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This Affordable Housing Regulatory Agreement and Declaration of Restrictive Covenants ("Agreement") is entered into effective as of _M.a.,! 3 ,2006 ("Effective Date") by and between the City of San Leandro, a public body, corporate and politic ("City"), the Redevelopment Agency of the City of San Leandro, a public body, corporate and politic ("Agency") and Alameda County Allied Housing Program, a California non-profit benefit corporation ("Owner"). City, Agency and Owner are hereinafter collectively referred to as the "Parties. " RECITALS A. Owner has purchased or shall purchase the real property located at 112 Garcia Avenue in the City of San Leandro, California and more particularly described in Exhibit A attached hereto ("Property"). B. Owner intends to rehabilitate, own and operate the existing twenty-five (25) unit multi-family housing and commercial development as an affordable housing project for very low-income and extremely low-income households ("Project") in accordance with that certain Owner Participation Agreement ("OPA") dated as of the Effective Date, executed by and between Owner and Agency. C. The OP A provides that all ofthe residential units in the Project shall be affordable to and occupied by or available for occupancy by very low- and extremely low-income households for a period ofuot less than 55 years, subject to the Four Year Transition Period (as defined herein.) D. Pursuant to a Loan Agreement dated as of the Effective Date and executed by and between Owner and Agency ("Agency Loan Agreement"), Agency has agreed to provide to Owner a loan in the amount of FIVE HUNDRED THIRTY-EIGHT THOUSAND SIXTY~ SEVEN DOLLARS AND NO CENTS ($538,067) ("Agency Loan") in order to provide partial financing for the acquisition of the Project. The Loan is evidenced by a Secured Promissory Note ("Agency Note") executed by Owner and dated as of the Effective Date, and is secured by a Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing ("Agency Deed of Trust"), dated as of the Effective Date and executed by Owner for the benefit of Agency. The Deed of Trust shall be recorded concurrently herewith. Agency will use funds from its Low and Moderate Income Set-Aside Fund established pursuant to Health and Safety Code S 33334.2 to fund the Agency Loan. E. Pursuant to a Loan Agreement dated as of the Effective Date and executed by and between Owner and City ("City Loan Agreement"), Agency has agreed to provide to Owner a loan in the amount of ONE MILLION ONE HUNDRED THOUSAND DOLLARS AND SIXTY-SEVEN CENTS ($1,100,000.67) ("City Loan") in order to provide partial financing for the acquisition of the Project. The Loan is evidenced by a Secured Promissory Note ("City Note") executed by Owner and dated as of the Effective Date, and is secured by a Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing ("City Deed of Trust"), dated as of the Effective Date and executed by Owner for the benefit of City. The City Deed of Trust shall be recorded concurrently with the loan disbursement. 817718-5 2