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File Number: 12 -323 <br />WHEREAS, Developer has requested a HOME loan from the City in the principal amount <br />of Six Hundred Fifty Thousand Dollars ($650,000) for construction of the Project (the "HOME <br />Loan "); <br />WHEREAS, the terms and conditions of the HOME loan, including Developer's requirec <br />provision of eleven (11) apartments to be rented at affordable rents to very low- income <br />households for a minimum period of twenty (20) years, are more particularly described in a <br />proposed Loan Agreement ( "Agreement ") between the City and Developer, copies of which <br />have been provided to the City Council; <br />WHEREAS, Developer and City staff have negotiated the terms and conditions of the <br />Agreement, a Regulatory Agreement ( "Regulatory Agreement ") which restricts rents for the <br />HOME - assisted units in the Project, a Promissory Note ( "Note ") which provides for repayment <br />of the HOME Loan on a residual receipts basis, and a Deed of Trust, Assignment of Rents, <br />Security Agreement and Fixture Filing ( "Deed of Trust ") pursuant to which the City will be <br />provided a security interest in the Project to secure repayment of the HOME Loan. <br />NOW, THEREFORE, the City Council of the City of San Leandro does RESOLVE as <br />follows: <br />1. The HOME loan, pursuant to the terms and conditions set forth in the Agreement, is <br />hereby approved. <br />2. The City Manager or designee, on behalf of the City, is hereby authorized to <br />execute and deliver the Agreement substantially in the form on file with the City Clerk. <br />3. The Regulatory Agreement, Note, and Deed of Trust, is hereby approved, and the <br />City Manager or designee is hereby authorized to execute and deliver each such document to <br />which the City is a party, substantially in the form on file with the City Clerk. <br />4. The City Manager or designee is hereby authorized to execute and deliver such other <br />instruments and to take such other actions, including recordation of documents, as <br />necessary to carry out the intent of this Resolution. <br />City of San Leandro Page 2 Printed on 711012012 <br />