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r , OF a`q ., ° 2011092524 03/28/2011 02:51 Pal RECORDED AT THE u � OFFICIAL RECORDS OF ALAMEDA COUNTY REQUEST OF AND WHEN • ✓ PATRICK O'CONNELL RECORDED RETURN TO: °+� ,r °u RECORDING FEE: 0.00 Redevelopment Agency of the 10s III I III II I 1111 1 I II I I I II II 7 PGS City of San Leandro 835 E. 14' Street San Leandro, California 94577 7 (SPACE ABOVE THIS LINE RESERVED FOR RECORDER'S USE) (EXEMPT FROM RECORDING FEE PER GOV. CODE §6103) SECOND AMENDMENT TO REGULATORY AGREEMENT This Second Amendment to Regulatory Agreement (this "Second Amendment ") dated as of February 7, 2011 (the "Effective Date ") by and between the City of San Leandro, a municipal corporation ( "City ") and Las Palmas Development Partners, a California limited partnership ( "Las Palmas "). The City and Las Palmas are hereinafter collectively referred to as the "Parties." Capitalized terms used without definition herein shall have the meanings ascribed to such terms in the Regulatory Agrement (defined below). RECITALS WHEREAS, the City and Las Palmas entered into that certain Regulatory Agreement dated December 6, 1999, as subsequently amended by Amendment No. 1 to the Regulatory Agreement Between City of San Leandro and Las Palmas Development Partners, L.P. dated November 17, 2003 (collectively "Regulatory Agreement ") concerning the real property located at 15370 — 15375 Tropic Court ( "Property "). WHEREAS, the Regulatory Agreement restricts 49% of the residential units on the Property for occupancy at rents affordable to households of low- and very low- income; WHEREAS, the current term of the Regulatory Agreement is fifteen years from the Date of Initial Occupancy; WHEREAS, Las Palmas has requested City approval for (i) the assignment of the general partner interest in Las Palmas to Eden Las Palmas LLC, a California limited liability company, and (ii) the assignment of the limited partners' interests in Las Palmas to Baywood Apartments, Inc., a California nonprofit public benefit corporation; WHEREAS, Las Palmas has also requested a loan from the Redevelopment Agency of the City of San Leandro ( "Agency ") in the amount of Fifty Thousand Dollars ($50,000) (the "Agency Loan ") to defray certain costs related to the management and operation of the apartment complex and the transfer of the interests described above; WHEREAS, in connection with Las Palmas's request for approval for assignment and 15S2793.2 - 1 -