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This Regulatory Agreement and Declaration of Restrictive Covenants Regarding <br /> Maintenance of Public Improvements (this "Agreement") is entered into effective as of <br /> December 30, 2013 ("Effective Date") by and between the City of San Leandro, a <br /> municipal corporation ("City") and Innisfree Ventures II, LLC, a California limited <br /> liability company ("Owner"). City and Owner are hereinafter collectively referred to as <br /> the "Parties." <br /> RECITALS <br /> A. Owner owns that certain real property located in the City of San Leandro <br /> at 1550 East 14th Street, known as Alameda County Assessor's Parcel No. 077-0540- <br /> 009-00, and more particularly described in Exhibit A attached hereto (the "Property"). <br /> B. Owner intends to develop, own and operate a retail and commercial <br /> project (the "Project") on the Property in accordance with that certain Disposition and <br /> Development Agreement executed by and between the Parties and dated as of June 1, <br /> 2012 (the "DDA"). Capitalized terms used herein without definition shall have the <br /> meaning ascribed to such terms in the DDA. <br /> C. The DDA requires Owner to construct and maintain certain public <br /> improvements. <br /> D. As a condition to its agreement to convey the Property to Owner pursuant <br /> to the DDA, City requires the Property to be subject to the terms, conditions and <br /> restrictions set forth herein. <br /> E. The Parties intend the covenants set forth in this Agreement to run with the <br /> land and to be binding upon Owner and Owner's successors and assigns for the full term of <br /> this Agreement. <br /> NOW THEREFORE, in consideration of the foregoing, and other valuable <br /> consideration, the receipt and sufficiency of which are hereby acknowledged, the <br /> Parties hereby agree as follows. <br /> 1. Use. Owner covenants and agrees for itself and its successors and assigns <br /> that the Property shall be used for a retail development consistent with the Conditions <br /> of Approval for the Project and the City's Zoning Ordinance. <br /> 2. Maintenance. Owner shall at its own expense, maintain the Property and the <br /> improvements located thereon, including the landscaping and common areas, in good <br /> physical condition, in good repair, and in decent, safe, and sanitary conditions in <br /> conformity with all applicable state, federal, and local laws, ordinances, codes, and <br /> regulations. Without limiting the foregoing, Owner agrees to maintain the Property <br /> (including without limitation, the landscaping, driveways, parking areas, and walkways) <br /> in a condition free of all waste, nuisance, debris, unmaintained landscaping, graffiti, <br /> disrepair, abandoned vehicles/appliances, and illegal'activity, and shall take all <br /> reasonable steps to prevent the same from occurring on the Property. Owner shall <br /> 2 <br />