a Notary Public, on this day personally appeared
____________, known to me to be the person and officer whose name is subscribed to the
foregoing instrument and acknowledged to me that the same was the act of the said [INSERT
NEW LENDER’S NAME] and that he or she executed the same as the act of such entity for the
purposes and consideration therein expressed, and in the capacity stated therein.

      GIVEN UNDER MY HAND AND SEAL OF OFFICE, this the _____ day of
_______________, 2011.

                                               _________________________________
                                                           Notary Public in and for
                                                           The State of Texas
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