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EXHIBIT B <br />RECORDING REQUESTED BY <br />AND WHEN RECORDED MAIL TO: <br />City of Redwood City <br />1017 Middlefield Road <br />Redwood City, CA 94063 <br />Attention: City Clerk <br />NO FEE FOR RECORDING PURSUANT <br />TO GOVERNMENT CODE <br />SECTIONS 6103 AND 27383 <br />APN: <br />(Space above for Recorder's Use) <br />This Agreement is recorded at the request and <br />for the benefit of the City of Redwood City <br />and is exempt from the payment of a <br />recording fee pursuant to Government Code <br />Sections 27383. <br />ASSIGNMENT AND ASSUMPTION AGREEMENT <br />This Assignment and Assumption Agreement (this "Agreement') is entered into as of <br />20by and SI 78, LLC, a California limited liability company (the <br />"Assignor"), and a (the "Assignee") with the <br />acknowledgement of the City of Redwood City, a California charter city (the "City"). <br />RECITALS <br />A. Assignor previously entered into that certain Affordable Housing Restrictive <br />Covenant Agreement, dated as of _, 20_ (the "Affordable Housing Covenant") <br />and recorded in the official records of San Mateo County (the "Official Records"), California, as <br />Document No. , under which the Assignor agreed to acquire, develop, construct and <br />operate approximately one -hundred nineteen (119) Affordable Units and one unrestricted <br />manager's unit (the "Development"). <br />B. Assignor desires to transfer all of Assignor's interest in the Development and to <br />assign to Assignee its rights, duties and obligations under the Affordable Housing Covenant and <br />Assignee desires to accept and assume each and all of the rights, duties, and obligations of the <br />Assignor under the Affordable Housing Covenant. <br />C. Pursuant to Section 6.27 of the Affordable Housing Covenant, the Assignor may <br />without the consent of the City, assign all of its right, title, interest and obligations under the <br />Affordable Housing Covenant to a limited partnership in which Assignor is the administrative <br />1 <br />1199\09\2813169.3 <br />