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. � � <br /> 2009-076594 <br /> � 0133pm 06/11/09 DR Fee: 51.00 <br /> RECORDING REQUESTED BY count of payes 15 <br /> � , Recorded in Official Records <br /> AND WHEN RECORDED MAIL TO: ) County of san Mateo <br /> ' � Warren Slocum <br /> CITY OF REDWOOD CITY � Assessor-County Clerk-Recorder <br /> 1017 MIDDLEFIELD ROAD � II I I II II I I II II IIII I I I I III II I II <br /> aox 391 � • 2 0 0 9 0 0 7 6 5 9 4 A R• <br /> REDWOOD CITY, CALIFORNIA 94064 � <br /> ATTN: HOUSING MANAGER � <br /> (Space Above Provided Fo� Recorder) Exempt from Recording Fees under GoW. Code Section 27383 h�� <br /> �. � <br /> DECLARATION OF AFFORDABILITY COVENANTS <br /> THIS DECLARATION OF AFFORDABILITY COVENANTS (this <br /> "Declaration") is made on 7�+� �+i4 , 2009, by NICHOLSON LAMB <br /> VENTURE, LP., a California limited liability corporation (hereinafter referred to as <br /> "DeclaranY'), with respect to certain real property consisting of approximately sixty-six <br /> hundredths of an acre (0.66 acres) and located at 885 Woodside Drive in the City of <br /> Redwood City, County of San Mateo, California (the "City"), as more fully described in <br /> Exhibit "A" attached hereto and incorporated herein by this reference (the "Property"). <br /> WHEREAS, the Planning Commission for the City of Redwood City (the <br /> "Planning Commission") previously approved a Zoning Map Amendment, Precise Plan <br /> and Planned Community Development Permit for the development of a forty-three (43)- <br /> unit four (4)- to five (5)-story condominium project on the Property (the "ProjecY'); and <br /> WHEREAS, pursuant to the terms and conditions of the Precise Plan, as <br /> approved by the Planning Commission and the City Council for the City of Redwood <br /> City, a minimum of fifteen percent (15%) of the total number of residential units <br /> proposed, or six (6) residential units, shall be affordable to very-low, low or moderate- <br /> income households based on the County of San Mateo median income; and <br /> WHEREAS, Declarant, in accordance with the Precise Plan, shall reserve a <br /> minimum of fifteen percent (15%) of the condominium units, each containing one (1) <br /> bedroom and one (1) bathroom and each consisting of approximately six hundred fifty <br /> square feet (650 s� to approximately one thousand (1000 s� for purchase and <br /> occupation at affordable housing cost to families of low or moderate-income, as those <br /> terms are defined under Health and Safety Code sections 50052.5 and 50093, <br /> respectively (each, an "Affordable UniY' and collectively, the "Affordable Units") for a <br /> period of forty-five (45) years; and <br /> � � REDVN0001\DOC\022-0.DOC <br /> 6/3/09 1200 HvT <br /> 1 <br />