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<br />ASSIGNMENT AND ASSUMPTION OF LOAN AGREEMENT, DEED OF TRUST AND <br />REGULATORY AGREEMENT FOR THE REAL PROPERTY AT 15370-15375 TROPIC <br />COURT IN THE CITY OF SAN LEANDRO <br /> <br />THIS ASSIGNMENT AND ASSUMPTION AGREEMENT (this “Assignment”), is <br />dated as of October 5, 2015 by and between the Successor Agency to the Redevelopment <br />Agency of the City of San Leandro, a public entity (“Successor Agency”) and the City of San <br />Leandro, a charter city (“Assignee” or “City”). Agency and Assignee are collectively referred <br />to herein as the “Parties.” <br />RECITALS <br /> <br />A. On February 7, 2011, the Redevelopment Agency to the City of San Leandro (the <br />“Former Agency”) entered into that certain affordable housing loan agreement with Las Palmas <br />Development Partners (the “Borrower”), pursuant to which the Former Agency provided a loan <br />to Borrower in the amount of Fifty Thousand Dollars ($50,000) (the “Housing Loan”) for the <br />purpose of providing financial assistance for a multi-family affordable housing project owned by <br />Borrower (the “Project”) located at 15370-15375 Tropic Court in the City. <br />B. Assembly Bill 26 (“ABx1 26”) was enacted by the State Legislature and signed <br />by the Governor as of June 29, 2011. <br />C. On December 29, 2011 the California Supreme Court delivered its decision in <br />California Redevelopment Association v. Matasantos, finding ABx1 26 largely constitutional and <br />resulting in the dissolution of all California redevelopment agencies, including the Former <br />Agency, on February 1, 2012. <br />D. On June 27, 2012, AB 1484 (together with ABx1 26, the “Dissolution Law”), a <br />budget trailer bill that made substantial amendments and additions to ABx1 26, was signed into <br />law. <br />E. Pursuant to the Dissolution Law, the Successor Agency is the successor in interest <br />to the Former Agency. <br />F. Pursuant to Section 34176 of the Dissolution Law, the City elected to retain the <br />housing assets and functions previously performed by the Former Agency, and provided a <br />housing asset transfer report to the department of finance, as required under Section 34176(a)(2). <br />G. In completing the housing asset transfer report, the Successor Agency <br />inadvertently left the Housing Loan off of the report. <br />H. The Housing Loan is evidenced by a promissory note (the “Note”), and is secured <br />by that certain deed of trust (the “Deed of Trust”) recorded as Document Number 2011092526 <br />in the official records of Alameda County. The Housing Loan is further subject to the <br />requirements of that certain regulatory restriction agreement (the “Regulatory Agreement”) <br />recorded as Document Number 2011092526 in the official records of Alameda County. <br />I. Assignee desires to assume all rights and obligations of Successor Agency under <br />the Housing Loan, the Note, the Deed of Trust and the Regulatory Agreement (collectively <br />2524926.1 1