STATE OF OHIO



AMENDMENT TO COGNOVIT PROMISSORY NOTEThis Amendment to Cognovit Promissory Note (“Amendment”) is made and entered into, effective this __________ day of _________________, 2020, by and between the Ohio Housing Finance Agency, an agency organized and existing under the laws of the State of Ohio, whose principal office is located at 57 East Main Street, Columbus, Ohio 43215 (“Lender”), and ____________________________, an Ohio _____________________________________, whose principal office is located at _____________________________________________ (“Borrower”). Lender and Borrower may be collectively referred to in this Amendment as the “Parties.”RECITALSLender and Borrower entered into a Loan Agreement on _____________________, 20___ (“Loan Agreement”), setting forth the terms and conditions by which Lender agreed to extend a loan to Borrower in the principal amount of ____________________________ and ___/100 Dollars ($_______________) (“Loan”) to facilitate the development of a rental housing project comprised of ___________ (____) units located in __________________, __________________ County, Ohio, known as “___________________” (“Project”), that is more fully described in the Loan Agreement;Borrower’s indebtedness to Lender under the Loan Agreement was evidenced by a duly executed _____________________ dated _________________, 20___ (“Note”), which contained payment dates, interest, and other material information related to the Loan;On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (H.R. 748), known as the CARES Act, was enacted;The CARES Act included numerous provisions related to affordable housing projects, including forbearance of residential mortgage loan payments for multifamily properties with federally backed loans of up to ninety (90) days for multifamily borrowers that experience financial hardship, e.g. a reduction in tenant receivable due to unemployment caused by the coronavirus pandemic;In an effort to align its relief efforts related to the coronavirus pandemic with those available under the CARES Act, Lender’s Board of Directors approved a short-term initiative designed to assist multifamily borrowers facing potential economic hardship due to the coronavirus pandemic by providing those multifamily borrowers a forbearance period of up to a ninety (90) days for multifamily loans;Under Lender’s program to provide up to a ninety (90) day forbearance period to multifamily borrowers that experience financial hardship due to the coronavirus pandemic, the underlying Loan will be extended by a term equal to the duration of the forbearance provided to the multifamily borrower;On _____________________________, Borrower requested that Lender grant it a forbearance for the Loan identified above related to Lender’s program for multifamily borrowers that experience financial hardship due to the coronavirus pandemic; andLender has reviewed Borrower’s request to provide a term of forbearance of ___________ (___) days related to financial hardship it has experienced due to the coronavirus pandemic and approved that request in accordance with the terms stated in this Amendment.AGREEMENTNOW, THEREFORE, for and in consideration of the foregoing recitals and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Lender and Borrower agree as follows:The Maturity Date stated in the Note is changed to _______________________, 20____.Lender agrees to excuse payments that would ordinarily be due to it between ________________________, 2020, according to the Note and accept those payments in monthly installments between ______________________, 20___. Borrower and Lender agree to cooperate and execute any additional documentation that may be needed to effectuate this Amendment.Acceleration. Borrower acknowledges that if an Event of Default occurs, as defined in the Loan Documents or Cognovit Promissory Note dated _____________, 20_____, and Borrower fails to correct that Event of Default with the applicable cure period, the Note, as amended by the terms stated herein, will become immediately due and payable in full without further notice or demand to Borrower.Waiver. Borrower waives presentment, demand, notice, protest, and all other demands and notices in connection with the delivery, acceptance, performance, default, or enforcement of the Cognovit Promissory Note dated ______________, 20____, as amended herein. Borrower agrees to pay any costs incurred by Lender to enforce that Note, including attorney fees and court costs, as provided in the Loan Agreement.Warrant to Confess. Borrower authorizes any attorney at law to appear for it in any action on the Cognovit Promissory Note dated _________________, 20____, as amended herein, at any time after it becomes due. Borrower’s authorization to appear for it applies to any court of record in or of the State of Ohio, or elsewhere. Borrower specifically authorizes any attorney acting for it to waive the issuing and service of process, confess a judgment against it in favor of the holder of that Note for the amount that may then be due plus any applicable interest, late charges, and litigation costs, and waive and release all errors in those proceedings and the right to appeal from the judgment rendered. Borrower waives any right to move any court for an order having any attorney or firm representing Lender removed or disqualified as counsel for Lender as a result of that attorney or firm representing Lender confessing judgment against Borrower under this paragraph. Borrower expressly waives any conflicts of interest that may now or subsequently exist as a result of any attorney representing Lender confessing judgment against Borrower and expressly consents to any attorney, including an attorney representing Lender, to confess judgment against Borrower as permitted and authorized in this paragraph. Finally, Borrower consents and agrees that Lender may pay any attorney confessing judgment against Borrower a reasonable fee for confessing judgment and that any fees paid to confess judgement under this paragraph may be included in any judgment against Borrower.This Amendment may be executed in any number of counterparts, electronic or otherwise, each of are considered to be an original and all of which constitute one and the same instrument.Except as modified herein, all terms, conditions, and covenants set forth in the Loan Agreement remain in full force and effect.BORROWER ACKNOWLEDGES THAT, AS TO ANY AND ALL DISPUTES THAT MAY ARISE WITH RESPECT TO THE COVENANTS AND CONDITIONS OF THE COGNVIT PROMISSORY NOTE DATED _______________________, 20____, OR THIS AMENDMENT, THE COMMERCIAL NATURE OF THE INDEBTEDNESS CREATED BY THAT NOTE AND THIS AMENDMENT MAKE ANY DISPUTE ARISING FROM IT UNSUITABLE FOR TRIAL BY JURY. ACCORDINGLY, BORROWER WAIVES ANY RIGHT TO TRIAL BY JURY AS TO ANY AND ALL DISPUTES THAT MAY ARISE FROM OR RELATE TO THAT NOTE OR THIS AMENDMENT, THE INDEBTEDNESS EVIDENCED BY THEM, OR ANY OF THE OTHER INSTRUMENTS OR DOCUMENTS EXECUTED IN CONNECTION WITH THAT NOTE OR THIS AMENDNENT.[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK][SIGNATURES ON FOLLOWING PAGE]IN WITNESS WHEREOF, the parties hereto have knowingly, voluntarily, and of their own free will executed this Amendment to Loan Agreement effective as of the day and year first set forth above.WARNING - BY SIGNING THIS PAPER YOU GIVE UP YOUR RIGHT TO NOTICE AND COURT TRIAL. IF YOU DO NOT PAY ON TIME, A COURT JUDGMENT MAY BE TAKEN AGAINST YOU WITHOUT YOUR PRIOR KNOWLEDGE AND THE POWERS OF A COURT CAN BE USED TO COLLECT FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST THE LENDER WHETHER FOR RETURNED GOODS, FAULTY GOODS, FAILURE ON HIS PART TO COMPLY WITH THE AGREEMENT OR ANY OTHER CAUSE.BORROWER:_______________________By: ____________________________Title: __________________________Date: __________________________LENDER:Ohio Housing Finance AgencyBy:_____________________________Title:_____________________________Date:_____________________________ ................
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