Agmt25 SEC-Lenders Documents 2 - Loan Agreement

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ATTACHMENT NO. 7 RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: City of Redwood City 1017 Middlefield Road Redwood City, CA 94063 Attn: Citv Clerk Space above line for Recorder's use only Exempt from Recording Fees pursuant to Govt. Code § 27383 CITY OF REDWOOD CITY REGULATORY AGREEMENT AND DECLARATION OF RESTRICTIVE COVENANTS, CONDITIONS AND RESTRICTIONS RESTRICTING USE OF PROPERTY FOR AFFORDABLE HOUSING 417 Stambaugh Street, Redwood City, CA 94063 THIS REGULATORY AGREEMENT AND DECLARATION OF RESTRICTIVE COVENANTS, CONDITIONS AND RESTRICTIONS RESTRICTING USE OF PROPERTY FOR AFFORDABLE HOUSING (this "Regulatory Agreement") is dated as of , 2025 (the "Effective Date"), and is made by and between the CITY OF REDWOOD CITY, a municipal corporation (the "City"), and HEART -SV, a California Joint Powers Authority (the "Owner"), with reference to the following recited facts (each, a "Recital"). RECITALS A. The Owner owns or will own and operates that certain real property specifically defined as the "Property" in this Regulatory Agreement, which is improved with a multifamily rental housing development comprising a total of eight (8) residential units; B. Owner owns the Property to be operated as affordable housing. The City has agreed to make a loan to Owner in an amount not to exceed ONE MILLION ONE HUNDRED NINETY NINE THOUSAND NINE HUNDRED NINETY NINE Dollars ($1,199,999) pursuant to the Affordable Housing Preservation Program, as enacted on July 24, 2023 pursuant to Council Resolution No. 16165 and amended on August 26, 2024 by Council Resolution No. 16238 (the "Loan") for a portion of the costs of the acquisition of the Property as more particularly described in that Loan Agreement entered into by and between City and Owner (the "Loan Agreement"); C. This Regulatory Agreement shall, subject to the terms and conditions set forth herein, restrict the use of the Property for a term of not less than fifty-five (55) years commencing on the date of recordation of this Regulatory Agreement as more specifically set forth herein, to ensure that each Affordable Unit included within the Development shall, at all times until expiration of such period, be occupied or reserved for occupancy by a Qualifying Household (as defined in Section 1.1.50 of this Regulatory Agreement) at an Affordable Rent (as defined in REV: 05-21-25 LF ATTY/AGR.2025.100/HEART-SV (417 Stambauah St.) (Page 49 of 85)