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WHEREAS, the terms and conditions of the HOME loan, including Developer's required <br /> provision that the Property be rented at an affordable rent to a very low-income household (50% <br /> of Area Median Income) for a minimum period of fifty-five (55) years, are more particularly <br /> described in a proposed Loan Agreement ("Agreement") between the City and Developer, copies <br /> of which have been provided to the City Council; and <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 unit in the Project, a Promissory Note ("Note") which provides for repayment of <br /> the HOME Loan on a residual receipts basis, and a Deed of Trust, Assignment of Rents, Security <br /> Agreement and Fixture Filing("Deed of Trust") pursuant to which the City will be provided a <br /> 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, are hereby approved, and <br /> the 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 Reed and passed and adopted this 3rd day of February, <br /> 2014, by the following vote: <br /> Members of the Council: <br /> AYES: Councilmembers Cutter, Gregory, Lee, Prola, Reed, Souza; Mayor Cassidy (7) <br /> NOES: None (0) <br /> ABSENT: None (0) <br /> ATTEST: c��J�% -�✓ <br /> Marian Handa, City Clerk <br /> RESOLUTION NO. 2014-009 2 <br />