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MEMORANDUM OF OWNER PARTICIPATION AGREEMENT „or Ac94, 2015181860 07/01/2015 11:15 AM Recording Requested by o `,o OFFICIAL RECORDS OF ALAMEDA COUNTY and when Recorded,return to: ° p , . 1' STEVE MANNING RECORDING FEE: 0.00 City of San Leandro C•qL40110' 835 East 14`h Street San Leandro,CA 94577 Attn: Executive Director 01 I III IIII II II 0 III 0 II 5 PGS EXEMPT FROM RECORDING FEES PER GOVERNMENT CODE§§6103,27383 ) fl 1 (SPACE ABOVE THIS LINE RESERVED FOR RECORDER'S USE) MEMORANDUM OF OWNER PARTICIPATION AND LOAN AGREEMENT This Memorandum of Owner Participation and Loan Agreement (this "Memorandum") dated as of Mav 1, 2015, is entered into by and between the City of San Leandro, a public agency ("City"), and Freebird Properties, LLC ("Owner"). City and Owner are hereinafter collectively referred to as the "Parties." 1. The Parties have entered into that certain Owner Participation and Loan Agreement dated as of the date hereof (the "OPA"), pursuant to which Owner has agreed to undertake certain improvements to the real property (the "Property") located within the City of San Leandro and more particularly described in Exhibit A attached hereto and incorporated herein by this reference. 2. Among other conditions, the OPA provides that (i) except as permitted by the OPA, Owner shall not voluntarily or involuntarily make or attempt any total or partial sale, transfer, conveyance, assignment of the whole or any part of the Property or the improvements located thereon without the prior written approval of the City, such approval shall not be unreasonably withheld; and (ii) any transferee of all or part of the Property shall be subject to and shall expressly assume all of the covenants, obligations and restrictions of the OPA which pertain to the portion of the Property transferred, including without limitation, the maintenance obligations and use restrictions set forth in the OPA. 3. The Parties have executed and recorded this instrument to give notice of the OPA and the Regulatory Agreement, and the respective rights of the Parties thereunder. Copies of the unrecorded OPA are available at the offices of the City, 835 East 14th Street, San Leandro, California, and such document is incorporated by reference in its entirety in this Memorandum. In the event of any inconsistency between this Memorandum and the OPA, the OPA shall control. 5. This Memorandum shall be interpreted and enforced in accordance with California law without regard to principles of conflict of laws. 1172395-3 Commercial Rehabilitation Loan Program Owner Participation and Loan Agreement (1, Form: 10-20-09