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2 <br />Assignment and Modification –50k AH <br />Records of the County of Alameda (the “Official Records”) on March 28, 2011, as Instrument No. <br />2011-092526 (the “Deed of Trust”). an Affordable Housing Regulatory Agreement and Declaration <br />of Restrictive Covenants dated February 7, 2011 recorded in the Official Records on March 28, <br />2011, as Instrument No. 2011-92525 (the “Regulatory Agreement”) and a Notice of Affordability <br />Restrictions on Transfer of Property dated February 7, 2011 recorded in the Official Records on <br />March 28, 2011, as Instrument No. 2011-092474 (the “Notice” and collectively with the Loan <br />Agreement, the Note, the Deed of Trust, and the Regulatory Agreement, the “Loan Documents”). <br />F. Concurrently herewith, the Assignee is acquiring the Property from the Assignor <br />pursuant to a Grant Deed. <br />G. Assignor now wishes to assign its rights, title and interest in and obligations under <br />the Loan Documents, as amended hereby, to Assignee, and Assignee wishes to assume Assignor's <br />rights and obligations under the Loan Documents. <br />H. Assignee desires to release Assignor from all obligations in connection with the <br />Loan Documents. <br />I. The Assignee and the City desire to modify the Loan Documents as set forth <br />herein. <br />NOW, THEREFORE, in consideration of the foregoing, of the mutual promises of the <br />parties hereto and for other good and valuable consideration the receipt and sufficiency of which are <br />hereby acknowledged, the parties mutually agree as follows: <br />1. Assignment and Delegation by Assignor. Assignor hereby assigns to Assignee all of <br />Assignor’s rights and delegates to Assignee all of Assignor’s obligations under the Loan <br />Documents. <br />2. Acceptance of Assignment and Delegation. Assignee hereby accepts the above <br />assignment and delegation and hereby assumes all of the rights, obligations, covenants, and <br />agreements of Assignor under the Loan Documents. Any reference to Assignor in the Loan <br />Documents described above shall be deemed a reference to Assignee. <br />3. Release of Assignor. Assignee hereby releases Assignor from all obligations imposed <br />under the Loan Documents. <br />4. Payment of Obligations. Assignee agrees that any amounts due from Assignor pursuant <br />to the Loan Documents shall be assumed by Assignee. <br />5.Modification of Loan Term. The term of the Loan shall be extended to the date which is 55 <br />years from the date of recordation of this Agreement (the “Maturity Date”). <br />6. Modification of Affordability Requirements in the Regulatory Agreement. In addition to <br />the 5 Restricted Units for Very Low Income under the Regulatory Agreement, Assignee agrees to