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- r , <br /> LOAN AGREEMENT FOR THE USE OF HOME FUNDS <br /> FOR ACQUISITION OF THE HOUSING UNITS LOCATED <br /> AT 15370-15375 TROPIC COURT, SAN LEANDRO <br /> This Agreement, dated as of December 6, 1999, is entered into by and <br /> between the City of San Leandro, a municipal corporation hereinafter designated the <br /> City and Citizens Housing Corporation, a California nonprofit public benefit <br /> corporation, hereinafter designated the Contractor. <br /> RECITALS <br /> WHEREAS, City is desirous of contracting with Contractor for the acquisition of <br /> ninety-one (91) residential units as described in Exhibit A, attached hereto and <br /> incorporated herein; and <br /> WHEREAS, City is a Participating Jurisdiction in the Alameda County HOME <br /> Consortium and a recipient of funds pursuant to the HOME Investment Partnership <br /> Act, under the U.S. Department of Housing and Urban Development; and <br /> WHEREAS, Contractor is willing and able to perform duties and render services <br /> which are determined by the City to be necessary or appropriate for the welfare of <br /> residents of the City; and <br /> WHEREAS, City desires that such duties and services be provided by Contractor, <br /> and Contractor agrees to perform such duties and render such services, as more <br /> particularly set forth below. <br /> WHEREAS, as a material inducement to the City to enter into this Agreement, <br /> Contractor intends to make the project a mixed income project, with at least 49% of <br /> the residential units available for Low Income Tenants as defined by the Regulatory <br /> Agreement in Exhibit B of this Agreement, including 11 HOME assisted units <br /> available for Very Low Income Tenants. <br /> NOW, THEREFORE, in consideration of the mutual covenants and <br /> agreements contained herein, the parties hereto agree as follows: <br />• <br />