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1~ RECORDING REQUESTED B1F. NORTH AMERICAN TITLE COMPANY Recording Requested by and when Recorded, return to: Redevelopment Agency of the City of San Leandro 835 East 14'~ Street San Leandro, CA 94577 Attn: Executive Director EXEMPT FROM RECORDING FEES PER GOVERNMENT CODE §§6103, 27383 t~ ~~ A~4 2007334383 09/1812007 08 ; 30 RBI OFFICIAL RECORDS OF ALAMEDA COUNTY PATRICK O'CONNELL C'~4Fdp"`* RECORDING FEE : 0 .00 i 9 PGS ~ ~` (SPACE ABOVE THIS LINE RESERVED FOR RECORDER'S USE) MEMORANDUM OF OWNER PARTICIPATION AND LOAN AGREEMENT This Memorandum of Owner Participation and Loan Agreement (this "Memorandum") dated as of ~~ , 2007, is entered into by and between the Redevelopment Agency of the City of San Leandro, a public agency ("Agency"), the City of San Leandro (the "City") and Estabrook Senior Housing, L.P., a California limited partnership ("Developer"). Agency, City, and Developer are hereinafter collectively referred to as the "Parties." 1. Consistent with California Community Redevelopment Law (Health & Safety Code Section 33000 et seq.) and the Redevelopment Plan for the Alameda County-City of San Leandro (Joint) Redevelopment Project Area ("Project Area"), the Parties have entered into that certain Owner Participation and Loan Agreement dated as of the date hereof (the "OPA"), pursuant to which Developer has agreed to develop certain real property (the "Property") located within the Project Area and more particularly described in Exhibit A attached hereto and incorporated herein by this reference. 2. Among other conditions, the OPA provides that Developer shall construct a 51-unit senior rental housing project on the Property which shall include 50 units that Developer shall rent to eligible senior households of very low-income pursuant to the terms of the OPA and a Regulatory Agreement and Declaration of Restrictive Covenants executed by the Parties ("Regulatory Agreement") which shall be recorded in Official Records of Alameda County substantially concurrently herewith. 3. The OPA further provides that (i) except as permitted by the OPA, Developer shall not voluntarily or involuntarily make or attempt any total or partial sale, transfer, conveyance, assignment or lease of the whole or any part of the Property or the improvements located thereon without the prior written approval of the Agency; and (ii) any transferee of all or part of the Property shall be subject to and shall expressly assume all of the covenants, obligations and restrictions of the OPA which pertain to the portion of the Property transferred, including without limitation, the provisions of the Regulatory Agreement. 4. The Parties have executed and recorded this instrument to give notice of the OPA and the Regulatory Agreement, and the respective rights of the Parties thereunder. Copies of the unrecorded OPA are available at the offices of the Agency, 835 East 14th Street, San Leandro, California, and such document is incorporated by reference in its entirety in this 956225-3