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<br />RECORDING REQUESTED BY <br />AND WHEN RECORDED MAIL TO: <br /> <br />CITY OF REDWOOD CITY <br />1017 MIDDLEFIELD ROAD <br />BOX 391 <br />REDWOOD CITY, CALIFORNIA 94064 <br />AnN: <br /> <br />ATTACHMENT <br /> <br />\ <br /> <br />6.1C <br />Page 5 <br /> <br />) <br />) <br />) <br />) <br />) <br />) <br />) <br />) <br />) <br /> <br />". . .~: ,:: .~~ <br /> <br />(Space Above Provided For Recorder) <br /> <br />.f: <br />.< ; ~. <br /> <br />Exempt from Recordin9);:~~$lJhder Govt. Code Section 27383 <br /> <br />-,. '.'..,". <br />DECLARATION OF AFFORDABILITY COVENANtS <br /> <br />THIS DECLARATION OE: :A:FFORDABJLlTY COVE~~NTS (this <br />"Declaration") is made on" ",,~9P8, by NICHOtJsbN LAMB <br />VENTURE LP, a California limited partnership(f1~r~in'~'tfer referred to as lLDecla rant") , <br />with respect to certain real property ,consisting of approximately sixty-six hundredths of <br />an acre (0.66 acres) and located '~t\,88P.'Woodsidet~ijx~ in the City of Redwood City, <br />County of San Mateo, California (tn~, "'C'itY'},~s more':~ully described in Exhibit "A" <br />attached hereto and incorporated herei~ by thisref~rence (t~t1'iuProperty"). <br /> <br />.' . ... <br /> <br />WHEREAS,thef>,lanning Qprrlml~SiOnfoF-ih'e City of Redwood City (the <br />"Planning Commissiqn"}previolJ$ly approvE3d a Zoning Map Amendment, Precise Plan <br />and Planned Corntl'l~hity Develqprnent Perrr'1itfor the development of a forty-three (43)- <br />unit four (4)- to five(5)~story conool11inium prOject on the Property (the "Project"); and <br />.... , : .' : ; ":: ':.: .:. : : ", . :'. " . '. ;. , ': ';' ': : ~: <br /> <br />. ., . . - .. .. <br />~: (:';'" ...;.:;,.::.;::,:. "-':':::::'-~":~/;'::'.~:':_'-'..,. ":~ <br />;: ~. : : :.: . . . "':: : .; '.: ': :: : .;: :.1 <br />i',~tlr;.REAS"'R~rsuant to the terms and conditions of the Precise Plan, as <br />approv~ctnbY tWe:PJ,~I1!1ingypI;l1mission and the City Council for the City of Redwood <br />City,ja~;minimum of!:fifteenper~ent (150/0) of the total number of residential units <br />~.t ~ .. : : . " }:. _ : '_ : _ '. :.'; 'i '. ~ <br />propbs~d, or six (6) residential~oift', shall be affordable to very-low, low or moderate- <br />incomehoLJseholds basedpn the County of San Mateo median income; and <br /> <br />WHERSAS, Declarant, in accordance with the Precise Plan, shall reserve a <br />minimum of fift~en. perc~nt (150/0) of the condominium units, each containing one (1) <br />bedroom and onejt1~~athroom and each consisting of approximately six hundred fifty <br />square feet (650 sf) to approximately one thousand (1000 sf) for purchase and <br />occupation at affordable housing cost to families of moderate-income, as those terms <br />are defined under Health and Safety Code sections 50052.5 and 50093, respectively <br />(each, an uAffordable Unif' and collectively, the "Affordable Units") for a period of forty- <br />five (45) years; and <br /> <br />REDW\0001 \DOC\022-3, DOC <br />12123/08 900 HvT <br /> <br />1 <br />