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2890662.3 37 <br />This Affordable Housing Regulatory Agreement and Declaration of Restrictive <br />Covenants (this “Agreement”) is entered into effective as of _____________, 2018 <br />(“Effective Date”) by and between the City of San Leandro, a California charter city (the <br />“City”) and Eden Housing, a California non-profit benefit corporation (“Owner"). City <br />and Owner are hereinafter collectively referred to as the “Parties.” <br />RECITALS <br />A. Owner has purchased or has the contractual right to purchase certain real <br />property located at 1604 and 1642 San Leandro Boulevard in the City of San Leandro, <br />California, known as Assessor’s Parcel Numbers 075-0028-001-02 and 075-0028-011- <br />02, as more particularly described in Exhibit A attached hereto (the "Property"). <br />B. Owner intends to construct, own and operate on the Property a 62-unit <br />rental housing development, of which 57 units will be rented to very low-income and <br />low-income households (the “Project”) in accordance with that certain Loan Agreement <br />(the “Loan Agreement”) dated as of the date hereof and executed by and between <br />Owner and City, a memorandum of which shall be recorded substantially concurrently <br />herewith in the Official Records of Alameda County (“Official Records”). <br />C. The Loan Agreement provides that no fewer than 30 of the residential <br />units in the Project shall be affordable to and occupied by or available for occupancy by <br />very low-income and low-income households for a period of not less than 55 years. <br />D. Pursuant to the Loan Agreement, City has agreed to provide to Owner a <br />loan in the amount of One Million Dollars ($1,000,000) (the “Loan”) in order to provide <br />partial financing for acquisition of the Property and construction of the Project. The <br />Loan is evidenced by a Secured Promissory Note (the “Note”) executed by Owner and <br />dated as of the date hereof, and is secured by a Deed of Trust, Assignment of Rents, <br />Security Agreement and Fixture Filing (the “Deed of Trust”) dated as of the date hereof <br />and executed by Owner for the benefit of City. The City Deed of Trust will be recorded <br />in the Official Records substantially concurrently herewith. <br />E. The Parties have agreed to enter into and record this Agreement in order to <br />satisfy the conditions described in the foregoing Recitals. The purpose of this Agreement is <br />to regulate and restrict the occupancy and rents of the Project’s Restricted Units (defined <br />below) for the benefit of the Project occupants. The Parties intend the covenants set forth in <br />this Agreement to run with the land and to be binding upon Owner and Owner’s successors <br />and assigns for the full term of this Agreement. <br />NOW THEREFORE, in consideration of the foregoing, and other valuable <br />consideration, the receipt and sufficiency of which are hereby acknowledged, the <br />Parties hereby agree as follows. <br />1. Definitions. The following terms have the meanings set forth in this Section <br />wherever used in this Agreement or the attached exhibits. <br />59