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1 <br />Assignment and Modification –50k AH <br />Recording Requested by and <br />when recorded mail to: <br />City of San Leandro <br />835 East 14th Street <br />San Leandro, CA 94577 <br />Attn: City Manager <br />Exempt from Recording Fees <br />Pursuant to Government <br />Code Sections 6103 and 27383 <br />APN: 412-0006-006-01 and 412-0006-006-02 <br />ASSIGNMENT, ASSUMPTION <br />AND MODIFICATION AGREEMENT <br />(AFFORDABLE HOUSING LOAN) <br />This Assignment, Assumption and Modification Agreement (the “Agreement”) is entered <br />into as of _______________, 2016, by and among Las Palmas Development Partners, L.P., a <br />California limited partnership (“Assignor”), LPSL, L.P., a California limited partnership <br />(“Assignee”) and the City of San Leandro, a California charter city (the “City”), as successor in <br />interest to the Redevelopment Agency of the City of San Leandro (the “Former Agency”) with <br />reference to the following facts: <br />A. The Former Agency made a loan in the original amount of $50,000 (such amount, <br />together with accrued interest thereon, the “Loan”) to Assignor pursuant to a Loan Agreement dated <br />as of February 7, 2011 (the “Loan Agreement”) to be used in connection with Assignor's residential <br />housing project for low income persons known as Las Palmas located at 15370-15375 Tropic <br />Court, San Leandro, California and more particularly described in the attached Exhibit A (the <br />“Property”). <br />B. Assembly Bill 26 (“ABx1 26”) was enacted by the State Legislature and signed by <br />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 (together with AB 1484 <br />and SB 107, the “Dissolution Law”), largely constitutional and resulting in the dissolution of all <br />California redevelopment agencies, including the Former Agency, on February 1, 2012. <br />D. Pursuant to the Dissolution Law, the Successor Agency is the successor in interest to <br />the Former Agency. <br />E. The Loan is also evidenced by that certain Promissory Note (the “Note”) dated <br />February 7, 2011, and secured by a Deed of Trust dated February 7, 2011 recorded in the Official