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RECORDING REQUESTED BY: <br />CITY OF REDWOOD CITY <br />The undersigned Title Company hereby certifies that the <br />within instrument is a true and complete copy of the original <br />thereof, which was recorded in the official records of the <br />County of SCI /7 Mq lea on ulJC Z ji ZO (7 under <br />Recorders Series No: I —1 _ L <br />North American Title Company <br />When Recorded Mail To: <br />By <br />CITY OF REDWOOD CITY ' Annneeitttee Ross <br />City Clerk <br />1017 Middlefield Road <br />Redwood City, CA94063 <br />V)AMOTsu /oV4cE6, <br />hriER'S USE ImPt from Recording Fees under Govt. Code Section 27383 <br />DECLARATION OF AFFORDABILITY COVENANTS <br />HIP Housing Development Corporation, hereinafter referred to as "Owner," agrees that <br />the property described in Attachment 1, which is incorporated herein by reference, and <br />more commonly known as 1512 Stafford Avenue (the "Property"), shall be restricted for <br />a period of Fifty -Five (55) years from the date of Project Completion (the "Affordability <br />Period"). The Owner further agrees that (a) six of the units (the "CDBG/Affordable <br />Housing Fund Units") shall remain continuously affordable to Low Income Households for <br />the entire Affordability Period and (b) separately, one two-bedroom unit (the "Home - <br />Funded Unit") shall be affordable to Very Low Income Households for 10 years (the <br />"Home Affordability Period") and, thereafter, shall be affordable to Low Income <br />Households for the remaining 45 years of the Affordability Period. The housing facility to <br />be operated by Owner at the Property is hereinafter referred to as the "Project" "Project <br />Completion" shall be defined as the date of issuance of the Promissory Note <br />memorializing the loan from City to Owner of One Million Five Hundred Seventy -Seven <br />Thousand, Seven Hundred Fifty and no/100 Dollars ($1,577,750.00) (the "Promissory <br />Note") for acquisition of the Property, notwithstanding that the United States Department <br />of Housing and Urban Development ("HUD") defines Project Completion as the date when <br />the CDBG and HOME funds are drawn down and the City has entered project completion <br />information into HUD's disbursement and information system. These covenants will be <br />binding on the Owner and any and all successors in interest. <br />Provisions set forth in these affordability covenants that are designated as "HOME - <br />Funded Unit Only" shall only apply to the designated HOME -Funded Unit, and such <br />restrictions shall only apply to the HOME -Funded Unit during the HOME Affordability <br />Period. After the expiration of the HOME Affordability Period, all other provisions of these <br />affordability covenants, including provisions explicitly pertaining to CDBG/Affordable <br />Housing Fund Units, shall apply to all units in the Project, including the HOME -Funded <br />Unit, for the remainder of the Affordability Period. <br />Reference is hereby made to that certain Funding Agreement (the "Agreement") by and <br />between the City of Redwood City, California (the "City') and the Owner, <br />dated :Tuh-e, �- 2017. <br />ATTY/AGR/2017.145,1/ STAFFORD FUNDING AGREEMENT— DECLARATION OF AFFORDABILITY COVENANTS <br />REV: 06-21-17 JS <br />Page 1 of 6 <br />