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This Affordable Housing Regulatory Agreement and Declaration of Restrictive Covenants (this "Agreement") is entered into effective as of May 1, 2017 ("Effective Date") by and between the City of San Leandro, a California charter city (the "City") and San Leandro Senior Associates, L.P., a California limited partnership ("Owner"). City and Owner are hereinafter collectively referred to as the "Parties." RECITALS A. Owner has a lease for the possession of certain real property located at 528 West Juana Ave, San Leandro, CA 94577 in the City of San Leandro, California, known as Alameda County Assessor's Parcel Number Parcel 1 Of Parcel Map 10213, as more particularly described in Exhibit A attached hereto and incorporated herein (the "Property"). The person or entity with fee title simple to the Property has provided Owner with permission to build upon the Property B. Owner intends to construct, own and operate on the Property an eighty-five (85) unit residential housing development for very low-income senior households (the "Project") in accordance with that certain loan agreement between City and Owner dated May 1, 2017 (the "Loan Agreement"). C. The project consists of seventy-seven (77) one -bedroom, one -bath units and eight (8) two-bedroom, one bath units. 40 units in the Project will be restricted by the City to very low- income senior households. Such occupancy restrictions shall remain in effect for a period of not less than 55 years. D. City is a participating jurisdiction in the Alameda County HOME Consortium ("Consortium") and is a recipient of funds pursuant to the HOME investment Partnership Act, established by the National Affordable Housing Act of 1990 (42 U.S.C. § 12471 et seq., ("HOME Program") that are subject to certain restrictions established by the United States Department of Housing and Urban Development ("HUD") under 24 CFR 92 ("HOME Restrictions"). E. City has agreed to provide to Owner a loan in the amount of not to exceed Two Hundred Fifty -Six Thousand Seven Hundred Sixty -One Dollars ($256,761) from the HOME Program funs ("HOME Loan") in order to provide partial financing for the construction and development of the Project. The HOME Loan will be provided by the City in accordance with federal regulations governing the HOME Program as set forth in 42 U.S.C. § 12741 et seq., and 24 CFR Part 92, both as amended from time to time (collectively "Home Program Regulations"). The HOME Loan is evidenced by a Secured Promissory Note ("Home Note") executed by Owner and dated May 1, 2017, and is secured by a Leasehold Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing ("Leasehold Deed of Trust") dated as of the date hereof and executed by Owner for the benefit of City. The Leasehold Deed of Trust will be recorded in the Official Records of Alameda County ("Official Records") substantially concurrently herewith. F. City has also agreed to provide to Owner a loan in the amount of not to exceed Seven Hundred Forty -Three Thousand Two Hundred Thirty -Nine Dollars ($743,239) ("City Loan") in order to provide partial financing for the construction and development of the Project. 144\259\1892895.5