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<br />affordable levels for a period of 55 years; and Developer and City Staff have negotiated the <br />terms and conditions of a Secured Promissory Note (the "Note") which provides for repayment <br />of the City Loan on a residual receipts basis, and a Deed of Trust, Assignment of Rents, Security <br />Agreement and Fixture Filing (the "Deed of Trust") pursuant to which the City will be provided <br />a security interest in the Property and the Project to secure repayment of the City Loan and <br />compliance with the Regulatory Agreement; and <br /> <br />WHEREAS, if the Project receives financing from the U.S. Department of Housing and <br />Urban Development ("HUD"), HUD will require the City to subordinate certain provisions of <br />the OP A, the Regulatory Agreement, the Note and the Deed of Trust pursuant to a document <br />substantially in the form of the Rider provided for City Council review and on file with the City <br />Clerk (the "Rider"). <br /> <br />NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of San <br />Leandro hereby: <br /> <br />1. Finds that the Project is exempt from CEQA pursuant to CEQA Guidelines Section <br />15332. <br /> <br />2. Finds that the development of the Property and construction of the Project in accordance <br />with the OP A will assist in the elimination of blight in the Project Area, will facilitate the <br />development of housing for very low-income seniors, will further the goals of the <br />Redevelopment Plan, and will be consistent with the implementation plan adopted in connection <br />therewith. <br /> <br />3. Approves the OP A, authorizes the City Manager or his designee to execute and deliver <br />the OP A substantially in the form on file with the City Clerk, and authorizes the recordation of a <br />Memorandum of the OP A in the Official Records of Alameda County. <br /> <br />4. Approves the provision of the City Loan pursuant to the terms and conditions set forth in <br />the OPA. <br /> <br />5. Approves the Note, the Deed of Trust and the Regulatory Agreement, and authorizes the <br />City Manager or his designee to execute and deliver each such document to which the City is a <br />party substantially in the form on file with the City Clerk. <br /> <br />6. Authorizes the City Manager to execute and deliver such other instruments and to take <br />such other actions as necessary to carry out the intent of this Resolution, including without <br />limitation, the execution, delivery and recordation of the Rider if and in the form required by <br />HUD. <br /> <br />983584-2 <br /> <br />2 <br />