Inst 2009238643 - Laserfiche WebLink

Home

($1,100,000.67) ("City Loan") in order to provide partial financing for the acquisition of the Project. The City Loan is evidenced by a Secured Promissory Note ("City Note") executed by Owner and dated as Apri126, 2006, and is secured by a Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing ("City Deed of Trust"), dated as of Apri126, 2006, executed by Owner for the benefit of City, and recorded on May 5, 2006 in the Official Records as Instrument No. 2006181158. G. City is a participating jurisdiction in the Alameda County HOME Consortium and is a recipient of funds pursuant to the HOME Investment Partnership Act ("HOME"), established by the National Affordable Housing Act of 1990 (42 USCA § 12471, et seq.) that are subject to certain restrictions established by the United States Department of Housing and Urban Development under 24 CFR 92 ("HOME Restrictions"). The City Loan includes an amount equal to One Hundred Fifty-Eight Thousand Two Hundred Sixty Dollars ($158,260.00) of HOME funding. H. Pursuant to that certain McKinney Act Refunding Agreement dated as of March 30, 2001 and executed by and between City and the United States Department of Housing and Urban Development (the "Refunding Agreement"), City is the recipient of certain funds derived from the refinancing of a project originally assisted with funds from the McKinney-Vento Homeless Assistance Act (42 USCA § 11301 et seq.) (the "McKinney Bond Refund Proceeds"). The Refunding Agreement establishes certain requirements for income level and duration of affordability for residential units assisted with McKinney Bond Refund Proceeds (the "McKinney Restrictions"). The City Loan includes an amount equal to Nine Hundred Foriy- One Thousand Seven Hundred Forty Dollars and Sixty-Seven Cents ($941,740.67) of McKinney Bond Refund Proceeds. I. As a condition to its agreement to provide the City Loan and the Agency Loan to Owner, City and Agency each require the Project to be subject to the HOME Restrictions, the McKinney Restrictions, the requirements of California Community Redevelopment Law (California Health and Safety Code § 33300 et seq.) and the other conditions, restrictions, reservations and rights of the City and the Agency set forth herein. J. Owner has requested City, and City has agreed, to provide Owner with an additional loan in the amount of Four Hundred Thousand Dollars ($400,000.00) of HOME funding for the Project. The Parties shall amend the City Loan Agreement, and Owner shall execute a new secured promissory note ("Additional City Note") concurrently herewith to reflect the additional HOME funding from the City. K. 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 residential units for the benefit of the Project occupants. The covenants in this Agreement are intended to run with the land and be binding on Owner and Owner's successors and assigns for the full term of this Agreement. AMENDED AND RESTATED REGULATORY AGREEMENT MISSION BELL APARTMENTS 1227466-8