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EXHIBIT K
<br />ASSIGNMENT OF COLLATERAL DOCUMENTS
<br />(353 Main Street)
<br />This Assignment of Collateral Documents (the "Assignment") is entered into as of this
<br />day of June , 2020, by and between 353 Main Street Apartments, LP, a California
<br />limited partnership ("Assignor"), and the City of Redwood City, a California charter city, (the
<br />"Assignee"), with reference to the following facts:
<br />RECITALS
<br />A. Pursuant to the terms of that certain Loan Agreement dated as of June _, 2020,
<br />as amended from time to time, by and between Assignor and Assignee (the "Loan Agreement"),
<br />Assignor desires to assign to Assignee, and Assignee desires to accept from Assignor, the
<br />assignment of Assignor's right, title, and interest in and under those agreements, contracts and
<br />other work product described below and incurred by Assignor in connection with the
<br />Development, as listed in Schedule 1 attached hereto, as the same may be amended from time to
<br />time.
<br />B. The consent to such assignments by various third parties may be required in the
<br />form of consent attached hereto as Schedule II (the "Consent").
<br />NOW, THEREFORE, in consideration of the foregoing, of the mutual promises of the parties
<br />hereto, and for other good and valuable consideration, the receipt and sufficiency of which are
<br />hereby acknowledged, the parties mutually agree as follows:
<br />MUM1M
<br />Section 1. Assignment by Assignor. Pursuant to Section 3.11 of the Loan
<br />Agreement, subject to the rights of senior lenders, Assignor hereby assigns and delegates to
<br />Assignee, and Assignee hereby accepts from Assignor, a security interest in any and all of
<br />Assignor's right, title, and interest in and obligations under the following:
<br />(a) all architectural designs, construction, engineering and consulting
<br />contracts (including Construction Contracts as defined in the Loan Agreement), and any and all
<br />amendments, modifications, supplements, addenda and general conditions thereto (collectively,
<br />the "Project Agreements") heretofore or hereafter entered into by Assignor and any Contractor
<br />(as defined below);
<br />(b) all plans and specifications, shop drawings, working drawings, reports,
<br />studies, amendments, modifications, changes, supplements, general conditions, addenda and
<br />work product thereto (collectively, the "Re orts Plans and Specifications") heretofore or
<br />hereafter prepared by Assignor or any Contractor;
<br />(c) all land use approvals, conditional use permits, building permits and other
<br />governmental entitlements and approvals of any nature obtained for the Development
<br />(collectively, the "Government Approvals"); and
<br />1 199\09\2826903.2
<br />1199\09\2727850.8
<br />ATTY/AGR.2020.100/353 Main Street Apartments LP (Page 135 of 143)
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