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RECORDING REQUESTED BY ) <br />AND WHEN RECORDED MAIL TO: ) <br /> ) <br />City of Redwood City ) <br />1017 Middlefield Road ) <br />Redwood City, California 94063 ) <br />Attn: City Clerk ) <br /> ) <br />____________________________________________________________________ <br />(Space Above Provided For Recorder) Exempt from Recording Fees under Govt. Code Section 27383 <br /> <br />AFFORDABILITY AGREEMENT <br /> <br /> THIS AFFORDABILITY AGREEMENT (this “Agreement”) is made and entered into <br />on , 2017 (the “Effective Date”), by and between LifeMoves, <br />formerly known as InnVision Shelter Network, a California non-profit public benefit <br />corporation (“LifeMoves”), and the CITY OF REDWOOD CITY (the “City”). <br /> <br />RECITALS <br /> <br /> A. LifeMoves is the owner of that certain real property in the City of Redwood <br />City, County of San Mateo, California (the “City”) located at 110 Locust Street, including <br />improvements consisting of approximately 12,400 square feet, two stories, and 12 <br />residential units, in Redwood City, California, as more fully described in Exhibit A attached <br />hereto and incorporated herein by this reference (the “Property”). <br /> <br />B. On __________, 2017, the City Council of the City of Redwood City <br />approved forgiveness of two Community Development Block Grant loans (the “Loan <br />Forgiveness”) made to MidPen Housing Corporation, a California non-profit public benefit <br />corporation, and Mid-Peninsula Coalition Belle Haven, Inc., a California non-profit public <br />benefit corporation (together, “Developer”) in 1986 and 1988, in the amount of $452,000 <br />and $55,000, respectively, for the acquisition and rehabilitation of the Property for <br />purposes of operating a shelter facility for transitional housing. <br /> <br /> C. As a condition of the Loan Forgiveness, Developer has agreed to transfer <br />title in the Property to LifeMoves, which transfer shall happen concurrently with <br />effectiveness of this Agreement (the “LifeMoves Transfer”). <br /> <br />D. LifeMoves has operated a transitional housing facility on the Property for <br />extremely low income homeless families and is committed to the continued operation and <br />use of the Property as a transitional housing facility for very low income populations. <br /> <br />E. LifeMoves agrees to use restrictions for a term of twenty (20) years, and <br />LifeMoves and City desire to enter into this Affordability Agreement. <br /> <br />F. Concurrently with effectiveness of this Agreement, LifeMoves has entered <br />into a Right to Repurchase/Right of First Refusal (the “MidPen Right to Repurchase”) with <br />EXHIBIT C TO RESOLUTION NO. _______ <br />REV: 06-06-17 JS <br />ATTY/RESO.0051/CC RESO REDWOOD FAMILY HOUSE TRANSITIONAL HOUSING LOAN FORGIVENESS <br />Page 11 of 68 <br />6.3.B. - Page 16