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or 4< r. " 2011023351 01/18/2011 11:36 RIM e ! r . OFFICIRL RECORDS OF ALAIIEDA COUNTY PATRICK O'CONNELL Recording Requested by d, to: '4< „ RECORDING FEE: 0.00 and when Recorded, return 35 St n4 e a C II I I I II I III II I I II City of Ef San ° L eandro Agency of the %-\ PGS San Leandro, CA 94577 ,A_ C-12 Attn: Executive Director FFY/r EXEMPT FROM RECORDING FEES PER I' GOVERNMENT CODE § §61O3, 27383 1 (SPACE ABOVE THIS LINE RESERVED FOR RECORDER'S USE) MEMORANDUM OF OWNER PARTICIPATION AND LOAN AGREEMENT This Memorandum of Owner Participation and Loan Agreement (this "Memorandum ") dated as of r„e ; fe , 2010, is entered into by and between the Redevelopment Agency of the City of San Leandro, a public agency ( "Agency "), and Victor Siu ( "Owner "). Agency and Owner are hereinafter collectively referred to as the "Parties." 1. Consistent with California Community Redevelopment Law (Health & Safety Code Section 33000 et seq.) and the Redevelopment Plan for the Plaza Project Area ( "Project Area "), the Parties have entered into that certain Owner Participation and Loan Agreement dated as of the date hereof (the "OPA "), pursuant to which Owner has agreed to undertake certain improvements to the real property (the "Property") located within the Project Area and more particularly described in Exhibit A attached hereto and incorporated herein by this reference. 2. Among other conditions, the OPA provides that (i) except as permitted by the OPA, Owner shall not voluntarily or involuntarily make or attempt any total or partial sale, transfer, conveyance, assignment or lease of the whole or any part of the Property or the improvements located thereon without the prior written approval of the Agency; and (ii) any transferee of all or part of the Property shall be subject to and shall expressly assume all of the covenants, obligations and restrictions of the OPA which pertain to the portion of the Property transferred, including without limitation, the maintenance obligations and use restrictions set forth in the OPA. 3. The Parties have executed and recorded this instrument to give notice of the OPA and the Regulatory Agreement, and the respective rights of the Parties thereunder. Copies of the unrecorded OPA are available at the offices of the Agency, 835 East 14 Street, San Leandro, California, and such document is incorporated by reference in its entirety in this Memorandum. In the event of any inconsistency between this Memorandum and the OPA, the OPA shall control. 5. This Memorandum shall be interpreted and enforced in accordance with California law without regard to principles of conflict of laws. 1172237 -2