Agmt 2006 Allied Housing Program etc

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THIS OWNER PAR TICIP A TION AGREEMENT (this "Agreement") is entered into effective as of M~ 3 , 2006 ("Effective Date") by and between the Redevelopment Agency of the City of San Leandro, a public agency ("Agency") and Alameda County Allied Housing Program, a California non-profit public benefit corporation ("Owner"). Agency and Owner are hereinafter collectively referred to as the "Parties." RECITALS A. Pursuant to authority granted under Community Redevelopment Law (California Health and Safety Code Section 33000 et seq.) ("CRL"), the Agency has responsibility to implement the redevelopment plan ("Redevelopment Plan") adopted by the City Council of the City of San Leandro, California ("City") for the Alameda County-City of San Leandro (Joint) Redevelopment Project Area ("Project Area"). B. Owner is the owner of or has the contractual right to purchase the real property located in the Project Area at 112 Garcia Avenue, San Leandro, California and more particularly described in Exhibit A attached hereto ("Property"). Owner intends to own and operate the existing twenty-five (25) unit multi-family housing and commercial development ("Improvements") as an affordable housing project for very low- and extremely low-income households as more particularly described herein and in accordance with a Regulatory Agreement and Declaration of Restrictive Covenants by and among the Owner, the Agency and the City to be recorded against the Property substantially in the tann attached hereto as Exhibit D ("Regulatory Agreement"). The Property and the Improvements are collectively referred to herein as the "Project." C. The purpose of this Agreement is to effectuate the Redevelopment Plan by providing for the regulation of rents and the provision of assistance necessary to make the Project more affordable as more particularly set forth herein. The Agency has determined that regulation of the Property and the Project pursuant to this Agreement is consistent with the Redevelopment Plan and the Implementation Plan for the Project Area, will be of benefit to the Project Area, and will further the goals of the Redevelopment Plan by alleviating blight and providing affordable housing in the Project Area. NOW, THEREFORE, in consideration of the mutual covenants contained herein and good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows. ARTICLE I DEFINITIONS 1. Definitions. The following terms shall have the meanings set forth in the Sections referenced below whenever used in this Agreement and the Exhibits attached hereto. Additional terms are defined in the Recitals and text of this Agreement. 818642.1 3