RecDoc 2022-044651 IQHQ Elco Yards, L.P.

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leave -9 iTAU) U QUOIM ID GkA �lb�Uti'r� N+�`Ct��t•fir1� RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: City of Redwood City 1017 Middlefield Road Redwood City, CA 94063 Attention: City Clerk NO FEE FOR RECORDING PURSUANT TO GOVERNMENT CODE SECTIONS 6103 AND 27383 APN: 053-182-020, 053-182-040 2022-044651 County 3:00 pm 06/01/22 AG DR Fee: NO FEE Count of Pages 23 Recorded in Official Records County of San Mateo Mark Church Assessor -County Clerk -Recorder II1I I I 1111111 III 11111 IN N1 11111111111111111111111111111111111 $ R 0 0 0 3 2 5 5 6 8 3$* REGULATORY AGREEMENT AND DECLARATION 0 OF RESTRICTIVE COVENANTS U�r (South Main Mixed Use- Parcel A) This Regulatory Agreement and Declaration of Restrictive Covenants (the "Agreement") is made and entered into as of A PC -i (- Z$ _, 2022, by and between the City of Redwood City, a California charter city (the "City") and Kopf & Kopf LLC, a California limited liability company ("Kopf') and IQHQ Elco Yards, L.P., a Delaware limited partnership ("IQHQ" and collectively with Kopf, "Owner"). RECITALS A. These Recitals refer to and utilize certain capitalized terms, which 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. Kopf is the owner of that certain property more specifically described in Exhibit A attached hereto. Kopf and IQHQ have entered into a ground lease whereby IQHQ is leasing the Property from Kopf. For purposes of this Agreement, the "Property" shall consist of Kopf's fee interest and IQHQ's leasehold interest in that property described in Exhibit A. C. IQHQ is developing the Property as part of a mixed use development that includes 540 residential units including at least 147 affordable units, approximately 530,000 square feet of office, approximately 28,800 square feet of retail and approximately 8,400 square feet of childcare facility generally located between El Camino, Maple Street, Cedar Street and Main Street (the "Development"). The Property will be developed with 252 residential units. D. Under the Conditions of Approval for the Development, approved by Resolution No. 15908 adopted on November 16, 2020 by the City Council of the City of Redwood City ("Conditions of Approval"), IQHQ agreed to provide fifty nine (59) affordable units on the Property of which Thirty -Eight (38) will be affordable to Low Income Households and Twenty - REV: 04-07-2022 SK Exempt from fee per GC 27388.1(a) (1); fee cap of $225 reached ATTY/AGR.2022.067/IQHQ Elco Yards, LP and Kopf & Kopf LLC (Page 1 of 19)