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LOAN AGREEMENT <br /> (525 West Juana Avenue, San Leandro) <br /> <br />THIS AGREEMENT (this “Agreement”) is entered into effective as of <br />_________________, 2016 (“Effective Date”) by and between the City of San Leandro, a <br />California charter city (“City”) and San Leandro Senior Housing Associates, a California limited <br />partnership (“Developer”). City and Developer are hereinafter collectively referred to as the <br />“Parties.” <br /> <br />RECITALS <br /> <br />A. Developer has a contractual right to acquire a leasehold interest in certain real <br />property located at 525 West Juana Avenue in the City of San Leandro, California, known as <br />Alameda County Assessor’s Parcel Number Parcel 1 Of Parcel Map 10213, as more particularly <br />described in Exhibit A attached hereto and incorporated herein (the “Property”). <br />B. Developer intends to exercise its contractual right to acquire a leasehold interest <br />in the Property (the "Ground Leasehold Interest") and thereafter construct an eighty-five (85) <br />unit residential development on the property, consisting of seventy-seven (77) one-bedroom, <br />one-bath units and eight (8) two-bedroom, one bath units (the “Project”) <br />C. Developer agrees to restrict thirty-two (32) one-bedroom units and eight (8) two- <br />bedroom units to very low-income households (“Restricted Units”). All of these units shall be <br />restricted to senior households. One (1) one-bedroom unit will be reserved for an on-site staff <br />member and is not required by the City to have age or income restrictions. <br />D. City is a participating jurisdiction in the Alameda County HOME Consortium and <br />is a recipient of funds pursuant to the HOME investment Partnership Act, established by the <br />National Affordable Housing Act of 1990 (42 U.S.C. § 12471 et seq., (“HOME Program”) that <br />are subject to certain restrictions established by the United States Department of Housing and <br />Urban Development (“HUD”) under 24 CFR 92. <br />E. Developer has applied for and requested, and City has agreed to provide financing <br />to assist in the development of the Project pursuant to the terms and conditions set forth herein in <br />order to make the Project economically feasible and affordable to extremely low and very low- <br />income senior households. <br />F. City desires to provide Developer with a loan in the amount of not to exceed Two <br />Hundred Fifty-Six Thousand Seven Hundred Sixty-One Dollars ($256,761) from HOME <br />Program funds to assist with the construction and development of the Project (“HOME Loan”). <br />G. City and Developer acknowledge and agree that the commitment of the HOME <br />Loan by the City shall be solely and exclusively paid from and contingent upon receipt of <br />HOME funding by the City. <br />H. The HOME Loan will be provided by the City in accordance with federal <br />regulations governing the HOME Program as set forth in 42 U.S.C. § 12741 et seq., and 24 CFR <br />144\259\1892880.4 <br />1