RDA Agmt 2009 Munteanu_Gavril etc

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u OWNER PARTICIPATION AND LOAN AGREEMENT This Owner Participation and Loan Agreement (this "Agreement") is entered into effective as of ~,,~ ,; , 2009 (the "Effective Date") by and between Gavril and Lavina Munteanu (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 1404 Washington Ave in the City of San Leandro, known as Alameda County Assessor's Parcel No. 077 0545 013 04 and more particularly described and depicted in Exhibit A, attached hereto and incorporated herein by reference. B. The Property is located within the Plaza 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. 1295 N.S. on December 28, 1960 99-025 (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 installing water service essential to repositioning 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 Property and the improvements located thereon (the "Improvements"), and a Memorandum of this Agreement (the "Memorandum") which shall be recorded in the Official Records of Alameda County. This Agreement, the Note, the Deed of Trust, and the Memorandum are collectively hereinafter referred to as the "Loan Documents." NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows. 1172237-2