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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, <br /> is 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 <br /> other instruments and to take such other actions, including recordation of documents, as <br /> necessary to carry out the intent of this Resolution. <br /> Introduced by Councilmember Gregory and passed and adopted this 16th day of July, <br /> 2012, by the following called vote: <br /> Members of the Council: <br /> AYES: Councilmembers Cutter, Gregory, Prola, Reed, Souza Starosciak; <br /> Mayor Cassidy (7) <br /> NOES: None (0) <br /> ABSENT: None (0) <br /> ATTEST: --- 1 7 tA(tA,«,-ti l 7 <br /> Marian .— <br /> Marian Handa, City Clerk <br /> RESOLUTION NO. 2012 -094 2 <br />