RecD05 2005-141296 - Laserfiche WebLink

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EXHIBIT "E" AFFORDABILITY COVENANTS RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: Redevelopment Agency of the City of Redwood City P.O. Box 391 Redwood City, CA 94064 Attn: Redevelopment Director (Space Above for Recorder's Use) DECLARATION OF AFFORDABILITY COVENANTS THIS DECLARATION OF AFFORDABILITY COVENANTS (this "Declaration") is made on , 2005, by VILLA MONTGOMERY, L.P., a California limited partnership ("Declarant") with respect to certain property located in the City of Redwood City, County of San Mateo, California, as more fully described in Exhibit "A" attached hereto and incorporated herein by this reference (the "Property"). WHEREAS, The Declarant is the fee simple owner of the Property; WHEREAS, The Declarant and the Redevelopment Agency of the City of Redwood City (the "Agency") have entered into that certain Amended and Restated DDA dated as of , ----, 2005 and recorded in the Official Records of San Mateo County as Document No. (the "DDA" or "Agreement") with respect to the Declarant's development of the Property; WHEREAS, Pursuant to the terms and conditions of the DDA, and in return for the Agency's financial assistance in connection with the redevelopment of the Property, the Declarant has agreed to develop upon the Property a 58 unit affordable apartment complex, including one (1) manager's unit, and to impose certain covenants on the Property and the apartment complex thereupon; and WHEREAS, The Declarant desires this Declaration to serve as the instrument to impose said covenants. NOW THEREFORE, the Declarant declares that the Property described above is held and will be held, transferred, encumbered, E - 1 REDW\0006\DOC\001-7 3/29/05 3:15 /rove