AgdaPkt 2017-06-12 Joint SA PFA - Laserfiche WebLink

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RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: MidPen Housing Corporation and Mid-Peninsula Coalition Bellehaven, Inc. 303 Vintage Park Drive, Suite 250 Foster City, CA 94404 Attn: Jan M. Lindenthal SPACE ABOVE THIS LINE FOR RECORDER’S USE A.P.N. 053-322-160-2 RIGHT TO REPURCHASE/RIGHT OF FIRST REFUSAL THIS RIGHT TO REPURCHASE/RIGHT OF FIRST REFUSAL (“Agreement”) dated for reference purposes only the ______ day of ____________, 201_, is entered into between MidPen Housing Corporation, a California non-profit public benefit corporation, and Mid- Peninsula Coalition Belle Haven, Inc., a California non-profit public benefit corporation (together, “MidPen”), the City of Redwood City, a California Municipal Corporation, (“City”) and LifeMoves, formerly known as InnVision Shelter Network, a California non-profit public benefit corporation (“LifeMoves”). A. LifeMoves is the owner of certain real property located at 110 Locust Street, Redwood City, California, identified as APN 053-322-160-2, more particularly described in Exhibit A attached hereto and made a part hereof (the “Property”), consisting of approximately 10,500 square feet of land, improved with one twelve (12) unit apartment building operated as a transitional housing program serving homeless families, commonly known as “Redwood Family House.” B. LifeMoves acquired the Property from MidPen pursuant to an Agreement of Purchase and Sale dated ____________, 2017 (the “Purchase Agreement”). As part of the consideration for the sale of the Property, LifeMoves agreed that the Property can only be used as “Transitional Housing” serving very low income household populations for a period of twenty (20) years from the date of LifeMoves’ acquisition of the Property from MidPen, as more particularly set forth in Sections 1.15 and 3.2 of the Purchase Agreement (the “Use Restriction”). C. Further, as part of the consideration for the sale of the Property, LifeMoves agreed to grant to MidPen the right to repurchase the Property in the event LifeMoves files bankruptcy or defaults in the performance of its obligations under the Affordability Agreement and/or the Regulatory Agreement, each defined in Recital D below, during EXHIBIT D TO RESOLUTION NO. _______ REV: 06-06-17 JS ATTY/RESO.0051/CC RESO REDWOOD FAMILY HOUSE TRANSITIONAL HOUSING LOAN FORGIVENESS Page 26 of 68 6.3.B. - Page 31