HomeMy WebLinkAboutC09-142 Addendum to Dev Agrmnt Golden Eagle Elderly Housing Corp~o~ .,~~.
ADDENDUM TO DEVELOPMENT AGREEMENT
WHEREAS, Seniors on Broadway, LP ("Owner") and Golden Eagle Elderly Housing
Corporation ("Developer") executed a Development Agreement effective October 1,
2007 (the "Agreement"); and
WHEREAS, the Developer wishes to assign its right to receive the Developer Fee
specified in paragraph l.c of the Agreement to Eagle County Housing and Development
Authority for valuable consideration and services rendered, effective October 1, 2007.
NOVV, THEREFORE, BE IT RESOLVED BY GOLDEN EAGLE ELDERLY
HOUSING CORPORATION, BY AND THROUGH ITS CHAIRMAN:
That Paragraph l.c be stricken in its entirety and replaced with the following:
c. Development Fee. In consideration of Eagle County Housing and Development
Authority's (the "Authority") services performed on behalf of the Developer, Owner
hereb a rees to a to the Authority a fee equal to an amount not to exceed the lesser of
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(i) $385,000 or (ii) the maximum amount allowed by the Agency (the "Development
Fee"). The Development Fee is a fee for services performed or to be performed prior to
construction completion. The Development Fee shall be earned (A)10% construction
loan, and (B) 90% upon construction completion. The Development Fee shall be paid
from capital contributions of the Limited Partner and permanent loan proceeds. To the
extent any Development Fees remain unpaid after the permanent loan and the payment of
all Limited Partner capital contributions, then the Development Fee shall be paid from
available Net Cash Flow in accordance with the Amended and Restated Agreement of
Limited Partnership of Seniors on Broadway LP.
MOVED, READ AND ADOPTED by the lden Eagle Elderly Housing Corporation
at its re ular meetin held this ~~day of ~-~ , 2009.
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GOLDEN EAGLE ELDERLY HOUSING CORPORATION,
By and Through its Board of Directors
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By•
Sara J. Fisher, President
