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

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Recording Requested By: Commonwealth Land Title Company RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: City of Redwood City 1017 Middlefield Road Redwood City, CA 94063 Attention: City Clerk NO FEE FOR RECORDING PURSUANT TO GOVERNMENT CODE SECTIONS 6103 AND 27383 APN: 053-064-130 REGULATORY AGREEMENT AND DECLARATION OF RESTRICTIVE COVENANTS (112 Vera Avenue) This Regulatory Agreement and Declaration of Restrictive Covenants (the "Agreement') is made and entered into as of " - L4 , 2025 by and between the City of Redwood City, a California charter city and a municipal corporation (the "City") and 112 Vera Ave., L.P., a California limited partnership (the "Owner"). RECITALS A. These Recitals refer to and utilize certain capitalized terms, which are defined in Article 1 of this Agreement. The Parties intend to refer to those definitions in connection with the use of capitalized terms in these Recitals. B. Owner is developing the certain property more specifically described inLKhibit A attached hereto ("Property") generally located at 112 Vera Avenue, Redwood City. The Property will be developed with one hundred seventy-eight (178) residential units of which at least one hundred seventy-six (176) will be Affordable Units (the "Development'). C. In June 2018, the City adopted Ordinance 1130-375, the Affordable Housing Ordinance, set forth in Article 29 of the Redwood City Zoning Code, as amended (the "Affordable Housing Ordinance") which requires that specified new nonresidential development projects and residential development projects construct affordable units on-site or pay a housing impact fee as specified in Section 29.3 of the Affordable Housing Ordinance. D. The Affordable Housing Ordinance requires for developments subject to the Ordinance that a minimum of five percent (5%) of the residential units be affordable and rented to Very Low - Income Households (as defined below), five percent (5%) of the residential units be affordable and rented to Low Income Households (as defined below) and a minimum of ten percent (10%) of the residential units be affordable and rented to Moderate Income Households (as defined below). Exempt from fee per GC 27388.1 (a)(2); recorded REV: 04-03-25 LF concurrently "in connection with" a transfer subject to the imposition of documentary transfer tax. ATTY/AGR.2025.060/112 Vera Ave., L.P. (REGULATORY AGREEMENT & RESTRICTIVE COVENANTS) (Page 1 of 22)