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Inst 2007334384
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Inst 2007334384
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Last modified
5/13/2010 12:39:50 PM
Creation date
10/15/2007 3:10:57 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agreement
Document Date (6)
10/9/2007
Recorded Document Type
Regulatory Agreement
Retention
PERM
Document Relationships
Agmt 2007 Estabrook Senior Housing LP etc
(Reference)
Path:
\City Clerk\City Council\Agreements\2007
Inst 2009067181
(Amended by)
Path:
\City Clerk\City Council\Recorded Documents\2009
Inst 2009195594
(Amended by)
Path:
\City Clerk\City Council\Recorded Documents\2009
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This Affordable Housing Regulatory Agreement and Declaration of Restrictive <br />Covenants (this "Agreement"} is entered into effective as of ~te~r 10 , 2007 <br />("Effective Date"} by and among the Redevelopment Agency of the City of San <br />Leandro, a public agency (the "Agency"), the City of San Leandro, a municipal <br />corporation (the "City"} and Estabrook Senior Housing, L.P., a California limited <br />partnership ("Owner"). Agency, City and Owner are hereinafter collectively referred to <br />as the "Parties." <br />RECITALS <br />A. Owner has purchased or has the contractual right to purchase certain real <br />property located at 2103-2179 East 14th Street in the City of San Leandro, California <br />and more particularly described in Exhibit A attached hereto (the "Property"). <br />B. Owner intends to construct, own and operate on the Property a 51-unit <br />rental housing development for very low-income senior households (the "Project") in <br />accordance with that certain Owner Participation and Loan Agreement (the "OPA") <br />dated as of the date hereof and executed by and between Owner, City and Agency, a <br />memorandum of which shall be recorded substantially concurrently herewith in the <br />Official Records of Alameda County ("Official Records"). <br />C. The OPA provides that no fewer than 5v of the residential units in the <br />Project shall be affordable to and occupied by or available for occupancy by very low- <br />income senior households for a period of not less than 55 years. <br />D. Pursuant to the OPA, Agency has agreed to provide to Owner a loan in <br />the amount of Two Million Seventy-Three Thousand Thirty-Four Dollars ($2,073,034) <br />("Agency Loan") in order to provide partial financing for the acquisition of the Property <br />and construction of the Project. The Agency Loan is evidenced by a Secured <br />Promissory Note ("Agency Note") executed by Owner and dated as of the date hereof, <br />and is secured by a Deed of Trust, Assignment of Rents, Security Agreement and <br />Fixture Filing ("Agency Deed of Trust") dated as of the date hereof and executed by <br />Owner for the benefit of Agency. The Agency Deed of Trust will be recorded in the <br />Official Records substantially concurrently herewith. <br />E. Pursuant to the OPA, City has agreed to provide to Owner a loan in the <br />amount of One Million Five Hundred Twenty-Six Thousand Nine Hundred Sixty-Six <br />Dollars ($1,526,966) ("City Loan") in order to provide partial financing for acquisition of <br />the Property and construction of the Project. The City Loan is evidenced by a Secured <br />Promissory Note ("City Note") executed by Owner and dated as of the date hereof, and <br />is secured by a Deed of Trust, Assignment of Rents, Security Agreement and Fixture <br />Filing ("City Deed of Trust") dated as of the date hereof and executed by Owner for the <br />benefit of City. The City Deed of Trust will be recorded in the Official Records <br />substantially concurrently herewith. <br />956619-4 <br />
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