RecDoc2025-000645 Regulatory Agreemnt and Declaration of Restrictive Covenants 557 E. Bayshore

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Households and forty-three (43) will be affordable to Moderate Income Households which must conform with the Affordable Housing Ordinance, set forth in Article 29 of the City Zoning Code. The twenty-one (21) units affordable to Very Low Income Households within Buildings A and Building B are also subject to the Density Bonus Ordinance, set forth in Article 32 of the Redwood City Zoning Code, as amended to conform to the State Density Bonus Law (Government Code Section 65915-65918) (together the "Density Bonus Law"). D. As part of the Conditions of Approval and consistent with the Affordable Housing Ordinance (defined below), the City approved an Affordable Housing Plan for the Development. E. The Affordable Housing Plan allocates a pro -rata share of the affordable housing units to each of Building A and Building B so each building independently meets the City's Affordable Housing Ordinance and complies with the Conditions of Approval and the Affordable Housing Plan. F. For ease of reference, and to accommodate the phased construction timeline, the Owner requested and City agreed to have two separate Regulatory Agreement and Declaration of Restrictive Covenants Agreements, one for Building A and one for Building B to satisfy the requirements of the City's Affordable Housing Ordinance and the Density Bonus Law. These Regulatory Agreement and Declaration of Restrictive Covenants Agreements are required to be executed and recorded prior to issuance of the first building permit for the Development consistent with the affordability requirements of the Affordable Housing Plan. G. This Agreement sets forth the requirements and obligations for the Affordable Units (defined below) and serves as the "Affordable Housing Agreement" required under Condition 35(d) of the Conditions of Approval for Building B only. H. In order to ensure that the Affordable Units (defined below) will be used and operated in accordance with these conditions and restrictions, the City and the Owner wish to enter into this Agreement. THEREFORE, the City and the Owner hereby agree as follows: ARTICLE 1. DEFINITIONS 1.1 Definitions. When used in this Agreement, the following terms shall have the respective meanings assigned to them in this Article 1. (a) "Actual Household Size" means the actual number of persons in the applicable household. 3.6 below. REV: 10-23-24 J B (b) "Affordable Housing Monitoring Fee" has the meaning set forth in Section Page 2 of 20 ATTY/AGR.2024.202/Redwood Crossing LLC (557 E. Bayshore (Bldg B) Affordable Hsg Agrmt) (Page 2 of 27)