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LOAN AGREEMENT <br /> <br />This LOAN AGREEMENT (this “Agreement”) is entered into as of February 6, 2017 (the “Agreement Date”), between the City of San Leandro, a California charter city (the “City”) <br />and BRIDGE Economic Development Corporation, a California nonprofit public benefit <br />corporation (the “Borrower”). Borrower and City are hereinafter collectively referred to as the <br />“Parties.” <br /> RECITALS <br />A. Alameda Housing Associates, L.P., a California limited partnership (the <br />"Partnership") has a leasehold interest in that certain real property located in the City of San <br />Leandro, County of Alameda, on which it is constructing 115 affordable residential units, together with approximately 7,200 square feet of commercial space (the "Apartment Project"). <br /> <br />B. The Partnership and Borrower have entered into that certain Master Lease <br />Agreement dated December 4, 2014 (the "Master Lease") for the approximately 7,200 square <br />feet of commercial space (including 2,400 square feet for outdoor play area space) located at the Apartment Project (the "Premises"). <br />C. Borrower intends for a licensed child care provider (the “Childcare Provider”) to <br />use the Premises for a child care center serving low and moderate income children and families <br />(the "Project") pursuant to a sublease agreement to be entered into by Borrower and Childcare Provider (the "Sublease"). <br />D. The City has agreed to provide a loan to Borrower in the amount of Eight <br />Hundred and Thousand Dollars ($800,000) (the “Loan”) for soft costs and construction costs <br />related to the installation of the tenant improvements and the use of the Premises for a childcare center. <br /> <br />E. Concurrently herewith, Borrower will execute a promissory note (the “Note”) to <br />evidence the amount of the Loan. This Agreement and the Note are hereinafter collectively <br />referred to as the “Loan Documents.” <br />F. The City has concluded that the Borrower has the necessary expertise, skill and <br />ability to successfully construct the Project and the child care center improvements (the <br />"Improvements"), and that the Project is in the best interest of the City and will materially <br />contribute to the health and welfare of the residents of the City. NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of <br />which are hereby acknowledged, the Parties to this Agreement agree as follows: <br /> <br />127