Commercial Rehab - FH Dailey with Deed - Signed

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COMMERCIAL REHABILITATION LOAN AGREEMENT (Commercial Rehabilitation Loan Program) This Commercial Rehabilitation Loan Agreement (this "Agreement") is entered into effective as of JUNE b , 2024 (the "Effective Date") by and between FH Dailey Chevrolet (the "Owner"), and the City of San Leandro, a California charter city (the "City") City and Owner are hereinafter referred to as the "Parties." RECITALS A. Owner owns the property located at 800 Davis Street (the "Premises") in the City of San Leandro, known as Alameda County Assessor's Parcel No. 075-0057-011-00, as more particularly described and depicted in Exhibit A. B. The City offers a Commercial Rehabilitation Loan Program (the "Program") pursuant to which the City provides loans for the rehabilitation of buildings citywide to qualifying participants. C. Owner operates the Premises, and desires to construct certain improvements for the benefit of the Premises. C. Owner has requested, and City has agreed to provide a loan in the amount of Forty Five Thousand Dollars ($45,000) (the "Loan") pursuant to the terms and conditions set forth in this Agreement, for the purpose of construction of security improvements to be located on the Premises, all in accordance with Exhibit B attached hereto and incorporated herein by this reference (the "Project"). D. The City has determined that (i) the Premises and the Project meet the Program eligibility requirements, (ii) provision a loan for the Project is in the interests of the health, safety and welfare of the residents of the City of San Leandro ("City"), and (iii) the Loan is necessary to make the Project economically feasible. E. Concurrently herewith Owner shall execute a promissory note (the "Note") in the amount of the Loan, a Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing ("Deed of Trust") which shall provide City with a security interest in the Property and the improvements thereon (the "Improvements"), and a Memorandum of this Agreement (the "Memorandum") which shall be recorded in the Official Records of Alameda County. This Agreement and the Note are hereinafter referred to as the "Loan Documents." NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows.