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<br />Loan Forgiveness Agreement <br /> <br />This Loan Forgiveness Agreement (the "Agreement") is entered into on this ,,qth day of <br />June ,2006 by and between the City of San Leandro, a municipal corporation (the "City"), <br />and Girls Incorporated of Alameda County, a California non-profit corporation (the "Recipient"). The City <br />and the Recipient may be referred to collectively as the "Parties". <br /> <br />RECITALS <br /> <br />WHEREAS, the Recipient is a California non-profit organization and owns that certain real property <br />located at 13666 East 14th Street and described as Assessor's Parcel Number 077Ew 1525w005w02(the <br />"Property"); and <br /> <br />WHEREAS, on or about October 1991, the Recipient applied for a Community Development Block <br />Grant ("CDBG") in the amount of $200,000 (the "Loan") from the City in order to carry out certain <br />improvements on the Property; <br /> <br />WHEREAS, on April 14, 1992 the City approved the Recipient's request for $200,000 of CDBG <br />funds to be provided as a fully repayable equity loan to be repaid at the time of sale or the discontinuance <br />of programs to benefit lowwand moderate-income households; and <br /> <br />WHEREAS, the Loan is evidenced by a promissory note and is secured by a deed of trust on the <br />Property; and <br /> <br />WHEREAS, the Redevelopment Agency of the City of San Leandro owns that certain real property, <br />adjacent to the Property, described as Assessor's Parcel Number 077Ew 1525-003-04 (the "Agency Parcel"); <br />and <br /> <br />WHEREAS, the City desires to adjust the lot line between the lot line between the Property and the <br />Agency Parcel; and <br /> <br />WHEREAS, the City desires to forgive the Loan in exchange for the Recipient executing a lot line <br />adjustment between the Property and the Agency Parcel. <br /> <br />NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are <br />hereby acknowledged, the Parties do hereby agree as follows: <br /> <br />1. Execution of Lot Line Adiustment. The Recipient hereby agrees to execute lot line <br />adjustment whereby the lot line between the Property and the Agency Parcel is to be adjusted to create <br />new parcels described in Exhibits A and B attached hereto and incorporated herein by this reference. <br /> <br />2. Loan. Upon the Recipient's execution of the lot line adjustment, the City hereby agrees to <br />forgive the Loan and reconvey the Property to the Recipient. <br /> <br />829148-2 <br />