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RECORDING REQUESTED BY <br />AND WHEN RECORDED MAIL TO: <br />City of Redwood City <br />1017 Middlefield Road <br />Redwood City, CA 94063 <br />Attention: City Manager <br />NO FEE FOR RECORDING PURSUANT <br />TO GOVERNMENT CODE <br />SECTIONS 6103 AND 27383 <br />APN: 052-038-383-27-04 <br />REGULATORY AGREEMENT AND DECLARATION <br />OF RESTRICTIVE COVENANTS <br />(3 53 Main Street Apartments) <br />This Regulatory Agreement and Declaration of Restrictive Covenants (the "Agreement") is made <br />and entered into as of June _, 2020, by and between the City of Redwood City, a California <br />charter city (the "City") and 353 Main Street Apartments, LP, a California limited partnership <br />(the "Owner"). <br />RECITALS <br />A. These Recitals refer to and utilize certain capitalized terms which are defined in <br />Article 1 of this Agreement. The Parties intend to refer to those definitions in connection with <br />the use of capitalized terms in these Recitals. <br />B. The City and the Owner executed that certain Loan Agreement, as of June _, <br />2020, as such may be amended from time to time (the "Loan Agreement"), under which the City <br />agreed to loan and the Owner agreed to borrow up to Three Million Five Hundred Thousand <br />Dollars ($3,500,000) (the "City Loan"), which the Owner will use, together with funds obtained <br />from other sources, for the acquisition, development and construction of approximately one <br />hundred twenty-five (125) affordable units. <br />C. The funds loaned to the Owner pursuant to the Loan Agreement consist of <br />Housing Fund Proceeds. Pursuant to Health and Safety Code Section 33334.3, the City must <br />restrict developments assisted with Housing Fund Proceeds, so that the Developments remain <br />affordable to low and moderate income households for the longest feasible time. The City is <br />requiring the execution of this Agreement in order to implement the requirements Health and <br />Safety Code Section 33334.3. <br />D. The City has agreed to make the City Loan to the Owner on the condition that the <br />Development be maintained and operated in accordance with Health and Safety Code Sections <br />1199\09\2724482.6 <br />