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ATTY/AGR/2018.027/MID PEN MOSIAC GARDENTS (ATHERTON COURT) <br />REV: 02-06-18 JS <br />Page 1 of 41 <br />AGREEMENT WITH MP MOSAIC GARDEN ASSOCIATES, L.P. FOR <br />FUNDS TO REFINANCE 3752-3770 ROLISON ROAD PROPERTY <br /> <br /> THIS AGREEMENT, made and entered into this day of __________ 2018, <br />by and between the CITY OF REDWOOD CITY, a charter city and municipal corporation <br />of the State of California (“City”) and MP MOSAIC GARDEN ASSOCIATES, L.P. a <br />California limited partnership (“Contractor”; collectively the “Parties”). <br />W I T N E S S E T H: <br /> WHEREAS, pursuant to Section 18.273 of the Redwood City Code, monies in the <br />City’s Affordable Housing Fund shall be expended exclusively to provide housing <br />affordable to extremely low income, very low income, lower income, and moderate <br />income households in the City, as defined therein; and <br />WHEREAS, Contractor has requested funding assistance from the City’s <br />Affordable Housing Fund to refinance property located at 3752-3770 Rolison Road in the <br />City of Redwood City (the “Property”) to be used to provide rental housing to Low Income <br />Households, Very Low Income Households, and Extremely Low Income Households, <br />each as defined below (such refinancing and operation of a housing facility, the “Project”); <br />and <br />WHEREAS, in consideration for providing monies from the Affordable Housing <br />Fund, Contractor has agreed to record a certain Declaration of Affordability Covenants <br />on the Property in the form attached hereto as Exhibit “A” and incorporated herein by <br />reference (the “Affordability Covenants”), which Affordability Covenants shall restrict <br />income and rent for 55 years (the “Affordability Period”) such that one of the units shall <br />remain continuously affordable to Low Income Households (the “Low Affordable Unit”); <br />thirty-two of the units shall remain continuously affordable to Very Low Income <br />ATTACHMENT 1 <br />6.3.A. - Page 15