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06/12/2017 <br />promise to execute a Deed of Trust for the benefit of the City should MidPen exercise <br />its rights of repurchase or first refusal thereunder; and <br />WHEREAS, concurrently with the forgiveness of the Loans, LifeMoves, the <br />County and the City will enter a Right to Purchase/Right of First Refusal Agreement, <br />substantially in the form attached hereto as Exhibit E and incorporated herein by <br />reference (the "County Right to Purchase"), pursuant to which LifeMoves will grant <br />certain rights of purchase and first refusal to the County and County will promise to <br />execute a Deed of Trust for the benefit of the City should County exercise its rights of <br />purchase or first refusal thereunder; and <br />WHEREAS, the Affordability Agreement, the LifeMoves-City Deed of Trust, the <br />Reconveyances, the MidPen Right of Repurchase, the County Right of Purchase, and <br />any other related documents shall each be deposited in escrow; and <br />WHEREAS, the forgiveness of the Loans, the Property Transfer, and the <br />effectiveness of the Affordability Agreement, the LifeMoves-City Deed of Trust, the <br />Reconveyances, the MidPen Right to Repurchase, and the County Right to Purchase <br />shall occur simultaneously at a closing to be facilitated by an escrow agent (the <br />"Closing"); <br />NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF <br />REDWOOD CITY, AS FOLLOWS: <br />1. The foregoing recitals are hereby incorporated into this resolution as if set <br />forth in full herein. <br />2. The City Council hereby approves the forgiveness of the Loans, provided <br />that such forgiveness shall only occur upon successful completion of the Closing. <br />Page 4 of 5 <br />REV: 06-06-171S RESO. NO. 15591 <br />ATTY/RESO.0051/CC RESO REDWOOD FAMILY HOUSE TRANSITIONAL HOUSING LOAN FORGIVENESS MUFF NO. 454 <br />