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

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RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: County of San Mateo Department of Housing 264 Harbor Blvd., Bldg. A Belmont, CA 94002 Attn: F. Gomez SPACE ABOVE THIS LINE FOR RECORDER’S USE A.P.N. 053-322-160-2 RIGHT TO PURCHASE/RIGHT OF FIRST REFUSAL THIS RIGHT TO PURCHASE/RIGHT OF FIRST REFUSAL (“Agreement”) dated for reference purposes only the ______ day of ____________, 201_, is entered into between the County of San Mateo, a political subdivision of the State of California (“County”), 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”). Recitals 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 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”) 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 the period of twenty (20) years from the date of the recordation of this Agreement, and LifeMoves agreed to grant to MidPen the right of first refusal to purchase the Property EXHIBIT E TO RESOLUTION NO. _______ REV: 06-06-17 JS ATTY/RESO.0051/CC RESO REDWOOD FAMILY HOUSE TRANSITIONAL HOUSING LOAN FORGIVENESS Page 49 of 68 6.3.B. - Page 54