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'This Affordable I-lousing Regulatory Agreement and Declaration of Restrictive Covenants (this "Agreement") is entered into effective as of February 1, 2007 ("Effecfive Date") by and between the Redevelopment Agency of the City of San Leandro, a public bady, corporate and politic (the "Agency") and Mercy Housing California XXX1II, a California Limited Partnership (`'Developer"). Agency and Developer are hereinafter collectively referred to as the "Parties," RECITALS A. Developer and Agency have executed a ground lease dated as of February ], 2007 (the "Ground Lease") pursuant to which Developer shall lease from the Agency the real property and improvements located at 2398 East ] 4th Street in the City of San Leandro, California and more particularly described in Exhibit A attached hereto (the "Property"). A memorandum of the Ground Lease shall be recorded in the Official Records of Alameda County substantially concurrently herewith. B. Developer intends to renovate and operate on the Property a 68-unit multi-family housing development for very low-income and extremely low-income households (the "Project") in accordance with the Ground Lease and that certain Disposition and Development Agreement (the "DDA") dated as of June l 9, 2006 and executed by and between Developer and Agency. C. The DDA and the Ground Lease provide that no fewer than 67 of the residential units in the Project shall be affordable to and occupied by or available for occupancy by very low- and extremely low-income households for a period of not less than 55 years. D. Pursuant to a Loan Agreement dated as of February 1, 2007 and executed by and between Developer and Agency (the "Loan Agreement"), Agency has agreed to provide to Developer a loan in the amount of up to Eight Hundred Eighty Four Thousand Dollars ($8$4,000) (the "Loan") in order to provide partial financing for the renovation of the Project. The Loan is evidenced by a Secured Promissory Note (the "Note") executed by Developer and dated as of February ] , 2007, and is secured by a Leasehold Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing ("Deed of Trust"), dated as of February 1, 2007 and executed by Developer for the benefit of Agency. The Deed of Trust shall be recorded concurrently herewith. The Loan Agreement, the Note, the Ground Lease, the DDA and this Agreement are collectively referred to herein as the "Agency Documents." E. As a condition to its agreement to lease the Property and provide the Loan to Developer, Agency requires the Properly to be subject to the conditions, restrictions, reservations and rights of the Agency set forth herein. F. The Parties have agreed to enter into and record this Agreement in order to satisfy the conditions described in the foregoing Recitals. The purpose of this Agreement is to regulate and restrict the occupancy and rents of the Project's Restricted Units for the benefit of the Project occupants. The covenants in this Agreement are intended to run with the land and be binding on Developer and Developer's successors and assigns for the full term ofthis Agreement. 80E740-E 2