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This Amended and Restated Affordable Housing Regulatory Agreement and Declaration of Restrictive Covenants ("Agreement") is entered into effective as of June 16, 2009 ("Effective Date") by and between the City of San Leandro, a public body, corporate and politic ("City"), the Redevelopment Agency of the City of San Leandro, a public body, corporate and politic ("Agency") and Alameda County Allied Housing Program, a California non-profit benefit corporation ("Owner"). City, Agency and Owner are hereinafter collectively referred to as the "Parties." RECITALS A. The Parties desire to amend and restate that certain Affordable Housing Regulatory Agreement and Declaration of Restrictive Covenants ("Original Regulatory Agreement") entered into effective as of May 3, 2006 and recorded in the Official Records of Alameda County ("Official Records"), on May 5, 2006 as Instrument No. 2006181157, as set forth herein. B. Owner is the owner of the real property located at 112 Garcia Avenue in the City of San Leandro, California and more particularly described in Exhibit A attached hereto ("Property"). C. Owner intends to rehabilitate, own and operate the existing twenty-five (25) unit multi-family housing and commercial development as an affordable housing project for low-, very low- ,and extremely low-income households ("Project") in accordance with that certain Owner Participation Agreement ("OPA") dated as of May 3, 2006, executed by and between Owner and Agency. D. The OPA provides that all 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. E. Pursuant to a Loan Agreement dated as of May 3, 2006, and executed by and between Owner and Agency ("Agency Loan Agreement"), Agency agreed to provide to Owner a loan in the amount of Five Hundred Thirty-Eight Thousand Sixty-Seven Dollars ($538,067) ("Agency Loan") in order to provide partial financing for the acquisition of the Project. The Agency Loan is evidenced by a Secured Promissory Note ("Agency Note") executed by Owner and dated as of Apri126, 2006, and is secured by a Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing ("Agency Deed of Trust"), dated as of Apri126, 2006, executed by Owner for the benefit of Agency, and recorded in the Official Records on May 5, 2006 as Instrument No. 20061$1159. The Agency Deed of Trust was recorded concurrently with the Original Regulatory Agreement. Agency agreed to use funds from its Low and Moderate Income Set-Aside Fund established pursuant to Health and Safety Code § 33334.2 to fund the Agency Loan. F. Pursuant to a Loan Agreement dated as of May 3, 2006, and executed by and between Owner and City ("City Loan Agreement"), City agreed to provide to Owner a loan in the amount of One Million One Hundred Thousand Dollars and Sixty-Seven Cents AMENDED AND RESTATED REGULATORY AGREEMENT 2 MISSION BELL APARTMENTS 1227x66-8