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RECORDED AT THE <br /> REQUEST OF AND WHEN <br /> RECORDED RETURN TO: <br /> Redevelopment Agency of the <br /> City of San Leandro <br /> 835 E. 14 Street <br /> San Leandro, California 94577 <br /> (SPACE ABOVE THIS LINE RESERVED FOR RECORDER'S USE) <br /> (EXEMPT FROM RECORDING FEE PER GOV. CODE §6103) <br /> SECOND AMENDMENT TO REGULATORY AGREEMENT <br /> This Second Amendment to Regulatory Agreement (this "Second Amendment ") dated <br /> as of , 2011 (the "Effective Date ") by and between the City of San Leandro, a <br /> municipal corporation ( "City ") and Las Palmas Development Partners, a California limited <br /> partnership ( "Las Palmas "). The City and Las Palmas are hereinafter collectively referred to as <br /> the "Parties." Capitalized terms used without definition herein shall have the meanings ascribed <br /> to such terms in the Regulatory Agreement (defined below). <br /> RECITALS <br /> WHEREAS, the City and Las Palmas entered into that certain Regulatory Agreement <br /> dated December 6, 1999, as subsequently amended by Amendment No. 1 to the Regulatory <br /> Agreement Between City of San Leandro and Las Palmas Development Partners, L.P. dated <br /> November 17, 2003 (collectively "Regulatory Agreement ") concerning the real property <br /> located at 15370 — 15375 Tropic Court ( "Property "). <br /> WHEREAS, the Regulatory Agreement restricts 49% of the residential units on the <br /> Property for occupancy at rents affordable to households of low- and very low- income; <br /> WHEREAS, the current term of the Regulatory Agreement is fifteen years from the Date <br /> of Initial Occupancy; <br /> WHEREAS, Las Palmas has requested City approval for (i) the assignment of the <br /> general partner interest in Las Palmas to Eden Las Palmas LLC, a California limited liability <br /> company, and (ii) the assignment of the limited partners' interests in Las Palmas to Baywood <br /> Apartments, Inc., a California nonprofit public benefit corporation; <br /> WHEREAS, Las Palmas has also requested a loan from the Redevelopment Agency of <br /> the City of San Leandro ( "Agency ") in the amount of Fifty Thousand Dollars ($50,000) (the <br /> "Agency Loan") to defray certain costs related to the management and operation of the <br /> apartment complex and the transfer of the interests described above: <br /> WHEREAS, in connection with Las Palmas's request for approval for assignment and <br /> - 1 - <br />