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EXHIBIT "E" <br />AFFORDABILITY COVENANTS <br />RECORDING REQUESTED BY <br />AND WHEN RECORDED MAIL TO: <br />Redevelopment Agency of the <br />City of Redwood City <br />P.O. Box 391 <br />Redwood City, CA 94064 <br />Attn: Redevelopment Director <br />(Space Above for Recorder's Use) <br />DECLARATION OF AFFORDABILITY COVENANTS <br />THIS DECLARATION OF AFFORDABILITY COVENANTS (this <br />"Declaration") is made on , 200 , by MP REDWOOD <br />COURT ASSOCIATES, a California limited partnership ("Declarant") <br />with respect to certain property located in the City of Redwood <br />City, County of San Mateo, California, as more fully described in <br />Exhibit "A" attached hereto and incorporated herein by this <br />reference (the "Property"). <br />WHEREAS, The Declarant is the fee simple owner of the <br />Property; <br />WHEREAS, The Declarant and the Redevelopment Agency of <br />the City of Redwood City (the "Agency") have entered into that <br />certain Owner Participation Agreement dated as of <br />, 2003 and recorded in the Official Records of San Mateo <br />as Document No. (the "OPA") with respect <br />Declarant's development of the Property; <br />County <br />to the <br />WHEREAS, Pursuant to the terms and conditions of the <br />OPA, and in return for the Agency's financial assistance in <br />connection with the development of the Property, the Declarant has <br />agreed to repair and rehabilitate the Property so as to maintain it <br />as a 27 unit apartment complex and to impose certain affordability <br />covenants on the Property and the apartment complex thereupon; and <br />WHEREAS, The Declarant desires this Declaration to serve <br />as the instrument to impose said covenants. <br />NOW THEREFORE, the Declarant declares that the Property <br />described above is held and will be held, transferred, encumbered, <br />E - 1 <br />IIIIIIIWIIIIINIIIIIiIIIIRIIIIIilllillllllllll!1111 2ea'„aa'30, <br />