Affordable Housing Regulatory Agreement

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This Affordable Housing Regulatory Agreement and Declaration of Restrictive Covenants (this "Agreement") is entered into effective as of# A9 , 2020 ("Effective Date") by and between the City of Redwood City, a charter city and municipal corporation ("City") and HIP Housing Development Corporation, a California nonprofit public benefit corporation ("Owner"). The City and the Owner are collectively referred to herein as the "Parties." RECITALS A. Owner is the owner of, or has the right to acquire, the real property located in the City of Redwood City, San Mateo County, California, at 3592 Rolison Road, and more particularly described in Exhibit A attached hereto (the "Property"). The Property is improved as a multi -family residential development, and is currently occupied. B. Owner intends to own and operate the existing 10 -unit multifamily residential building located on the Property (the "Project") as an affordable housing development in accordance with the requirements of that certain Affordable Housing Impact Fee Agreement dated as of MCkre4x CA , 2020, and executed by and among Premia Capital, LLC ("Premia"), City, and Owner (the "Housing Impact Fee Agreement"). C. Pursuant to the Housing Impact Fee Agreement, and in satisfaction of Premia's obligation to pay housing impact fees to the City pursuant to Article 29 of the City of Redwood City Zoning Code (the "Affordable Housing Ordinance"), Premia agreed to pay the sum of Two Million, One Hundred Forty -Nine Thousand and Twenty Dollars ($2,149,020) to assist in financing HHDC's acquisition of the Property. D. Pursuant to the Housing Impact Fee Agreement, for a period of not less than fifty- five (55) years, as they become vacant all residential units on the Property are required to be available to Eligible Households at Affordable Rents in accordance with this Agreement. E. The purpose of this Agreement is to satisfy the requirements of the Housing Impact Fee Agreement and the Affordable Housing Ordinance, and to regulate and restrict the occupancy and rents of the residential units in the Project for the benefit of the Project occupants. The Parties intend the covenants set forth in this Agreement to run with the land and to be binding upon Owner and Owner's successors and assigns for the full term of this Agreement. NOW THEREFORE, in consideration of the foregoing, and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows. 1. Definitions. The following terms have the meanings set forth in this Section wherever used in this Agreement or the attached exhibits. "Actual Household Size" means the actual number of persons in the applicable household. REV: 02-25-2020 PR ATTY/AGR.2020.039/Premia 1180 Main Owner, LLC (Page 16 of 42)