Agmt17 HIP Housing Funds to Acquie 1512 Stafford

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Total Acquisition Cost: $3,424,292 Sources: Boston Private Bank $1,000,000 Redwood City -Affordable Housing $1,099,000 Fund Redwood City - CDBG $289,750 Redwood City - HOME-CHDO $189,000 County of San Mateo - AHF $600,000 Contractor $246,542 3. Use: Contractor shall use the Property exclusively for providing affordable rental housing for Very Low Income Households and Low Income Households and commercial use of the commercial space subject to the terms of the Affordability Covenants. If Contractor discontinues these stated uses at the subject Property, or uses the Property or any portion thereof, for purposes other than what has been described in this paragraph without first obtaining the prior written consent of the City, Contractor shall be in default of this Agreement and agrees to pay the City, upon demand, the full amount of the Redwood City financial assistance provided to assist in the acquisition of the Property, provided however Contractor shall have sixty (60) days to cure the default after receipt of a notice of default is provided in writing by the City. The restrictions imposed upon the Property as set forth in this paragraph shall remain in full force and effect for the term of the Loan regardless of whether the loan is paid off before its maturity date. 4. Form of Citv Financial Subsidv: The loan of the Funds provided under this Agreement shall be evidenced by the Promissory Note in favor of the City and secured by the Deed of Trust. During the Loan Term, Contractor shall not further encumber, subordinate, sell, nor transfer title in the jeopardize the economic sustainability and without the prior written consent of the City. Property, nor take any action that would affordability of the Property being acquired, 5. Environmental Review: City and Contractor shall conduct the necessary environmental review consistent with NEPA and CEQA regulations to commit and disburse funds under this Agreement. 6. Affirmative Marketing: The Project must comply with affirmative marketing responsibilities that meet federal and state requirements. Contractor shall submit an affirmative marketing plan to the City prior to disbursement of funds under this Agreement. 7. Leases. Tenant Protection and Selection: Contractor must adhere to a fair lease, tenant selection and grievance procedure and must provide a plan for and follow a program of tenant participation in management decisions. Said plan shall be submitted to the City prior to or at the time Contractor signs this Agreement. Contractor shall adopt written tenant selection policies and criteria that are consistent with the purpose of providing housing for Very Low Income Households and Low Income Households; are reasonably related to program eligibility and the applicants' ability to perform the obligations of the lease; provide for the selection of tenants from a written waiting list in ATTY/AGR/2017.145/ STAFFORD FUNDING AGREEMENT REV: 06-21-17 JS Page 20 of 41