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T <br /> a ' • �0 Or 4, <br /> ! • D <br /> ✓ • PATRICK <br /> 2011092526 03/28/2011 02:51 PM <br /> ' OFFICIAL O'CONNE RECORDS LL OF ALMEDA COUNTY <br /> °.,, RECORDING FEE: 0.00 <br /> RECORDING REQUESTED MAIL IL II I I 111 II I II I I I II I II I II 27 PGS <br /> AND WHEN RECORDED MAIL TO: <br /> Redevelopment Agency of the City of <br /> San Leandro <br /> 835 East 14 Street <br /> San Leandro, CA 94577 <br /> Attention: Executive Director <br /> EXEMPT FROM RECORDING FEES PER � <br /> GOVERNMENT CODE § §6103. 27383 <br /> Space above this line for Recorder's use. <br /> DEED OF TRUST, ASSIGNMENT OF RENTS, <br /> SECURITY AGREEMENT AND FIXTURE FILING <br /> THIS DEED OF TRUST, ASSIGNMENT OF RENTS, SECURITY AGREEMENT <br /> AND FIXTURE FILING ( "Deed of Trust ") is made as of February 7, 2011, by Las <br /> Palmas Development Partners a California limited partnership ( "Trustor ") to the City of <br /> San Leandro as trustee ( "Trustee "), for the benefit of the Redevelopment Agency of <br /> the City of San Leandro, a public body corporate and politic ( "Beneficiary "). <br /> RECITALS <br /> A. Trustor owns fee simple title to the property located in the City of San <br /> Leandro at 15370 -15375 Tropic Court and more particularly described in Exhibit A <br /> attached hereto and incorporated herein by this reference (the "Land "). The Land is <br /> located within the Joint Redevelopment Project Area (the "Project Area "). Trustor <br /> operates a multi - family residential project on the Property (the "Project "). <br /> B. Pursuant to that certain Affordable Housing Loan Agreement dated as of <br /> the date hereof and executed by and between Trustor and Beneficiary (the "Loan <br /> Agreement "), Beneficiary has provided a loan to Trustor in the amount of Fifty <br /> Thousand Dollars ($50,000) (the "Loan ") to assist in financing certain expenses <br /> incurred in connection with the management and operation of the Project. In <br /> consideration for the Loan, Trustor has executed an Affordable Housing Regulatory <br /> Agreement and Declaration of Restrictive Covenants (the "Regulatory Agreement ") <br /> pursuant to which five (5) units in the Project are restricted for occupancy at affordable <br /> rents to very low- income households for a term of fifty -five (55) years. The Regulatory <br /> Agreement will be recorded substantially concurrently herewith. Trustor has issued to <br /> Beneficiary a secured promissory note dated as of the date hereof (the "Note ") to <br /> evidence Trustor's obligation to repay the Loan. <br /> C. As a condition precedent to the making of the Loan, Beneficiary has <br /> required that Trustor enter into this Deed of Trust and grant to Trustee for the benefit of <br /> Beneficiary, a lien and security interest in the Property (defined below) to secure <br /> repayment of the Note and performance of Trustor's obligations under the Loan <br /> 1582131.3 1 <br />