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WHEREAS, Eden Lodge, L.P. has indicated that it has been unable to find <br /> alternate sources that would enable it to finance the Project without such subordination; <br /> and <br /> WHEREAS, Health and Safety Code Section 33334.14(a)(4) permits <br /> subordination of redevelopment agency affordability restrictions provided that: (i) the <br /> agency makes a finding that alternative financing is not reasonably available on <br /> economically feasible terms without subordination, and (ii) the agency obtains written <br /> commitments to protect its investment in the event of a default; and <br /> WHEREAS, the proposed Subordination Agreement provides the Agency with <br /> rights to receive notice and to cure defaults arising under the Senior Mortgage. <br /> NOW, THEREFORE, BE IT RESOLVED that the Redevelopment Agency of <br /> the City of San Leandro hereby: <br /> 1. Finds that without subordination of the Amended Regulatory Agreement an <br /> economically feasible alternative for financing the Project is not reasonably available and <br /> that the terms of the proposed Subordination Agreement provide the Agency with <br /> reasonable means of protecting the Agency's prior investment in the Project in the event <br /> of default. <br /> 2. Authorizes the Executive Director to execute and deliver such other instruments <br /> and to take such other actions as necessary to carry out the intent of this Resolution. <br /> Introduced by Agency Board Member Prola and passed and adopted by the Board <br /> of Directors of the Redevelopment Agency of the City of San Leandro at a meeting duly <br /> held on the 6th day of December, 2010, by the following vote: <br /> Members of the Agency Board of Directors: <br /> AYES: Members Gregory, Prola, Reed, Souza, Starosciak, Stephens; <br /> Chair Santos (7) <br /> NOES: None (0) <br /> ABSENT: None r (0) <br /> ATTEST: �/( aNitAx. � �1itD1� i <br /> Marian Handa, Agency Secretary <br /> 1557209.1 <br /> RESOLUTION NO. 2010 -013 RDA 2 <br />