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Agmt25 1900 Broadway Owner LLC
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Agmt25 1900 Broadway Owner LLC
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Last modified
1/22/2025 10:54:25 AM
Creation date
1/22/2025 10:50:44 AM
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Agreement
PROJECT NAME
Affordable Housing Land Donation Agreement
RMP File Number
304
Date
1/21/2025
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EXHIBIT H <br />FORM OF DEED OF TRUST <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 />F-11 WIZ <br />(Space above this line for Recorder's Use) <br />PERFORMANCE DEED OF TRUST AND SECURITY AGREEMENT <br />(847 Woodside Road) <br />THIS PERFORMANCE DEED OF TRUST AND SECURITY AGREEMENT ("Deed of <br />Trust") is made as of _, 20_ ("Effective Date"), by and among , <br />("Trustor"), Title Company, a California corporation ("Trustee"), <br />and the City of Redwood City, a California charter city ("Beneficiary"). <br />RECITALS <br />A. In satisfaction of the terms of that certain Affordable Housing Land Donation <br />Agreement, dated as of (the "Land Donation Agreement"), Trustor <br />acquired fee ownership of the certain real property located at 847 Woodside Road (APN: 059-240- <br />810), in the City, County of San Mateo, State of California, as more particularly described in the <br />attached Exhibit A, incorporated herein by this reference (the "Property"). <br />B. Trustor intends to construct seventy-one (7 1) affordable residential units (excluding <br />the manager's unit) in such manner and subject to such income requirements as specified in the <br />Affordable Housing Plan (the "Affordable Units"), on the Property (the "Affordable <br />Development"). <br />C. Beneficiary and Trustor entered into that certain Affordable Housing Restrictive <br />Covenants Agreement, dated as of the Effective Date and recorded in the Official Records of San <br />Mateo County substantially concurrently herewith (the "Regulatory Agreement"). <br />D. Pursuant to the Regulatory Agreement, Trustor is obligated to, among other things, <br />make the Affordable Units available to households earning no more than 80% of Area Median <br />Income ("AMI") for San Mateo County ("County"). <br />ATTY/AGR/2024.193.1--AFFORDABLE HOUSING LAND DONATION AGREEMENT— EXHIBIT H — DEED OF TRUST & SECURITY AGR <br />REV: 10-22-24 VR <br />Page 1 of 15 <br />
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