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IN THE REDEVELOPMENT AGENCY OF THE CITY OF SAN LEANDRO <br /> RESOLUTION NO. 2010 -013 RDA <br /> RESOLUTION ADOPTING FINDINGS REQUIRED BY HEALTH AND SAFETY <br /> CODE SECTION 33334.14 FOR SUBORDINATION OF THE AMENDED AND <br /> RESTATED AFFORDABLE HOUSING REGULATORY AGREEMENT AND <br /> DECLARATION OF RESTRICTIVE COVENANTS FOR THE EDEN LODGE <br /> APARTMENT PROJECT <br /> WHEREAS. Eden Lodge, a California non -profit corporation ("Eden Lodge ") is <br /> the owner of that certain real property located at 400 Springlake Drive in the City of San <br /> Leandro (the "City") and improved with an affordable senior housing project known as <br /> Eden Lodge, consisting of 143 residential units (the "Project "); and <br /> WHEREAS, in 2003, the Redevelopment Agency of the City of San Leandro (the <br /> "Agency ") provided a grant to Eden Lodge to assist it in the rehabilitation of the Project; <br /> and <br /> WHEREAS, in connection with the prior Agency grant, among other documents, <br /> Eden Lodge and Agency executed an Affordable Housing Regulatory Agreement and <br /> Declaration of Restrictive Covenants (the "2003 Regulatory Agreement ") which <br /> restricts rents for all of the residential units in the Project at levels affordable to very low - <br /> income households for a period of 55 years; and <br /> WHEREAS, Eden Lodge proposes to transfer the Property and the Project to <br /> Eden Lodge, L.P., a limited partnership ("Eden Lodge, L.P. ") for the purposes of <br /> refinancing the Property and has requested that the Agency make certain revisions to the <br /> 2003 Regulatory Agreement to make it consistent with the proposed transfer and <br /> refinancing; and <br /> WHEREAS, Eden Lodge, L.P. and Agency staff negotiated an Amended and <br /> Restated Affordable Housing Regulatory Agreement and Declaration of Restrictive <br /> Covenants (the "Amended Regulatory Agreement "), which was approved by the <br /> Agency Board on November 15, 2010; and <br /> WHEREAS, in connection with bond financing for the Project, the Federal Horne <br /> Loan Mortgage Corporation ( "Freddie Mac ") has asked the Agency to subordinate the <br /> Amended Regulatory Agreement to Freddie Mac's Multifamily Deed of Trust, <br /> Assignment of Rents, Security Agreement and Fixture Filing ("Senior Mortgage ") and <br /> has indicated that it is unwilling to provide financing for the Project without such <br /> subordination; and <br />