RecDoc2025-040037 Regulatory Agreement and Declaration of Restrictive Covenants 112 Vera Avenue

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(a) The City may bring an action at law or in equity to compel performance of obligations under this Agreement, and/or for damages. (b) Where one or more persons have received financial benefit as a result of violation of this Agreement, the City may assess and institute legal action to recover as necessary, a penalty in any amount up to an including the amount of financial benefit received in addition to recovery of the benefit received. (c) Requiring the Owner or its successor in interest to the Property to pay the City Rent or any other payment received by the Owner for the Affordable Unit(s) from the date of any unauthorized use of the Affordable Unit or in excess of the Rent allowed pursuant to Section 2.2 above. (d) The City may initiate appropriate legal action or procedures to withhold, condition, revoke, deny or suspend any permit, license, subdivision approval or map, or other entitlement for the Project, including without limitation final inspections for occupancy and/or certificates of occupancy. (e) The City may use any other means authorized under the City Code, Density Bonus Law, or any other applicable law to enforce compliance. (f)The City shall accept a cure of a default by the Owner from the Owner's limited partner on the same terms as if cured by the Owner itself. 6.7 Attorney's Fees and Costs. In any action brought to enforce this Agreement, the prevailing party shall be entitled to all costs and expenses of suit, including reasonable attorneys' fees. This Section shall be interpreted in accordance with California Civil Code Section 1717 and judicial decisions interpreting that statute. 6.8 Recording and Filing. The City and the Owner shall cause this Agreement, and all amendments and supplements to it, to be recorded against the Development in the Official Records of the County of San Mateo prior to any liens, deeds of trust or other instruments securing any monetary obligation of the Owner or recorded against the Development. The restrictions imposed under this Agreement are land use restrictions required to comply with the requirements under California Government Code Section 65913.4, the Affordable Housing Ordinance, and Density Bonus Laws and may not be subordinated. This Agreement shall not be subordinated to any liens, deeds of trust or other instruments recorded against the Development and shall survive and remain effective as against any transferee acquiring the Development as a result of any foreclosure or deed in lieu of foreclosure. 6.9 Governing Law and Venue. This Agreement shall be governed by the laws of the State of California. Venue shall be the County of San Mateo. 6.10 Amendments. This Agreement may be amended only by a written instrument executed by all the parties hereto or their successors in title, and duly recorded in the real property records of the County of San Mateo, California. 6.11 Notice. Formal notices, demands, and communications between the City and the Owner shall be sufficiently given if and shall not be deemed given unless dispatched by registered or certified mail, postage prepaid, return receipt requested, or delivered by express delivery service, REV: 04-03-25 LF ATTY/AGR.2025.060/112 Vera Ave., L.P. (REGULATORY AGREEMENT & RESTRICTIVE COVENANTS) (Page 16 of 22)