FIRST AMENDMENT TO LOAN AGREEMENT
(La Veranda Ristorante Italiano)
This First Amendment to Loan Agreement (the "First Amendment") is made as of
this December 17, 2007 (the "Effective Date"), by and between the Redevelopment
Agency of the City of Pittsburg, a public body, corporate and politic (the "Agency"), and
Nicolas Maamari, an individual, and Johny Khalilieh, an individual, formerly doing
business as "La Veranda Bar and Grill" and currently doing business as "La Veranda
Ristorante Italiano" (collectively, the "Borrower").
RECITALS
A.
The Agency and the Borrower entered into that certain Loan Agreement
dated as of April 2, 2007 (the "Agreement"), pursuant to which the Agency agreed to
lend, and the Borrower agreed to borrow, a loan in the amount of One Million Three
Hundred Thousand Dollars ($1,300,000). Capitalized terms used, but not defined, in
this First Amendment shall have the meaning set forth in the Agreement.
B.
The Borrower and the Agency desire to enter into this First Amendment to
amend the Agreement to increase the principal amount of the Loan by Four Hundred
Seventeen Thousand Six Hundred Eighty-Five Dollars ($417,685) to One Million Seven
Hundred Seventeen Thousand Six Hundred Eighty-Five Dollars ($1,717,685) and to
make other amendments as set forth herein. Capitalized terms used, but not defined, in
this First Amendment shall have the meaning set forth in the Loan Agreement.
C.
On October 15, 2007, the Agency, the Borrower, and the Owner entered
into that certain Tri-Party Agreement regarding the rehabilitation of the Site and the
Improvements (the "Tri-Party Agreement").
ARTICLE 1.
AMENDMENT TO LOAN
Section 1.
Increase in Loan Amount. The amount of the Loan is hereby
increased by Four Hundred Seventeen Thousand Six Hundred Eighty-Five Dollars
($417,685) to One Million Seven Hundred Seventeen Thousand Six Hundred EightyFive Dollars ($1,717,685). Notwithstanding any provision of the Loan Documents to the
contrary, all references to the Loan shall be deemed to mean the amount of One Million
Seven Hundred Seventeen Thousand Six Hundred Eighty-Five Dollars ($1,717,685).
The remaining undisbursed amount of the Loan shall be disbursed by the Agency in
accordance with Article 2 of the Agreement.
Section 2.
New Promissory Note. To evidence the additional advance of Four
Hundred Seventeen Thousand Six Hundred Eighty-Five Dollars ($417,685), the
Borrower shall execute (concurrently with the execution of this Amendment) a
promissory note in the amount of One Million Seven Hundred Seventeen Thousand Six
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Hundred Eighty-Five Dollars ($1,717,685) (the "Amended and Restated Note").
Concurrently with the execution of the Amended and Restated Note, the Borrower shall
execute the Security Agreement. Upon the Borrower's execution of the new promissory
note, the Agency shall mark the existing promissory note as "cancelled" and return such
note to the Borrower.
Section 3.
Repayment of Loan. Notwithstanding any provision of the Loan
Documents to the contrary, the Borrower shall repay the Loan in accordance with the
Amended and Restated Note, which provides for a portion of the Loan to be forgiven by
the Agency in certain circumstances.
ARTICLE 2.
MISCELLANEOUS PROVISIONS
Section 1.
Default Under Tri-Party. Any default by the Borrower under the TriParty Agreement shall constitute a default under the Loan Documents.
Section 2.
No Other Changes to the Agreement. Except as expressly
modified by this First Amendment, all other provisions of the Agreement are unmodified
and continue in full force and effect.
Section 3.
Conflicts with the Agreement. In the event of any conflict between
this First Amendment and the Agreement, the provisions of this First Amendment shall
prevail.
Section 4.
Counterparts. This First Amendment may be executed in multiple
originals, each of which is deemed to be an original, and may be signed in counterparts.
Remainder of Page Left Intentionally Blank
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IN WITNESS WHEREOF, the Agency and the Borrower have caused this First
Amendment to be executed as of the Effective Date.
BORROWER:
NICOLAS MAAMARI, an individual and
JOHNY KHALILIEH, an individual, doing
business as "LA VERANDA RISTORANTE
ITALIANO"
By:
________________________
Nicolas Maamari
By:
________________________
Johny Khalilieh
AGENCY:
REDEVELOPMENT AGENCY OF
THE CITY OF PITTSBURG,
a public body, corporate and politic
By:
________________________
Marc S. Grisham
Executive Director
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