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This Affordable Housing Regulatory Agreement and Declaration of Restrictive <br />Covenants (this “Agreement”) is entered into effective as of _____________, 2016 (“Effective <br />Date”) by and between the City of San Leandro, a California municipal corporation (the “City”) <br />and San Leandro Senior Housing Associates, a California limited partnership (“Owner"). City <br />and Owner are hereinafter collectively referred to as the “Parties.” <br />RECITALS <br />A. Owner has a lease for the possession of certain real property located at 525 West <br />Juana Ave, San Leandro, CA 94577 in the City of San Leandro, California, known as Alameda <br />County Assessor’s Parcel Number Parcel 1 Of Parcel Map 10213, as more particularly described <br />in Exhibit A attached hereto and incorporated herein (the “Property”). The person or entity with <br />fee title simple to the Property has provided Owner with permission to build upon the Property <br />B. Owner intends to construct, own and operate on the Property an eighty-five (85) <br />unit residential housing development for very low-income senior households (the “Project”) in <br />accordance with that certain loan agreement between City and Owner dated <br />_____________,2016 (the “Loan Agreement”). <br />C. The project consists of seventy-seven (77) one-bedroom, one-bath units and eight <br />(8) two-bedroom, one bath units. 40 units in the Project will be restricted by the City to very low- <br />income senior households. Such occupancy restrictions shall remain in effect for a period of not <br />less than 55 years. <br />D. City is a participating jurisdiction in the Alameda County HOME Consortium <br />(“Consortium”) and is a recipient of funds pursuant to the HOME investment Partnership Act, <br />established by the National Affordable Housing Act of 1990 (42 U.S.C. § 12471 et seq., <br />(“HOME Program”) that are subject to certain restrictions established by the United States <br />Department of Housing and Urban Development (“HUD”) under 24 CFR 92 (“HOME <br />Restrictions”). <br />E. City has agreed to provide to Owner a loan in the amount of not to exceed Two <br />Hundred Fifty-Six Thousand Seven Hundred Sixty-One Dollars ($256,761) from the HOME <br />Program funs (“HOME Loan”) in order to provide partial financing for the construction and <br />development of the Project. The HOME Loan will be provided by the City in accordance with <br />federal regulations governing the HOME Program as set forth in 42 U.S.C. § 12741 et seq., and <br />24 CFR Part 92, both as amended from time to time (collectively “Home Program Regulations”). <br />The HOME Loan is evidenced by a Secured Promissory Note (“Home Note”) executed by <br />Owner and dated ____, 2016, and is secured by a Leasehold Deed of Trust, Assignment of Rents, <br />Security Agreement and Fixture Filing (“Leasehold Deed of Trust”) dated as of the date hereof <br />and executed by Owner for the benefit of City. The Leasehold Deed of Trust will be recorded in <br />the Official Records of Alameda County (“Official Records”) substantially concurrently <br />herewith. <br />F. City has also agreed to provide to Owner a loan in the amount of not to exceed <br />Seven Hundred Forty-Three Thousand Two Hundred Thirty-Nine Dollars ($743,239)(“City <br />Loan”) in order to provide partial financing for the construction and development of the Project. <br />144\259\1892895.4 1