Agmt21 Home Program Affordable Housing Regulatory

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This HOME Program Affordable Housing Regulatory Agreement (this "Agreement") is entered into effective as of J u! 2021 ("Effective Date") by and between the City of Redwood City, a charter city and municipal corporation ("City") and Habitat for Humanity Greater San Francisco Inc., a California nonprofit public benefit corporation ("Developer"). The City and the Developer are collectively referred to herein as the "Parties." RECITALS A. Developer is the owner of the real property located at 612 Jefferson Avenue in Redwood City, San Mateo County, California, which is more particularly described in Exhibit A to this Agreement (the "Property"). B. Developer intends to construct a residential condominium project on the Property that will consist of 20 for -sale dwelling units together with parking and related improvements (collectively, the "Project"). C. Pursuant to that certain Affordable Housing Loan Agreement dated as of the date hereof and executed by and between the Parties (the "Loan Agreement"), City has agreed to provide Developer with a loan in the amount of Eight Hundred Ninety -Eight Thousand Five Hundred and Three Dollars ($898,503) (the "Loan") that will be funded with HOME Funds. D. As a condition precedent to the funding of the Loan, City requires the Project and the Property to be subject to the terms, conditions and restrictions set forth herein. The Loan will fund construction of no fewer than six (6) and no more than eleven (11) units within the Project for sale to lower income households (the "HOME Units") at an affordable sales price for a term of fifty-five (55) years. E. Pursuant to the Loan Agreement, Developer will execute and deliver to City a Secured Promissory Note (the "Note") to evidence Developer's obligation to repay the Loan. The Note will be secured by a Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing that shall be executed by Developer for the benefit of City (the "Deed of Trust") and recorded against the Property substantially concurrently herewith. F. The purpose of this Agreement is to satisfy the affordable housing requirements of the HOME Program, and to regulate and restrict the occupancy and sale of the Project's HOME Units for the benefit of the Project occupants. G. The Parties intend the covenants set forth in this Agreement to run with the land and to be binding upon Developer and Developer'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. SF #4821-4436-6284 v2 1619\0113064651.1 REV: 05-19-20215K