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