Agmt 2009 Alameda Housing Associates LP

Home

in accordance with such provisions and within such time periods, subject to the terms and conditions set forfh herein. F. In connection with this Agreement: (i) Developer shall execute such documentation as Agency shall reasonably require in connection with Project predevelopment financing, including without limitation a promissory note ("Predevelopment Note") and an assignment of plans, specifications and contracts ("Assignment Agreement''); and (ii) upon Developer's acquisition of a leasehold interest in the Property, Developer shall execute (a) a secured promissory note (the "Note'') which shall replace the Predevelopment Note and shall be in the amount of the additional funds to be advanced for the construction/permanentIoan together with the balance outstanding under the Predevelopment Note, (b) a Leasehold Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing ("Deed of Trust") which shall provide Agency with a security interest in the Project and Developer's leasehold interest in the Property, and (c) an Affordable Housing Regulatory Agreement and Declaration of Restrictive Covenants ("Regulatory AgreemenY') which shall require Project rents to be affordable to low-, very low-, and moderate-income households for a term of not less than fifty- five (55) years. The Deed of Trust and the Regulatory Agreement shall be recorded against the Property and the Project. This Agreement, the Predevelopment Note, the Assignment Agreement, the Note> the Deed of Trust, and the Regulatory Agreement are collectively hereinafter referred to as the "Agency Documents-" G The City, acting as the lead agency, reviewed and approved a mitigated negative declaration for the Project on March 2, 2009. On March 2, 2009; the City approved the Project Vesting Tentative Map and adopted a related Mitigation Monitoring Program. Prior to taking action on this Agreement, the Agency considered the approved mitigated negative declaration for the Project as required by Section 15096 of Title 14 of the California Code of Regulations. Tn addition, the Project was considered in connection with the Final Environmental Impact Reporf for the Downtown San Leandro Transit-Oriented Development Strategy certified by the City Council pursuant to Resolution 2b07-1 ] ] adopted on September 4, 2007. NOW, THEREFORE, in consideration of the mutual covenants contained herein and good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows. ARTICLE I DEFINITIONS ] . Definitions. The following terms shall have the meanings set forth in the Sections referenced below whenever used in this Agreement and the Exhibits attached hereto. Additional terms are defined in the Recitals and text of this Agreement. ] _1 "Agency Documents" is defined in Recital F. 1.2 "Assignment Agreement" is defined in Recital F. l .3 "Certificate of Completion" is defined in Section 3.15. ri~s9s~-a 4