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WHEREAS, the City and Developer also negotiated the terms of a secured promissory note <br />for the HOME Loan and a secured promissory note for the City Loan to be executed by Developer <br />to evidence its obligation to repay the two loans, as well as a leasehold deed of trust to provide the <br />City with a security interest in the Project, and a regulatory agreement to restrict the occupancy of <br />the Project to senior households with extremely low- and very low -incomes. <br />NOW, THEREFORE, the City Council of the City of San Leandro does RESOLVE, as <br />follows: <br />Section 1. All the recitals above are true, correct and incorporated herein. <br />Section 2. The City Council finds that the provision of financial assistance in the amount of <br />the HOME Loan and City Loan is necessary to make the Project financially feasible and affordable <br />to extremely low- and very low-income senior households, and the financial assistance will help <br />increase the supply of affordable senior housing in the City. <br />Section 3. The City Council approves the provision of the City Loan and HOME Loan and <br />authorizes and directs the City Manager to execute the Loan Agreement, which is attached hereto as <br />Exhibit A, in substantially the form attached with such changes as are deemed appropriate by the <br />City Manager and City Attorney. <br />Section 4. The issuance of the HOME loan and City Loan are contingent upon the execution <br />of a promissory note for the City Loan, a promissory note for the HOME loan, a leasehold deed of <br />trust and regulatory agreement between the City and the Developer, and such documents shall be in <br />a form deemed appropriate by the City Manager and City Attorney. <br />Section 5. The City Manager is hereby authorized to take such further actions and execute <br />such documents as may be necessary or appropriate to carry out the City's obligations pursuant to <br />this Resolution. <br />Section 6. This Resolution shall take effect immediately upon adoption. <br />Introduced by Councilmember Cox and passed and adopted this 6th day of June, 2016, by <br />the following vote: <br />Members of the Council: <br />AYES: Councilmembers Cox, Lee, Lopez, Prola, Reed, Thomas; Mayor Cutter (7) <br />NOES: None (0) <br />ABSENT: None (0) <br />ATTEST: I <br />Tamika Greenwood, City Clerk <br />RESOLUTION NO. 2016-074 2 <br />