RDA Agmt 2009 Scribner Family Partnership Ltd

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OWNER PARTICIPATION AND LOAN AGREEMENT (Commercial Rehabilitation Loan Program) This Owner Participation and Loan Agreement (this "Agreement") is entered into effective as of M~Trrk~ '2 , 2009 (the "Effective Date") by and between Scribner Family Partnership, Ltd. a California Limited Partnership (the "Owner") and the Redevelopment Agency of the City of San Leandro, a public body corporate and politic (the "Agency"). Agency and Owner are hereinafter collectively referred to as the "Parties." RECITALS A. Owner is the owner of fee title to the property located at 101-159 Parrott Street and 1600-1660 Washington Avenue in the City of San Leandro, known as Alameda County Assessor's Parcel No. 077-0545-040-1, 077-0545-039 and 077-0545-060 and more particularly described and depicted in Exhibit A, attached hereto and incorporated herein by reference. B. The Property is located within the Alameda County -City of San Leandro (Joint) Redevelopment Project Area (the "Project Area") established pursuant to the redevelopment plan approved and adopted for the Project Area by the City Council of the City of San Leandro by Ordinance No. 93-012 (as subsequently amended, the "Redevelopment Plan"). C. The Agency operates a Commercial Rehabilitation Loan Program (the "Program") pursuant to which the Agency provides loans for the rehabilitation of buildings located in the Project Area. D. Owner has requested, and Agency has agreed to provide a loan (the "Loan") pursuant to the terms and conditions set forth herein for the purpose of: (i) improving the Englander (101 Parrott Street) outdoor dining area; (ii) reconfiguring the Englander parking lot; and (iii) enhancing the entry and facade of the Englander Expansion (125 Parrott Street) of the building owned by Owner and located on the Property, all in accordance with Exhibit B attached hereto (the "Project"). E. The Agency has determined that (i) the Property and the Project meet the Program eligibility requirements, (ii) provision a loan for the Project pursuant to the terms of this Agreement is consistent with the Redevelopment Plan and the implementation plan adopted in connection therewith, and is in the interests of the health, safety and welfare of the residents of the Project Area and the City of San Leandro ("City"), and (iii) the Loan is necessary to make the Project economically feasible. F. Concurrently herewith Owner shall execute a promissory note (the "Note") in the amount of the Loan, a Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing ("Deed of Trust") which shall provide Agency with a security interest in the i 1 ~z39s-z 3 Commercial Rehabilitation Loan Program Owner Participation and Loan Agreement Form: 12-3-08