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<br /> <br />Ana_EI' <br /> <br />\ <br /> <br />6.1G <br />Page 5 <br /> <br />RECORDING REQUESTED BY ) <br />AND WHEN RECORDED MAIL TO: ) <br />) <br />CITY OF REDWOOD CITY ) <br />1017 MtDDLEFIELD ROAD ) <br />BOX 391 ) <br />REDWOOD CITY, CALIFORNIA 94064 ) <br />A~: ) <br />) <br /> <br />(Space Above Provided For Recorder) Exempt from Recording Fees under Govt. Code Section 27383 <br /> <br />DECLARATION OF AFFORDABILITY COVENANTS <br /> <br />THIS DECLARATION OF AFFORDABILlTY COVENANTS (this <br />"Declaration") is made on , 2009, by NICHOLSON LAMB <br />VENTURE LP, a California limited partnership (hereinafter referred to as "Declarant"), <br />with respect to certain real property consisting of approximately sixty-six hundredths of <br />an acre (0.66 acres) and located at 885 Woodside Road in the City of Redwood City, <br />County of San Mateo, California (the "City"), as more fully described in Exhibit "A" <br />attached hereto and incorporated herein by this reference (the "Property"). <br /> <br />WHEREAS, the Planning Commission for the City of Redwood City (the <br />"Planning Commission") previously approved a Zoning Map Amendment, Precise Plan <br />and Planned Community Development Permit for the development of a forty-three (43)- <br />unit four (4)- to five (5)-story condominium project on the Property (the "Project"); and <br /> <br />WHEREAS, pursuant to the terms and conditions of the Precise Plan, as <br />approved by the Planning Commission and the City Council for the City of Redwood <br />City, a minimum of fifteen percent (150A>) of the total number of residential units <br />proposed, or six (6) residential units, shall be affordable to very-low, low or moderate- <br />income households based on the County of San Mateo median income; and <br /> <br />WHEREAS, Declarant, in accordance with the Precise Plan, shall reserve a <br />minimum of fifteen percent (150/0) of the condominium units, each containing one (1) <br />bedroom and one (1) bathroom 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 "Affordable Unit" and collectively, the "Affordable Units") for a period of forty- <br />five (45) years; and . <br /> <br />REDW\OO01 \OOC\022~3.DOC <br />12/23/08 900 HvT <br /> <br />1 <br />