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OB - Item 3A - Chamber Loan AgreementROSEMEAD SUCCESSOR AGENCY STAFF REPORT TO: THE HONORABLE CHAIR AND BOARD MEMBERS FROM: MATTHEW HAWKESWORTH, ASSISTANT CITY MANAGER DATE: SEPTEMBER 10, 2012 SUBJECT: CHAMBER LOAN AGREEMENT SUMMARY The former Rosemead Community Development Commission approved a loan to the Rosemead Chamber of Commerce ( "Chamber ") on September 14, 2010 in the amount of $25,000. The promissory note (Attachment A) requires annual payments of $6,000 beginning July 1, 2012 with the loan being paid in full on July 1, 2015. The terms of the loan included 0.0% interest, a 3.0% late charge assessed on payments made after July 10th of each year, and was secured by a Negative Pledge Agreement on the Chamber owned property at 3953 Muscatel Avenue. The Successor Agency received a letter (Attachment B) dated August 16, 2012 from the Chamber requesting a renegotiation of the terms of the promissory note due to a financial hardship. Prior to the elimination of redevelopment, the Community Development Commission and the Chamber had a memorandum of understanding which provided for annual assistance in the amount of $48,000 in return for a number of economic development related programs. The loss of the $48,000 has created a significant funding shortfall for the Chamber and they have been working to restructure their operations in order to remain solvent. Renegotiating the terms of the loan by delaying the first payment by one year will provide the Chamber with additional time to stabilize their financial position. The request includes a delay of the first payment until July 1, 2013 and to increase each payment by $2,000 with the final repayment date of July 1, 2015 remaining. Staff Recommendation: That the Oversight Board approves Resolution 2012 -0010 (Attachment C) approving the revised terms of the promissory note and to direct staff to submit the revised terms to the Department of Finance for consideration. BACKGROUND Prior to the elimination of redevelopment, the Rosemead Community Development Commission had a memorandum of understanding with the Rosemead Chamber of Commerce in the amount of $48,000 annually to provide economic development related services. When redevelopment was eliminated, the City of Rosemead had to make the difficult choice to reduce the Chamber's annual funding amount to $10,000 in order to balance the City's General Fund Budget. The loss of $38,000 in annual operational funding for the Chamber has created a significant financial hardship. The City Manager, Jeff Allred, is a non - voting member of the Chamber's Board of Dire ct�xs and Iris been Rosemead Successor Agency Oversight Board September 10 Page 2 of 2 involved in their effort to re- evaluate priorities and to develop a sustainable model for ongoing operations. This re- evaluation includes developing a financial plan to assist the Chamber in becoming self- sufficient without the reliance on the City to fund ongoing operations. As stated in the letter from the Chamber, they are requesting a postponement of the first payment to July 1, 2013 and a forgiveness of any late penalties incurred from the non - payment of July 1, 2012. A review of the Government Code has also been done to determine if the ability to negotiate or re- negotiate terms of a loan are within the purview of the Oversight Board. Unfortunately, the Code doesn't specifically discuss this type of situation, but does provide guidance in two sections which do imply that the Oversight Board does have the authority to renegotiate terms of an agreement. Section 34180(a) The establishment of new repayment terms for outstanding loans where the terms have not been specified prior to the date of this part. An oversight board shall not have the authority to reestablish loan agreements between the successor agency and the city, county, or city and county that formed the redevelopment agency except as provided in Chapter 9 (commencing with Section 34191.1). Section 38181(e) Determine whether any contracts, agreements, or other arrangements between the dissolved redevelopment agency and any private parties should be terminated or renegotiated to reduce liabilities and increase net revenues to the taxing entities, and present proposed termination or amendment agreements to the oversight board for its approval. The board may approve any amendments to or early termination of those agreements if it finds that amendments or early termination would be in the best interests of the taxing entities. Both of these sections discuss the Board's ability to negotiate payment terms for outstanding loans; however, neither are specific to this situation. If the Board approves the revised terms of the loan, the Resolution and revised terms would be forwarded to the Department of Finance for consideration. PUBLIC NOTICE PROCESS This item has been noticed through the regular agenda notification process in accordance with the Brown Act. Prepared by: �� r Matthew E. Haw swort' h Assistant City Manager Attachments: A — Promissory Note B — Chamber Letter dated August 16, 2012 C — Resolution 2012 -0010 Attachment A ROSEMEAD RosemeadCkam6er of Commerce and Visitor Information Cen CHAMBER 3953 N. Muscatel Avenue, Rosemead, California 91770 of COMMERCE Tel.: 626- 288 -0811; Fax: 626- 288 -2514 Sn, =„e, www.RosemeadeChamber.ore VIA Email Board of Directors August 16, 2012 Officer Directors (Executive Committee) City of Rosemead Successor Agency James Wang, President 8838 East Valley Blvd. US Auto Rosemead, CA 91770 Eriz Oliva, Past President Rosemead Adult School Steve Chiang VP Attention: Mr. Matt Hawksworlh LA Web Lori Craven -Doss VP Invoice # 2011 -12 -023 Brown's Jeweary & Loan Date: August 9, 2012 Mike Gray VP Loan Principal Installment: $6,000 UPC Gym Joan Hunter VP Dear Sirs: Travel More Inc. Robert Oehler Thank you for your captioned invoice. Pacific Alliance Bank George Win VP Health Alliance We recognize our obligations arising from the loan the Chamber received from the Directors: Community Development Agency of the City of Rosemead. We understand all loans of this Agency, which no longer exists, is being managed for the State of California by Thuy But Wells Fargo Bank The City of Rosemead Successor Agency. Marinas Castro- Salvatati SCE Ed Chen The Rosemead Chamber received the $25,000 loan to stabilize the financial condition Athens services of the Chamber, permitting the Chamber to develop programs to increase Chamber Karen Chen revenue. These efforts were progressing when the City of Rosemead discontinued its Adsta Inc. Paul Chen $48 thousand annual financial support of the Chamber. The Chamber is thankful that Chen & Far the City of Rosemead was able to allocate from its General Operating Budget $10 Accountancy thousand on a one -time basis for the Chamber. Robert Chin PocAir Sharon coley The Chamber's financial condition was, nevertheless, seriously affected by the loss of Doubletree By Hilton Chester Gee the $48 thousand in annual funding. Each dollar of reserves of the Chamber must be Progressive Travel used to develop programs for achieving additional revenue. To have to make payment Diann Herrera of the Chamber's first installment of the loan, as captioned, would significantly hinder Caldwell Banker Dynasty Lawrence Lai the Chamber's financial stabilization efforts. Palm Motel Teddy Ls g August In the Board of Directors Meeting of Au st 15 2012 ' y this item was full discussed. Singpoa Realty Elizabeth Martinez The undersigned was authorized to make respectfully a request that the City of Republic services Inc. Rosemead Successor Agency grant a waiver of the captioned $6 thousand first Surendra way $4098 Subway 540986 installment and amortize this amount over the remaining three ears of the loan. This g y Caron Nunez would increase each of the next three annual payments by $2,000. Lincoln Training Center Vincent Pao Bravo Travel A simple amendment to the promissory note and loan document would be required. Joseph Su International While this is under consideration, we also respectfully request that all late payment Alen Th Man Th inO Royal Business Bank fees be waived. Thank you very much for your consideration in this regard. Joseph Wen Award Auto Yours trul y Tom Wu Holiday Inn Express , , // Ping Yang V 60- � Yang Ping CPA Y - City of Rosemead Chamber Liaison Robert B. Oehler, VP ' Rosemead Chamber Jeff Allred City Manager Cc: James Wang, President Rosemead Chamber 1 pQG �ry M 1u4 S�� C% 7. DEAN G. LOGAN Registrar-Recorder /County Clerk CITY OF ROSEMEAD 8838 E VALLEY BLVD ROSEMEAD CA 91770 COUN-- IOF LOS ANGELES Attachment s REGISTRAR - RECORDER /COUNTY CLERK P.O. BOX 1250, NORWALK, CALIFORNIA 90651 -1250 / www.lavote.net Date: 01119/2011 Re: (1) NEGATIVE PLEDGE AGMT ROSEMEAD CHAMBER OF COMMERCE $ NO CHECK The enclosed document is being returned unrecorded for the following reasons indicated by a green (✓) on the document: 1) The entire document or portion of the document is /are readable but is /are not sufficiently legible to be use for making the permanent photographic record. Please review the enclosed bulletin for suggested methods to correct the defect. 2) We have found the enclosed document(s): X (a) to be unacceptable for recording as presented, or _ (b) to have no provision in the California State Law authorizing recording. This office cannot advise you on how to prepare documents for recording. However, most stationery stores carry legal forms which may fit your situation, and if properly completed, may be recorded. We suggest you consult your legal advisor. 3) PLEASE DELETE WRODING ATTACHMENT BAND EXHIBIT 1 FROM THE FIRST PAGE. Please correct and complete the information as noted above and return a copy of this letter back with the documents. DEAN C. LOGAN Registrar- Recorder /County Clerk WSL By: E. Ramirez 562 -462 -2125, Deputy R74MOO (Rev 9]/99) Attachment B Recording Requested By And When Recorded Return To: Rosemead Community Development Commission 8 83 8 E. Valley Boulevard Rosemead, California 91770 Attn: City Clerk Exempt Recording Per Government Space Above This Line For Recorder's Use Code Sections 6103 and 27383 EXIIIBIT 1 r to Promissory Note Between Borrower and Lender NEGATIVE PLEDGE AGREEMENT This NEGATIVE PLEDGE AGREEMENT (this "Agreement ") is dated as of Sept. 1 4 2010, and is made by the undersigned Rosemead Chamber of Commerce (the "Borrower ") in favor of Rosemead Community Development Commission (the "Lender "). RECITALS A. Pursuant to the Promissory Note dated as of Sept 1 x2010 (as it may hereafter be amended, modified, restated or supplemented from time to time, the "Note ") among the Borrower, and the Lender, Lender expects to extend a certain loan to Borrower subject to the terms of the Note. B. The obligation of the Lender to make a certain loan to the Borrower is subject to the condition, among others, that the Borrower enters into this Agreement. NOW THEREFORE, the Borrower, for valuable consideration, receipt of which hereby is acknowledged, jointly and severally hereby agree as follows: . 1. Capitalized Terms. Capitalized terms not otherwise defined herein shall have the meanings given them in the Note. 2. Negative Pledge. In order to induce the Lender to extend a loan to the Borrower, the Borrower hereby agrees that so long as any amounts owing under the Note remain outstanding, the Borrower will not, nor will it permit, as the case may be, the granting of a lien in, or otherwise mortgage, encumber, pledge, grant a security interest, and/or enter into a negative pledge agreement with respect to, the real property of the Borrower, located at 3953 Muscatel Avenue, Rosemead, CA 91770 -1748, and legally described on Exhibit "A" attached I LA'#4840 -5034 -0615 v2 DRAFT 7/26/10 hereto (collectively, the "Property "), or any equity or other interest in the Property, even in the ordinary course of Borrower's business. Borrower also agrees not to sell, convey, grant, lease, give, contribute, assign, or otherwise transfer any of Borrower's assets, including, without limitation, the Property. 3. Nature of Negative Pledge, Waivers. This is an absolute, unconditional and continuing Agreement and will remain in full force and effect until all of the terms and conditions of the Note have been fully satisfied. This Agreement will extend to and cover renewals, extensions, modifications and/or marketing of the Note and any number of extensions of time for payment thereof and will not be affected by any surrender, exchange, acceptance, or release by the Lender of any pledge or any security held by it for any of the Note. 4. Representations and Covenants. The Borrower represents and warrants that: (a) the Borrower is the sole owner of the Property and has not made any prior sale, pledge, encumbrance, assignment or other disposition of any of the Property and the same is free from all mortgages, deeds of trust, liens and other encumbrances; (b) the Borrower will defend, at the Borrower's expense, the Property against all claims and demands of all persons at any time claiming the same or any interest therein; (c) the Borrower has the full right, power and authority to execute, deliver and perform this Agreement and the execution, delivery and performance of this Agreement by the Borrower has been duly authorized by all necessary action on the Borrower's part; and (d) the execution, delivery and performance of this Agreement by the Borrower does not and will not violate or conflict with the terms of any law, rule, regulation, order, decree, agreement or instrument to which the Borrower is a party or by which it or the Property is bound. 5. Default. All or any of the following will constitute a Default under this Agreement: (a) the breach of any representation of the Borrower herein, (b) the failure of the Borrower to perform any covenants or agreements contained herein, and/or (c) the occurrence of a default under the Note. 6. Representations and Warranties to Survive. All representations, warranties, covenants and agreements made by the Borrower herein will survive the execution and delivery of this Agreement without limitation as to time and amount. 7. Notices. All notices, requests, demands and other communications required or permitted to be given under the terms of this Agreement by one party to the other shall be in writing addressed to the recipient party's Notice Address set forth below and shall be deemed to have been duly given or made (a) if delivered personally (including by commercial courier or delivery service) to the party's Notice Address, then as of the date delivered (or if delivery is 2 LA #4840 -5034 -0615 v2 DRAFT 7126110 refused, on presentation), or (b) if mailed by certified mail to the parry's Notice Address, postage prepaid and return receipt requested, then at the time received at the party's Notice Address as evidenced by the return receipt, or (c) if mailed by first class mail to the party's Notice address, postage prepaid, then on the third (3rd) business day following deposit in the United States Mail. Any party may change its Notice Address by a notice given in the foregoing form and manner. The Notice Addresses of the parties are: If to the Lender: Rosemead Community Development Commission 8838 E. Valley Boulevard Rosemead, California 91770 Attn: Executive Director If to the Borrower: Rosemead Chamber of Commerce 3953 Muscatel Avenue Rosemead, California 91770 Attn: President 8. Miscellaneous. 8.1 This Agreement is binding upon and inures to the benefit of the Lender and the Borrower and their., respective successor and assign, provided, however, that the Borrower may not assign this Agreement in whole or in part without the prior written consent of the Lender (which consent the Lender is under no obligation to give), and Lender at any time may assign this Agreement in whole or in part in connection with any sale, assignment or other transfer of the Note. 8.2 This Agreement (including the documents and instruments referred to herein and therein) constitutes the entire agreement of the parties with respect to the subject matter hereof and thereof and supersedes all other prior agreements and understandings, both written and oral, between the parties with respect to the subject matter hereof and thereof. This Agreement may be amended or modified in whole or in part at any time only by an agreement in writing executed in the same manner as this Agreement after authorization to do so by the parties hereto. 8.3 In case any one or more of the provisions contained in this Agreement should be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability in any respect, the validity, legality and enforceability of the remaining provisions contained herein will not in any way be affected or impaired thereby. 8.4 This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed will be deemed to be an original and all of which taken together will constitute one and the same agreement. Any 3 LA #4840- 5034-0615 v2 DRAF? 7 /26/10 party so executing this Agreement by facsimile transmission shall promptly deliver a manually executed counterpart, provided that any failure to do so shall not affect the validity of the counterpart executed by facsimile transmission. 8.5 Acknowledgement by Loan Parties. THE BORROWER ACKNOWLEDGES THAT IT HAS BEEN REPRESENTED BY INDEPENDENT LEGAL COUNSEL OF IT CHOOSING IN THE NEGOTIATION, EXECUTION AND DELIVERY OF THIS AGREEMENT, AND THE BORROWER ACKNOWLEDGES THAT IT HAS READ AND UNDERSTANDS THIS AGREEMENT. IN PARTICULAR, THE BORROWER UNDERSTANDS THAT THIS AGREEMENT WILL BE RECORDED IN THE REAL PROPERTY RECORDS OF THE COUNTY WHERE THE PROPERTY IS LOCATED, AND THAT THIS AGREEMENT WILL MAKE BORROWER'S TITLE TO THE PROPERTY UNMARKETABLE, SO THAT NO ONE WILL LIKELY PURCHASE OR LEASE ANY PART OF THE PROPERTY OR LOAN MONEY AND ACCEPT A MORTGAGE OR SECURITY INTEREST ON ANY PART OF THE PROPERTY. NONETHELESS, BORROWER IS VOLUNTARILY EXECUTING AND DELIVERING THIS AGREEMENT AND IS AGREEING TO BE BOUND BY ITS TERMS', 8.6 Governing Law. This Agreement has been delivered and accepted at and will be deemed to have been made at Rosemead, California and will be interpreted and the rights and liabilities of the parties hereto determined in accordance with the laws of the State of California, without regard to conflicts of law principles. 8.7 Consent to Jurisdiction. THE BORROWER HEREBY IRREVOCABLY SUBMITS TO THE NON - EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR STATE OF CALIFORNIA COURT SITTING IN THE COUNTY OF LOS ANGELES IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS, AND THE BORROWER HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREINAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM. 8.8 Arbitration. As a manner to resolve disputes arising under this Agreement the parties may agree to submit a matter to non - binding arbitration. Such arbitration 4 LA #4840 -5034 -0615 v2 DRAFT 7/26/10 shall not in any way waive either parties' rights and remedies against the other party which may be available under the law. Costs for arbitration shall be borne equally by the parties. 8.9 WAIVER OF JURY TRIAL. TO THE FULLEST EXTENT PERMITTED BY LAW, THE BORROWER HEREBY WAIVES TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH ANY LOAN DOCUMENT OR THE RELATIONSHIP ESTABLISHED THEREUNDER. s LA #4840 -5034 -0615 Q DRAFT 7/26/10 The Lender and the Borrower have caused this Agreement to be duly executed by their respective duly authorized officers or representatives as of the date first set forth above. ROSEMEAD CHAMBER OF COMMERCE By: w Title: EYEZC,r 7r vE of e�i= � By: i Title: LENDER: ROSEMEAD COMMUNITY DEVELOPMENT By: Title: Chairman Attest: Commission Secretary LA #4840- 5034 -0615 v2 DRAFT 7126110 ACKNOWLEDGMENT State of California ) ss County of Los Angeles ) On a-tt�� ' 1(2,01 0 before me, WOJLe j j 1Jl 7Any-Lf � A 1 1 (Name of I�jotary) notary public, personally appeared N1i� F1S ��flgng who proved to me on the basis of satisfactory evidence to be the person(&)-whose name(s) -is /aye subscribed to the within instrument and acknowledged to me that he /&o44tey executed the same in his/hefk4wir authorized capacity(}, and that by his/hoi�eir signatur5kg) on the instrument the person(a), or the entity upon behalf of which the person(st acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. (Notary Signature) State of California ) ) ss County of Los Angeles ) GLORIA MOLLEDA Commission # 1792979 -w - Notary Public - California Los Angeles County i rComm.D Tres r2,2012 On�,K � I16 0 before me, GW n 061VeI 4 C+ �- (Name of Notary) notary public, personally appeared � Y\j \N I or who proved to me on the basis of satisfactory e 'deuce to be the perso*) whose name(R) is /are subscribed to the within instrument and acknowledged to me that he /shef imy executed the same in his /herFtiteir authorized capacity(ics), and that by hisAierh)7Ir signature(,4 on the instrument the person(s), or the entity upon behalf of which the person(z) acted, executed the instrument. I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct. WITNESS my hand and official seal. 6107 aug (Notary Signature) LA #4840- 5034 -0615 v2 DRAFT 7/26/10 GLORIA MOLLEDA Commission # 1792979 -� Notary Public - C011fornia Los Angeles County Ccmm.D Its r2.2012 - EXHIBIT A LEGAL DESCRIPTION [To Be Attached] LA #4840 -5034 -0615 v2 DRAFT 7126110 Legal Description of Property Situated at 3953 Muscatel Ave. City of Rosemead California The North 57.65 feet of the South 211.00 feet of the East 210.39 feet of Lot 1 of Tract No. 3360, in the City of Rosemead, County of Los Angeles, State of California, as per map recorded in Book 37, Page 1 of Maps, in the Office of the County Recorder of said County. 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TRACT //V THE COUNT} mle hereby certify Mat we are fhe owners of, or are.inM�'' ested in, the /and inc/udedin the /he "sulidiYision shown, an the annexed map, and That we are }he on /y persons where consent is necessary /o pass e -clear tit /e to said r mhond we mnsent fo the mak/nyt afsaid map and subdivision as' shown within the co lored bolder tine and we hereby ow-- ica }e Ao the pub /ic use the streets avenue, - bou /edard,.and allq,sas shown on said map- wftmh sald subdivision. Rosemegql Ra cho -owner SHEET N° 1 N9 .10195 OF LOS ANSEL£S ' !, N! CMason, hereb fr certify fhatl am civi /engineer and }hat this map cons sling o .a sheets represents a survey made under.m supery /lion in November, /927, and that a/✓ of { monuments: shown thereon acfua //y eR /st,and their posilaons.are correct /y 'shown. ---- Jtate of California County of LosAnge%sjss` - On }hilts day o {; t the year %927, before me - .3-` , pu,�lfe in and for the said County and State, duly commissioned and sworn, rsonaHy appeared WCMasanknawn to me'tobe A e person whose name /s subscribed to the within /hsfrument and acknowledgedlome Fhat he executed the same, - IN !N/ rNess lvNeneoF (have hereunto set my _ hand and affi,red my official seal fhe day and - year in lh /r cerhf /rate firs! above. wr/tren. lr= �f��Mfry Po�� dlo�Lm+AnynEr [n� e4 C. r - eS f3ec. � Stale of Ca /!forma l - Coanly of Los Angelejj ss -. - on lh /s.z3'!6ay OAp C' in the year Ho /d rsop F927 before m e Whey a notary pull ie in h`untm� }on Land andlmprovement Co. -�a�e` eoi - and for said County and State, du /y commissioned and sworn, personal /U a pearedFrdwur'cKrrr��,,�� haed; known fo me to be fhe apresident an ''F/T5 —F ist- known to me }0 he lh ecretary of fhe CalifoMZ . TrusfC1 Me corporalion lhaf executed the within instruineni'knawfo -melo be the persons whose names are su6scribed1her-e }o and acknowleo'¢¢ed tame thalsych car oration executed!he sd'me. rn Witness lUbereof l hare hereunlo se/ my hand and affixed my official sea/ fhe dayy and T' .Guava Tr sl Co- stee 'year /n this cerf/ficale f/rrl.ahove :wr /lfen. i ' nary 6i�vs,�� /e3c. Stale of Cati}brn/a 1 - Citizens .Trust & Savings Bank - Trustee County ofLorAn¢e /es On th/s204day of Dec in the year f _ 11827 before meA /f.'Koehl a notary public /n andfor said County and Slale,iesiding thereir, -'� du /y commission@ d and sWorn, personal /y Z Sec, appeared A.G. Walker known to melobe the Pres. andE.L. CAVao known lone /o he the/"s`ecy of : - _ }heHaafia foaLoaJa /rm.rmaPG, fhe corpora/ /on that exe- - - _ - ruled l', & wiih/n instrument, known to me to be - the persons whose names are subscribed More- - Rnow /edged to me that such coF7ooration t and ac executed the same.. - ln Witness {1!hereaf.- ffiave hereunlo seamy hand and affixed my off /cial seal the da` � and year in lhis cerlificale fiYstabove writ /en. - - -- Na�e�y -vdere in biM'Fei -LUiA �7ev C -.— �rl SHEET N° 2 TRACT N9 10195 /N THE COUNTY OF LOS ANGELES d State of California 1 County of Las Ange %sJ � e � On fhis� -flay ofDae -.in fhe ycar /927, y� before me^-�- W . a notary pub /ic in and far "A' said County and J /a }e, i°esidin,r? }herein, dv /r/ caminis- J10170d and sworn, persona //y eppeared ' "a..-Q T kaawn to me fa be rhe4,�gcesidenf, W. tIlO117ta metobe lhe,sec'y of Rte•,,;, .R� -•-� ! corporation that execu}ed }he within msfrument Roo., to me tgbe the persons whose names are subscrided P,�,FC, <. t hereto and acl nojwledq'ed Dome- �- p-- ^'+ ""`�6"` -'-� A �aw�.73, 19y8 A, 67EGORDED � ,JILN 5 1928 ��• 2 PM /28 83 Y" mi ' SFIEET Ns 3 TRACT N° 10195 IN THE COUNTY OF LOS ANGELES BEING A TUBDIY /S /ONOFA PORT /ON OF LOT 2. BLOCK5, RO.SEMEAD .SH£E7 =2, RECOROfD /N BOOK 2/, PAGES/ /4 d//5 0FMAP.5, RECORDSOF LO:S ANGELES COUNTY Wllf''"BER 1927, SCALE.• /- =.f00' - .. ]T. NV 1213. M6.9$ZVV v- POMONA .,yg]'60 'B.OULEl�ARO� 413.99 PotleN4'BOaceYrlRO- 62 0 LS I P IN T N °3360/ B.37./ f k4 j4'- WIW � \N Q �� QI Q s ss ?so 4o•irm IIto. 9 M Q. i0 : id 2'xP.� No }e The bearinq of /he easfer /y /ine of Burion Ave., rs. ese] 'as shown on tvd of Tract No d2F9, rer&veo'in Book - - - 97, pages 28 /a 3d of Maps,. W&., aced as the bas /s far bearinQs.sho vn on /his, map. JA IV l910 0 O OI 2� 3 O \ "W39 soe F 9V e ti4v Q ~I ~ '37'41' SO N .. Q �iW cuesrJrh _. h \ g - _ .V� 'p 2yry 4 SL �� 44/.82 `' h 50.3990 i.3.9] 6 foH.B Y J9960 60 - - . °4o]3>T/Y6.39 .,. ...se ^46.%9'W, 146.06... id 2'xP.� No }e The bearinq of /he easfer /y /ine of Burion Ave., rs. ese] 'as shown on tvd of Tract No d2F9, rer&veo'in Book - - - 97, pages 28 /a 3d of Maps,. W&., aced as the bas /s far bearinQs.sho vn on /his, map. e. f 8R • NO EER66Y CBRTIF4 THAT ME ARC TNS ORRERS OF OR ABE IHNNUEE SV IN T06 DAM64 SPCLDOHD NPF16N TRS SUE=SIOH 6RQ@] ON TRIS / tl6P NITNII! THE DISTIHCTV. RORDMR LINFS; AVE RE CUAENRT TO 1 T® FgEFA&ITIOE AND FLLIDO OF 6AID .T AEG 6 ®pLVI6I0A. N WIRCEY DWICATE W,;= PUBLIC USE ALL 6TRESES, NIG@AYS. AND OTUBR FWLIC AN,,N 4HOHN ON 9ATD EWF, Y9 Nw DOIVge WNe[Tw NN.ME� _7XE Faruluf u1rth MD RM1W�LNRIRgi...NNHPMMM MM YUIY esu NUONZE MRRM MB.FIRITNBR' CEMFLFY 19AT. FXCBPT AS 9UUNR . A cOn OF THIS .9 ON FILE IM TM OPBICN OP T ,SUP.T6NOENT O[- ]rREC? ` WE RNOM OF NO EASBNENZ OR 6TRBLTURE EASTING REEFED T 4 "'OS SUSIEIN MENDE FUN U ®I ."S W M PULIC, DENIED TIAM PONLICLY DWNIy GAYER LINE. 6EWBr8. OR 6TORM DMlN6. TRAY FEE REEL GRANT NO RIUNT OR IYTERE9T SITIDP TU8 MO ®MSEEN - OF SAM EA8ENRON WE.O TO THE P., ®EGYPT MORE RIGHT ER INTS�EST IR y S6LY IAeB 6VBTECT TO THE EAIO 1 P.iEMEHf6. sTA so iNmq� art0. . RMIDBNT - SUCRETAHY- igSgSUgFH y� KMNfaypTpn:R�pR R'ApTpRpRViovi>punFWVex xm� IW� o�LLOVS�sBMTOS �W64ENTN1TN.dfza:P4.r ,q2-R�_. mG/ /- vO5 /�n/GE/F CW/n�T✓ E'MTB OF 'CN.rPMONS ego0QPAGE 3.6 TRACT I�Ij �� \Vj�j�,S/, ,G }J, ��(j?� ® 3303 77 R9�..A. SHEET I OF i ¢XFFTG _ ,"`y� FILE D A�4WE5 1®j 11 11\1 11C li JL V ao ``mil 19, /577 M IN THE CITY OF ROSEMEAD COUNTY: OF LOS ANGELES STATE OF CALIFORNIA ' - Ame L-3 BEING A SUBDIVISION OF LOTS 3 8 4, TRACT NO. 3360 AS SHOWN ON �' "- MAP FILED IN BOOK 37 PAGE 1 OF MAPS IN THE OFFICE OF THE RECORDER 'A"' N Mr's MRq OF THE COUNT? OF LOS ANGELES 'a GREW 8R • NO EER66Y CBRTIF4 THAT ME ARC TNS ORRERS OF OR ABE IHNNUEE SV IN T06 DAM64 SPCLDOHD NPF16N TRS SUE=SIOH 6RQ@] ON TRIS / tl6P NITNII! THE DISTIHCTV. RORDMR LINFS; AVE RE CUAENRT TO 1 T® FgEFA&ITIOE AND FLLIDO OF 6AID .T AEG 6 ®pLVI6I0A. N WIRCEY DWICATE W,;= PUBLIC USE ALL 6TRESES, NIG@AYS. AND OTUBR FWLIC AN,,N 4HOHN ON 9ATD EWF, Y9 Nw DOIVge WNe[Tw NN.ME� _7XE Faruluf u1rth MD RM1W�LNRIRgi...NNHPMMM MM YUIY esu NUONZE MRRM MB.FIRITNBR' CEMFLFY 19AT. FXCBPT AS 9UUNR . A cOn OF THIS .9 ON FILE IM TM OPBICN OP T ,SUP.T6NOENT O[- ]rREC? ` WE RNOM OF NO EASBNENZ OR 6TRBLTURE EASTING REEFED T 4 "'OS SUSIEIN MENDE FUN U ®I ."S W M PULIC, DENIED TIAM PONLICLY DWNIy GAYER LINE. 6EWBr8. OR 6TORM DMlN6. TRAY FEE REEL GRANT NO RIUNT OR IYTERE9T SITIDP TU8 MO ®MSEEN - OF SAM EA8ENRON WE.O TO THE P., ®EGYPT MORE RIGHT ER INTS�EST IR y S6LY IAeB 6VBTECT TO THE EAIO 1 P.iEMEHf6. sTA so iNmq� art0. . RMIDBNT - SUCRETAHY- igSgSUgFH y� KMNfaypTpn:R�pR R'ApTpRpRViovi>punFWVex xm� IW� o�LLOVS�sBMTOS �W64ENTN1TN.dfza:P4.r ,q2-R�_. mG/ /- vO5 /�n/GE/F CW/n�T✓ E'MTB OF 'CN.rPMONS AC1 CGRMTF: p' ApOeLl9 LAMES 6. NRE' E{ECVIIVE pfk TES BMRp OT STPFgNWRE O,( M - OH'1@I6 � DAY Q �. , 19]] HAFDNE. l05 pNGE aF LF$STPT fJF FglygM ER . A HOARY PUBLIC IH ANN FOR - SAID Smml ppt5®gl.Ly AP MZA, FNAE I MAd FNON9'TD ME LV BB S@ PNTIUFBS AND I _ IPSCISI£v_/s F.0 /_��TOAMAN NYOFH 1V X8 TO HB SR 1 XERE CEARFl iM' A fw"N - mu ;uggR of S A- /NCNR/b TIU3 CpRpOHATTOtl 'PRAT 0N8MRS" U IDa RDF AN IC/pON A, IN IE SUb pF S. 32S^ T . TUDE TO LR HH yR PE16 Rib NHd EReCUTHD THE XITBIH ]H6 TR4[ffiiT ON . APPROVED BYIHE ®1Ap GP 5UH RE9ALp;-S THB WRPOMTIUd N6RHIN IAIRU AN ACHNONL ®GN TO pr I. PNILP " COMUM4fI@ HHB6CVlPD TIR 9TJR. 4 �ME''>awS-S°CH } WIURA L VAI£XN1F iO" I G NoTAA4 eoELEC rwRE W1 LnEN 3lUY/R. Up j Xq 33D3G AS pEC .- ryr +: IYrHB 3. MIFF T✓ CY 6F E5 S s.5. 1 11 >H/S.LL ovi'N� /6*AAg 9�- 6 �1-1 ". 9RFCS f.YE� A.✓f .TWN fn ASFfa of ¢Y V�a'F /cF: fHC mgA� �)tl PFR ��E.w�THw ' �THN/NSIRUT TvC�Fliv�c �T� o7�s �� KfO METH05LK TKM: ....'•"'•°..�. »"•`i It . = NPRY L ANEa , T ii- R1 L — 11SgENT mLIRr IHMi � aZ24,ILL.'bE'IjI PLX£ WIfNIN TWENT'4 -(ON¢ MONTHS FaoM 7U0 THE F IN5 OF THIS MLP "'. °_AtN'THPLTIP LTF¢c B IM/- SLSQ.EGI.lNE �EUEAEN]S ��F�' Twee- �r_�ICr-esa�us- mitl�aFwcF -oFrm - y� .RYF1'�WBF2.�:IIN TW9.[Y-TN2 I'MN3H5"FbaM 1 1� 19pRHgS CERTIFY 'OBRT I Am�A, Cp! OF I'� 6TATE OP GLIFOMVIAI Ip.T T628 IAL RAP, Em- 63RTI9G OF 2 SRE8T6, IS A TRUH AN CUbp 6pRV8Y AS SRWXi, AND WA6 NAVE HY M6 OR ORDER MY DLYBCTICR ON SANVMY 3, 19]]; TVAT THU RUNNERS. OF TNa M. AND LpaTI ONE .SURE ONME- NUN IN PEA THAT SAID RET.NTS AR8 EATF . NU TO ®pH i 1M6 SORF6Y TO 9E RETM AN AND "FAT TON NaT6a RO,IC RL . M�R9EEp USES A. °6.T" ARE ON FILS SN::FCpN'PY aNGS NP.BH FIW.O BWU W. 4075 PARE 93. TMR HEAHIl90 N. 2° RL' 15• X. TH8 CBNpSRL}NH OT IORES,m AVENCH AN 5R6NR US O BSRVEY%{'4 -{pe C S. 6 -2996 9 N6ID AS TN 8R §$ OF REAAINGE AN THIS MAP. i .. ALL z• I.N.'s ARE aFS FLDS.. 5 ryES ✓ mFi1�1J �/d.;bvNOA T , OFiiF.s7F/TN M✓!A'�� c'RMPVM: a/ piy >EMvE MosVfaNVef�vma /o F6sw�wk�E 9Amgivsc �a 4wz= Nxa£9cMAOSmu�lOf iNme.��l °FY1, R's oaMel ®mw m[[uus AC1 v,.._. LAMES 6. NRE' E{ECVIIVE pfk TES BMRp OT STPFgNWRE O,( TIAT PIS ELRFEI3, HIpTAYgYS PNO OCHER PUBLIC WAM l05 pNGE aF LF$STPT fJF FglygM AND 61gVg1 ON Sop OR AUEN BE DE E W ESY E QN IHE SGAE AREHEREBY gCCF➢1FD O[I BEHIGUCN D. BEHALF 1HE PIILIC: j 1 XERE CEARFl iM' A fw"N A, IN IE SUb pF S. 32S^ T APPROVED BYIHE ®1Ap GP 5UH pr I. PNILP " T WTH Ully, CLFRN - SAVZ 641U RoARp A6 6EGuWN FM ] ES ME SPELSL ASE9MQ [ rwRE W1 LnEN 3lUY/R. Up j Xq 33D3G AS pEC .- ryr +: IYrHB 3. MIFF •� I Of THE CW ryry b SPATE pL yA _, 'PORE OF BRRLG OIL N .I-- C( O-- UHSURFAf3 OIL LEA6E, L ID EavR N -B09 e E OF ore3Dr _ E ogos gacW.6i cOLLATYS BA6 IFEED I■IO�RC•ID}' FSO✓ISIW$ OP SLTI 6. EVB - i ( M 131 ! OF '®E E ®p NAP ACT. IIABRW. AS � RAN§ „. ➢;IE9�L NCLUOE A RSAHT OF BNTEY'ON TRC SURFACE, 60IL UNMU IS COpCERVIHG TIR L4® �- Tffi BpIRMAY OF THIS EUppMSION v p HY 7 SXNEREION R1OT d .YA C RP [i " ?d 19}al 19]r eIC8L9 BY T J- NAU3E2 RCE //$g� ■ E �0.1e� F 4 WRUI Z' I°' iI 37 �,E✓� \V7(��1,�� ,� - },J� ,F,j7, ,�"'�/l - - SHEET S m 4 S... TRACT JL `I sa 3 v 03 5 FlLED WITHLOS ANGELES' ` IN TLIE CITY OF OOSEMEAD, COLINTY_OF LOS AUGELEG STATE OF CALIFORNIA COUNTY RECORDER BEING A SUBDIVISION OF AGE I 3 M 9, TRACT N0. ICE T SHOWN ON JUL 1�w MAP FILED IN BOOK THE PAGE I OF MAPS IN THE OFFICE OF THE RECORDER - OF THE COUNTY OF LOS ANGELES / DMZ °Z/'�'MW/Mf CFN>E Nf OF ' S USFO iAS /YE Ge9 /3 OF C6 /A6 pEO 8v >lY /S NpP� g VOLLEY L>OVLEl�4R0 Ea <er,=cv CSE6 x540' C I �I� ftR RLtfH � /52/Y T S C pY QrF STEELE STREET'�E '� sr.PEET .rrr/wE o �>.vxrmz �,.rB air - jR4. eG -1s y�p IY. j p'h� LKL /N6 Er/v sfY '�f l 'r I cC£d,GY -A $, MBl•M:N£ OMB 11 1 I }'d __ .E' NE!>iJOa •v_v _ar �, ai/ENVEr +�� is sa'A °ter 1 ryryLL � �, u ==9 V/9>Pna Sfp / .fF/Z'fFS �4�� u 48416 /(s.OixAJ Qi " Xsii -<suE 11� 31co..xB _ / -�- 'PO'� ' 8 CCSFa � R�x'SO.rrs rgv �E� �Kk rR 4 y all - �awr.ev C (FV ' IEGSF9 / /PJ -.L � 3 r I NE REARM CSRTIAY TEAT N8 AM THE OM R8 OF OR AM IILFMAS 760 ID ME LANA9 INCLOOEO W. ME M.M. s sHW@ ON .5 - L FOMM TAR OISPINCTNF BURRDEN LINES; AND NS CONSENT TO ME PAEPAAATI� AND PILOFG OP SAID FAS ASIA 8®M,:,.1ON. NE'RNASAY ...EA MI 'N.'44y'HE POBLIC USE ALL STREETS, MANNWY5. ANA = .1tlEeuWCM,ffim NI®L4�i'RRPAM1IN�c.MWR: Y � n n a Y n oM11m w Y°. A trop AgMOlaO vAq' WE. SURANI6R' M.FY MAT �6PT AS MUNIT FON A COPY OP MM NAV OR PILB A THE OPPICR OF TBS:SDPERIATSNOBpT OP "N IKF£/3 . AE MEN OP NO EA8@®PFr At STR!.T 8 PXx8TIN0 4RffiE ME ' BA6RNEtl .MANTLE OFP�4 FOR EEOIC . 'P. ME POELIC. O1.9EA STAN PBRL . U.itl® NAME LIR65. MSER9, DA 81L'Rtl DMID ^+. TA1T NE N.. GRANT RD AIGBT OH IIYSEREST WIPHIH TIBS ..AIES . - OE GATD PABHdSE'1'6 XFOUS, TO THE P®LIC..6ACYPT NAM NUOU AT ®T OR INMEENI IS EAPR66SLY MAD...ECT TO THE SAID F )DBNT " 'o—1 ECEETARY- iRFPSYRf9 i. �CMtiS{ eVC.Ie¢�C6 /lANwq�iON /RUnF M'oex x[ad �Of.OzH+silns �:iWd✓TMl�xn �PS'reYV[ ��_. 6E�dNGEIF COGPVIY — N s apZVi¢c� 1. 60oK8?0.PAGE 3.6 RAC lI NQ X33036 ." "PET I OF 2 4NGPTC ,��Q pT REp" T' OF OWl6j 1 - CN 2'EIA y��TMiMY aP NF1'ED9' �(� IN THE CITY OF ROSEMEAD, COUNTY.. -OF LOS ANGELES, STATE OF CALIFOt2N1A WAii3vm7 A EUEIRE, P ®LIC xN AND FML li G386 BEING A SUBDMSION OF LOTS 3 B O, TRACT NO.. 3360 AS SHOWN ON ° •°°o. w.pF'I;y^ MAP FILED IN BOOK 37 PAGE I OF MAPS IN THE OFFICE OF THE RECORDER - "° LIV AE., � . OF THE COUNTY OF LOS ANGELES - - egIwufl"w - n �x!a�ae M PuxE wlruw TwElxrx Eouu Ihowrus FPq+I , THI RIl IN6 Of TN15 f'1CP �� 1 •nJnr.i...: +. <.imccmrv•i .c.ncni i�m_w... r.. cac.rm_ �'- NE REARM CSRTIAY TEAT N8 AM THE OM R8 OF OR AM IILFMAS 760 ID ME LANA9 INCLOOEO W. ME M.M. s sHW@ ON .5 - L FOMM TAR OISPINCTNF BURRDEN LINES; AND NS CONSENT TO ME PAEPAAATI� AND PILOFG OP SAID FAS ASIA 8®M,:,.1ON. NE'RNASAY ...EA MI 'N.'44y'HE POBLIC USE ALL STREETS, MANNWY5. ANA = .1tlEeuWCM,ffim NI®L4�i'RRPAM1IN�c.MWR: Y � n n a Y n oM11m w Y°. A trop AgMOlaO vAq' WE. SURANI6R' M.FY MAT �6PT AS MUNIT FON A COPY OP MM NAV OR PILB A THE OPPICR OF TBS:SDPERIATSNOBpT OP "N IKF£/3 . AE MEN OP NO EA8@®PFr At STR!.T 8 PXx8TIN0 4RffiE ME ' BA6RNEtl .MANTLE OFP�4 FOR EEOIC . 'P. ME POELIC. O1.9EA STAN PBRL . U.itl® NAME LIR65. MSER9, DA 81L'Rtl DMID ^+. TA1T NE N.. GRANT RD AIGBT OH IIYSEREST WIPHIH TIBS ..AIES . - OE GATD PABHdSE'1'6 XFOUS, TO THE P®LIC..6ACYPT NAM NUOU AT ®T OR INMEENI IS EAPR66SLY MAD...ECT TO THE SAID F )DBNT " 'o—1 ECEETARY- iRFPSYRf9 i. �CMtiS{ eVC.Ie¢�C6 /lANwq�iON /RUnF M'oex x[ad �Of.OzH+silns �:iWd✓TMl�xn �PS'reYV[ ��_. 6E�dNGEIF COGPVIY — N s apZVi¢c� 1. ;am 6A.CUTUA ME lii'PQY �SOAN6Y'L• AM ANR`B NA EF ME P$pS ON6 W110. E%BCUT® TIIX TAIB IHE TeAYflJT � 80PJ.Y: 6P ME CAMONATIM NNUUMS FARM) AND ACKNMOBWm TD FA8 TM,T_pLUA CORPOMTImF ID(wwM TFA AAIM. -- OAj AMAN"L VALENTRg i NO. FAA IC rgMu MF OP TAE SEATS OF CAT.IFOABIAI'FIAT .5 IyumAL YAP. COB- ' COON¢P.0l�.L(R4 ANGELES ) - - CN 2'EIA y��TMiMY aP . 1977 EMORE. AN A EUEIRE, P ®LIC xN AND FML li 8AID 'IATB, p80.4®ALIy A GASLL. FQ i,PVMIn/FQ��tvMl LORE "N P¢ ro pE 4EE r PRESIDENT ASIA PRESIDENT ND TIWT TIS NOME TdC TEAL E NEMENEYU TO AS Sde ... _.` ;am 6A.CUTUA ME lii'PQY �SOAN6Y'L• AM ANR`B NA EF ME P$pS ON6 W110. E%BCUT® TIIX TAIB IHE TeAYflJT � 80PJ.Y: 6P ME CAMONATIM NNUUMS FARM) AND ACKNMOBWm TD FA8 TM,T_pLUA CORPOMTImF ID(wwM TFA AAIM. -- OAj AMAN"L VALENTRg i NO. FAA IC rgMu MF OP TAE SEATS OF CAT.IFOABIAI'FIAT .5 IyumAL YAP. COB- ' sxsxxe0 OF 2 MUNIM, xs A TRVY.ANO c B 60RVET - AS SA NAr. ANO .. NAOE PY NE ON LTRDE IAECTIQl9 ON JAN6.AY 3. 1977/ THAT ME MUMSEiT3 .W THE CHARM B AND LICA ONE SNEAKS MEAN AM M PLACE .1 SAID NUALLESTS AM .1 CIEBT TO ..k ME 6UMSw TO FE N /Ko/na �iEP ND TIWT TIS NOME TdC TEAL E NEMENEYU E %CEMDPY THAT .SRRIN AS "8ET" ARE ON PILE IB'1E00BTY ENGI.M PINLO BOOK NO. 9075 PADS 99 -^ - N O yH�S Nn q, �ETHaT SOCH G¢pq�.goTNA APPAI =7 —W!-- L.S. _ Ml L6 NO . $R �;. - 1 ..A. A m D'evg 6 R THE MAROONS D. 2° 21 15• N. THE OnAwAAIN6 OC ARYIU II AT THE ll E d♦" MSCATEL MFA. AS 'Mm ON SNNENSM S NAA C.B. E-2996 iAS M. As THE 1E OF MAILMEN ON'6 - `TPp•a•a�,rAyya+wa•ar o�/� sg11SFAfD .iFNT T11L9 AMlSJ _ I RE61iGfNGrypE4ypC3. ALL 2- 1... IS A. SET BLOSE, . fvssrnusuas orttsysT.w' ar✓o AM°♦. /£AL�iyT ��. *.. . �fUaYnsT �xQCe.Ql6/4'FnIJ/i fLM4Y 6�YAY• NLm WW DFHIRI4 ARE p pNASA YmER IAE TIW156619S AND fifpgS OF KT. •' MAf$ A. ARE ERECII11 iOMF `>)•�'>11 �ai��C�/F �cWKKUN✓ ME ALAN OF 51RFRNLOS. µ,6p d6uly Ea po 1. 1MAT P11 flRFR$, HIIiMVgYS plvD oMER EVPdI(: WAYS A49t zzsFO«Ywi:eq�s� �bv&F 69 eWm� as6N pf /arEO [N/easp �si�P.Fw'/Siays - 1` - ON SgIO MAP AND OFIERFD 1DR ANO ARON BE AND Of01CAPON BE ANO I}1�g, 4 ANE :UNSAY ACC@1EL ON OF EUMI OIL W. OIL LEA . NOW N -309 P 6 OF OFF a ANDWF9 COOATY, HA5 PRWISIODS UF' SFL'TI 6. OP TAA [AP ACT. I ➢OF'8 n ACLODB A pIOHT CF F SOIL AEPOAIA CHSEPAlDG 716 TAE BOIMATN OF TIRE ""DM .' 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By _ - • d m1E ENxFACE� -9� Y. :A I�V< q. �f�7E FliI yA� Attachment C RESOLUTION: 2012 -0010 A RESOLUTION OF THE OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY TO THE ROSEMEAD COMMUNITY DEVELOPMENT COMMISSION APPROVING REVISED TERMS FOR THE PROMISSORY NOTE WITH THE ROSEMEAD CHAMBER OF COMMERCE DATED SEPTEMBER 14, 2010 WHEREAS, The former Rosemead Community Development Commission approved a Promissory Note with the Rosemead Chamber of Commerce on September 14, 2010; and WHEREAS, on October 6, 2010 the former Rosemead Community Development Commission funded the Promissory Note in the amount of twenty -five thousand dollars ($25,000); and WHEREAS, according to the terms of the Promissory Note, the first payment in the amount of six thousand dollars ($6,000) was due on July 1, 2012; and WHEREAS, on August 16, 2012 the Rosemead Chamber of Commerce sent a letter to the Rosemead Successor Agency requesting a renegotiations of the terms of the Promissory Note; and WHEREAS, the proposed revised terms would not forgive any of the principal due and the Promissory Note would be paid in full by the original maturity date of July 1, 2015. NOW THEREFORE, THE OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY TO ROSEMEAD COMMUNITY DEVELOPMENT COMMISSION HEREBY RESOLVES: The Promissory Note is amended to reflect a payment term beginning July 1, 2013 in the amount of eight thousand dollars ($8,000), a second payment due on July 1, 2014 in the amount of eight thousand dollars ($8,000) and a final payment due on July 1, 2015 in the amount of nine thousand dollars ($9,000). 2. That any late fees owed from the delay in payment from July 1, 2012 until the date of the renegotiated terms be waived. 3. That the Successor Agency staff transmits the Oversight Board's approval to the Department of Finance for consideration and approval. PASSED, APPROVED AND ADOPTED this 10th day of September 2012. Chairperson ATTEST: Matthew E. Hawkesworth Successor Agency Staff Assistant City Manager HEREBY CERTIFY that the above and foregoing resolution was duly passed and adopted by the Oversight Board for the Successor Agency to the Rosemead Community Development Commission at its special meeting held on the 10th day of September 2013, by the following vote, to wit: AYES: NOES: ABSENT: ABSTAINED: Matthew E. Hawkesworth Successor Agency Staff Assistant City Manager