Affordable Housing Reg Agmt APN 752812 7528112 04232020

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This Affordable Housing Regulatory Agreement and Declaration of Restrictive Covenants (this "Agreement") is entered into effective as of March 26, 2020 ("Effective Date") by and between the City of San Leandro, a California charter city (the "City") and San Leandro Parrott, LP., a California limited partnership ("Owner"). City and Owner are hereinafter collectively referred to as the "Parties." RECITALS A. Owner has purchased certain real property located at 1604 and 1642 San Leandro Boulevard in the City of San Leandro, California, as more particularly described in Exhibit A attached hereto (the "Property"). B. Owner intends to construct, own and operate on the Property a 62-unit rental housing development, of which 57 units will be rented to very low-income and low-income households (the "Project") in accordance with that certain Loan Agreement (the "Loan Agreement") dated as of the date hereof and executed by and between Owner and City, a memorandum of which shall be recorded substantially concurrently herewith in the Official Records of Alameda County ("Official Records"). C. The Loan Agreement provides that no fewer than 30 of the residential units in the Project shall be affordable to and occupied by or available for occupancy by very low-income and low-income households for a period of not less than 55 years. D. Pursuant to the Loan Agreement, City has agreed to provide to Owner a loan in the amount of One Million Dollars ($1,000-,000) (the "Loan") in order to provide partial financing for acquisition of the Property and construction of the Project. The Loan is evidenced by a Secured Promissory Note (the "Note") executed by Owner and dated as of the date hereof, and is secured by a Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing (the "Deed of Trust") dated as of the date hereof and executed by Owner for the benefit of City. The City Deed of Trust will be recorded in the Official Records substantially concurrently herewith. E. The Parties have agreed to enter into and record this Agreement in order to satisfy the conditions described in the foregoing Recitals. The purpose of this Agreement is to regulate and restrict the occupancy and rents of the Project's Restricted Units (defined below) for the benefit of the Project occupants. The Parties intend the covenants set forth in this Agreement to run with the land and to be binding upon Owner and Owner's successors and assigns for the full term of this Agreement. NOW THEREFORE, in consideration of the foregoing, and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows. 1 . Definitions. The following terms have the meanings set forth in this Section wherever used in this Agreement or the attached exhibits. 2890662.3 2