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6.N. - Page 4 of 19 <br />RECORDING REQUESTED BY <br />AND WHEN RECORDED MAIL TO: <br />Redwood City <br />1017 Middlefield Road <br />Redwood City, CA 94063 <br />Attention: City Manager <br />No fee for recording pursuant to <br />Government Code Section 27383 <br />AFFORDABLE HOUSING REGULATORY AGREEMENT AND <br />DECLARATION OF RESTRICTIVE COVENANTS <br />(The Cardinal Apartments) <br />This Affordable Housing Regulatory Agreement and Declaration of Restrictive <br />Covenants (the "Agreement") is made and entered into as of October 12, 2020 (the "Effective <br />Date"), by and between Redwood City, a municipal corporation (the "C"), and The Board of <br />Trustees of the Leland Stanford Junior University, a body having corporate powers under the <br />laws of the State of California, (the "Owner") (each individually a "Party" and together the <br />"Parties"), with reference to the following facts. <br />RECITALS <br />A. Capitalized terms used but not defined in these recitals are as defined in Article 1 <br />of this Agreement. <br />B. Owner owns certain real property located at 1 Franklin Street in Redwood City, <br />County of San Mateo, State of California as more particularly described in Exhibit "A" (the <br />"Prope "), upon which is located a housing development consisting of one hundred seventy <br />five (175) units on the Property (the "Development"). <br />C. City will restrict thirty seven (37) units at the Development (the "Affordable <br />Units") as affordable to very low and low-income households with incomes between fifty <br />percent (50%) and eighty percent (80%) of Area Median Income and Owner has agreed to <br />restrict such Affordable Units, as set forth herein. <br />D. Owner will benefit from this Agreement insofar as eligible households will be <br />provided an opportunity to reside in high quality affordable housing in the vicinity of Owner's <br />Redwood City campus, and the City will benefit from this Agreement by the increase in the <br />supply of affordable rental housing in Redwood City and result in increased housing <br />opportunities for income eligible households and positively impacting the jobs/housing balance <br />for income eligible households. <br />REV: 09-29-2020 VR <br />ATTY/AGR.2020.215/Stanford - Cardinal Apartments (Page 1 of 16) <br />120 <br />