Agmt 2015 San Leandro Successor Agency (2)

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