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This Affordable Housing Regulatory Agreement and Declaration of Restrictive Covenants (this "Agreement ") is entered into effective as of February 7, 2011 ( "Effective Date ") by and between the Redevelopment Agency of the City of San Leandro, a public body, corporate, and politic ( "Agency ") and Las Palmas Development Partners a California limited partnership ( "Owner "). Agency and Owner are hereinafter collectively referred to as the "Parties." RECITALS • A. Owner is the owner of that certain real property located in the City of San Leandro ( "City ") at 15370 -15375 Tropic Court and more particularly described in Exhibit A attached hereto (the "Property "). B. Owner operates a multi - family residential project (the "Project ") on the Property in accordance with that certain Loan Agreement for the Use of HOME Funds executed by and between owner and City and dated as of December 6, 1999 and amended by that certain Amendment No. 1 to Loan Agreement dated as of November 17, 2003, and executed by Owner and City (as so amended, the "City Loan Agreement "). C. In connection with the City Loan Agreement, the City and Owner entered into that certain Regulatory Agreement dated December 6, 1999 ( "City Regulatory Agreement ") which restricts 45 units in the Project for occupancy by low- and moderate - income households. D. Borrower has requested and Agency has agreed to provide a loan to Borrower in the amount of Fifty Thousand Dollars ($50,000) (the "Loan ") pursuant to that certain unrecorded Affordable Housing Loan Agreement dated as of the date hereof and executed by and between the Parties (the "Agency Loan Agreement) to defray certain operational and management costs for the Project. E. The Loan is evidenced by a Secured Promissory Note (the "Note ") executed by Owner and dated as of the date hereof, and is secured by a Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing ( "Deed of Trust ") dated as of the date hereof and executed by Owner for the benefit of Agency. The Deed of Trust will be recorded in the Official Records substantially concurrently herewith. F. As a condition to its agreement to provide the Loan to Owner, Agency requires the Property to be subject to the terms, conditions and restrictions set forth herein. Community Redevelopment Law (California Health and Safety Code Section 33000, et seq. (the "CRL ")), requires the Agency to require residential rental units assisted with funds from the Agency's low- and moderate - income housing fund to remain affordable for the longest feasible time. In addition, to the extent permitted by the CRL, this Agreement is intended to enable the Agency to count the residential units in the Project toward satisfaction of the Agency's housing production obligation under CRL 1582117.4 2