8B Consent 2010 1115 - Laserfiche WebLink

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This Amended and Restated Affordable Housing Regulatory Agreement and Declaration of Restrictive Covenants (this "Agreement ") is entered into effective as of , 2010 ( "Effective Date ") by and among the Redevelopment Agency of the City of San Leandro, a public body, corporate and politic (the "Agency ") and Eden Lodge, L.P., a California limited partnership ( "Owner "). Agency and Owner are hereinafter collectively referred to as the "Parties." RECITALS WHEREAS, Owner intends to purchase that certain real property located at 400 Springlake Drive Street in the City of San Leandro, California and more particularly described in Exhibit A attached hereto (the "Property ") from Eden Lodge. a California, non - profit corporation ( "Eden Lodge "). WHEREAS, the Property is improved with a 143 -unit rental housing development for very low- income senior households (the "Project ") constructed and operated in accordance with that certain Affordable Housing and Grant Agreement (the "Grant Agreement ") dated as of April 7, 2003 and executed by and between Agency and Eden Lodge and that certain Agency Regulatory Agreement ( "2003 Regulatory Agreement ") dated as of April 7, 2003 and executed by and between Agency and Eden Lodge. WHEREAS, Section 6 of the 2003 Regulatory Agreement requires that Eden Lodge obtain the Agency's prior written approval prior to transferring the Property and that the transferee agree to carry out Eden Lodge's obligations and covenants under the 2003 Regulatory Agreement. WHEREAS, by execution of this Agreement, the Agency approves the transfer of the Property and Project from Eden Lodge to Owner in accordance with Section 6 of the 2003 Regulatory Agreement. WHEREAS, the Parties desire to amend and restate the 2003 Regulatory Agreement as set forth herein. WHEREAS, 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 Parties intend the covenants set forth in this Agreement to run with the land and to be binding upon Owner and Owner's successors and assigns for the full term of this Agreement. NOW THEREFORE, in consideration of the foregoing, and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows. 0.1 Incorporation of Recitals; Approval of Transfer. The Parties acknowledge the truth of the foregoing recitals which are by this reference incorporated herein. The Agency affirms its 1538954.2 2