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. . <br /> . , <br /> ., , <br /> • EXHIBIT B • __.- <br /> City of San Leandro ___)----/- <br /> t,.^ <br /> Civic Center, 835 E. 14th Street , <br /> !Omer w San Leandro, California 94577 , <br /> www.sanleandro.org <br /> March 1, 2012 <br /> Ms. Suzanne Smith <br /> North American Title Company <br /> 21060 Redwood Road, Suite 110 <br /> Castro Valley, CA 94546 <br /> Phone: (510) 537-8300 <br /> Email: ssmith @nat.com <br /> RE: Eden Surf Associates, L.P. <br /> Escrow/Order No.54605-980412-09 <br /> 15320 Tropic Court, San Leandro, California(the "Property") <br /> Dear Sue: <br /> This letter constitutes the joint escrow instructions of Surf Housing Associates, L.P., a California <br /> limited partnership ("Citizens Surf LP"), Eden Surf Associates, L.P., a California limited <br /> partnership ("Eden Surf LP"), the City of San Leandro (the "City") and the County of Alameda <br /> (the "County") in connection with the transfer of the Property described above and the <br /> financing transactions summarized below. <br /> I. Through this escrow the following shall take place: <br /> A. Citizens Surf LP is the fee owner of the Property. Pursuant to the terms and conditions <br /> of a purchase and sale agreement (the "Purchase Agreement"), Citizens Surf LP is selling <br /> the Property to Eden Surf LP for the approximate amount of$3,548,959 which <br /> amount is equal to the sum of the current obligations under the CaIHFA Loan, the City p <br /> Loan and the Agency Loan (each defined below) (collectively, the "Purchase Price"). <br /> Through this escrow: <br /> (i) Citizens Surf LP will transfer the Property to the Partnership pursuant to a grant <br /> deed (the "Grant Deed"). <br /> B. California Housing Finance Agency ("CaIHFA") made a loan to Citizens Surf LP in the <br /> original amount of$2,825,000 (the "CaIHFA Loan") which is secured by a deed of <br /> trust recorded March 4, 2005, as Instrument No. 2005-086706 (the "CaIHFA Deed of <br /> Trust") and a regulatory agreement recorded March 4, 2005, as Instrument No. 2005- <br /> 086705 (the "CaIHFA. Through this escrow: ,nN ci <br /> Stephen H.Cassidy,Mayor , - I L' 1',. .1 ;� f ): . <br /> City Council: Pauline Russo Cutter Michael J.Gregory Jim Prola , <br /> Ursula Reed Diana M.Souza Joyce R.Starosciak <br />