10B Action 2012 0117 - Laserfiche WebLink

Home

This Amended and Restated Affordable Housing Regulatory Agreement and Declaration of Restrictive Covenants (this "Agreement ") is entered into effective as of January _, 2012 ( "Effective Date ") by and between the City of San Leandro, a municipal corporation ( "City ") and Eden Surf Associates L.P., a California limited partnership ( "Owner "). City and Owner are hereinafter collectively referred to as the "Parties." RECITALS A. Owner owns that certain real property located in the City of San Leandro at 15320 Tropic Court, known as Alameda County Assessor's Parcel No. 412 - 0006 -007, and more particularly described in Exhibit A attached hereto (the "Property "). B. Owner intends to own and operate the existing forty -six (46) unit multi- family residential rental project (the "Project ") on the Property in accordance with that certain Owner Participation and Loan Agreement executed by and between the Parties and dated as of the date hereof (the "Loan Agreement "). C. The Loan Agreement requires Owner to restrict thirty -two (32) of the residential units in the Project for occupancy by Eligible Households at Affordable Rents (defined below) in accordance with this Agreement. D. Subject to the conditions set forth in the Loan Agreement, City has agreed to provide to Owner a loan in the amount of One Hundred Thousand Dollars ($100,000) (the "Loan ") in order to provide partial financing for the rehabilitation of the Project. 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 City. The Deed of Trust will be recorded in the Official Records substantially concurrently herewith. E. Pursuant to that certain Assignment and Assumption of City Loan Documents, dated as of the date hereof, executed by and between Owner and Surf Housing Associates, L.P., a California limited partnership ( "Surf "),and recorded in the Official Records of Alameda County substantially concurrently herewith (the "Assignment Agreement "), Owner has assumed the obligation to repay to City the outstanding balance of an existing HOME Program loan provided by City to Surf to assist in the acquisition and rehabilitation of the Project (the "Existing Loan "), and has assumed the rights and obligations of Surf under the documents executed by Surf in connection with such Existing Loan. F. As a condition to its agreement to provide the Loan to Owner, and to permit Owner to assume the obligation to repay the Existing Loan, City requires the Property to be subject to the terms, conditions and restrictions set forth herein. In addition, to the extent permitted by California Community Redevelopment Law (Health and Safety Code Section 33000 et seq.,) (the "CRU), this Agreement is intended to enable the San Leandro Redevelopment Agency (the "Agency ") to count the residential 1753724.3 2