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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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Section 1.2 Exhibits. The following exhibits are attached to this Agreement and <br />incorporated into this Agreement by reference as if fully set forth herein: <br />Exhibit A-1: <br />Legal Description <br />Exhibit A-2: <br />Preliminary Title Report <br />Exhibit B: <br />Affordable Housing Plan <br />Exhibit C: <br />Form of Grant Deed <br />Exhibit D: <br />Form of Irrevocable Offer to Dedicate <br />Exhibit E: <br />Form of Assignment and Assumption Agreement <br />Exhibit F: <br />Form of Assignment of Contracts <br />Exhibit G: <br />Form of Affordable Housing Restrictive Covenant <br />Exhibit H: <br />Form of Performance Deed of Trust <br />Section 1.3 Term. The "Term" of this Agreement shall consist of the period <br />commencing on Execution Date and :continuing until: (1) the Close of Escrow for the Land <br />Donation of the Affordable Site; or (2) the date of any termination of this Agreement in accordance <br />with the provisions hereof. The expiration of the Term of this Agreement shall have no effect on <br />the term of the Affordable Housing Restrictive Covenant restricting the Affordable Units, or any <br />other provision of this Agreement specified to survive termination of this Agreement as such may <br />apply to the Donor or the Qualified Designee. <br />ARTICT.r <br />PURPOSE AND OVERVI <br />Section 2.1 Scope and Purpose of Agreement. <br />The purposes of this Agreement, as more specifically set forth herein, is to: (1) effectuate <br />and satisfy the Developer's compliance with the requirements of the Ordinance with respect to the <br />1900 Broadway Project; (2) implement the requirements of the Affordable Housing Plan; (3) <br />govern the transfer and donation of the Affordable Site; and (4) set forth the expected preliminary <br />requirements for the operation and maintenance of the Affordable Development. <br />Section 2.2 Property. <br />(a) Land Ownership as of Effective Date. As of the Effective Date, Square <br />Trufund LLC, a California limited liability company, owns the Affordable Site. Under and <br />pursuant to the terms of that certain Purchase and Sale Agreement, dated October 24, 2022, the <br />Donor agrees to purchase the Affordable Site from Square Trufund LLC. <br />(b) Land Ownership Following the Close of Escrow. Following the Close of <br />Escrow, the Qualified Designee shall hold fee title to the Afordable Site. <br />Section 2.3 Satisfaction of Inclusionary Housing Obligation. <br />(a) From and after the Close of Escrow transferring fee title to the Affordable <br />Site from the Donor to the Qualified Designee, the Donor's affordable housing related obligations <br />under the Ordinance, the 1900 Broadway Project Approvals and the Affordable Housing Plan shall <br />ATTY/AGR/2024.193.1—AFFORDABLE HOUSING LAND DONATION AGREEMENT <br />REV: 10-22-24 VR <br />Page 8 of 35 <br />
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