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LOAN AGREEMENT (353 Main Street Apartments) This Loan Agreement (the "Agreement") is entered into as of June _, 2020 (the "Effective Date"), by and between the City of Redwood City, a California charter city (the "City"), acting in its capacity as housing successor under California Health and Safety Code Section 34176, to the dissolved City of Redwood City Redevelopment Agency (the "Former Agency"), a public body, corporate and politic, and 353 Main Street Apartments, LP, a California limited partnership (the "Developer"), with reference to the following facts, understandings and intentions of the parties: RECITALS A. These Recitals refer to and utilize certain capitalized terms that are defined in Article 1 of this Agreement. The Parties intend to refer to those definitions in connection with the use of capitalized terms in these Recitals. B. The City Council of the City of Redwood City (the "City Council") adopted the Redevelopment Plan for the Redwood City Redevelopment Project No. 2 (the "Project Area") on July 19, 1982 (as amended from time to time, the "Redevelopment Plan"). The Redevelopment Plan affects and controls the development and use of all real property located within the Project Area as more particularly described and set forth in the Redevelopment Plan. The goals for the Redevelopment Plan include alleviation of blighting conditions and the stimulation of economic development and affordable housing activities in the Project Area and the community. C. On January 17, 2012, and pursuant to Health and Safety Code Section 34173, the City Council declared that the City would act as successor agency (the "Successor Agency") to the Former Agency effective February 1, 2012, and to retain the housing assets and functions previously performed by the Former Agency pursuant to Health and Safety Code Section 34176(b)(1). D. On February 1, 2012, pursuant to Health and Safety Code Section 34176(b)(1) and 34177(g), the Successor Agency transferred to the City the housing functions and assets of the Former Agency. E. The Developer owns that certain real property generally located at 353 Main Street, Redwood City, California, as further described in the attached Exhibit A and incorporated herein by this reference (the "Property") on which the Developer intends to construct the Improvements. F. Subject to the terms and conditions of this Agreement, the City will make the Loan to the Developer which will be funded with money from the City's Low and Moderate Income Housing Asset Fund established pursuant to California Health and Safety Code Section 34176(d), City Housing In -Lieu Funds and City Affordable Housing Funds. REV: 06-17-2020 PR 1199\09\2727850.8 ATTY/AGR.2020.100/353 Main Street Apartments LP (Page 6 of 143)