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

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E. The City has adopted a 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"). The Density Bonus Law allows a density bonus and concessions and waivers when a developer proposes to provide rental housing affordable to Low Income Households (as defined below). F. On April 4, 2025, the Owner received ministerial approval from the City pursuant to California Government Code Section 65913.4 (the "Project Approvals") to construct the Development. As part of the Project Approvals, the Owner has agreed that one hundred percent (100%) of all of the residential units (exclusive of managers' units) shall be affordable and rented to Moderate Income Households or Low Income Households ("Affordable Units") for a fifty-five (55) year period from the date that a final certificate of occupancy is issued for the Affordable Units (the "Density Bonus Term"). Under the Density Bonus Law, the Owner has applied for, and the City has granted the following regulatory incentives and concessions in exchange for the Owner's provision of the Affordable Units: A density bonus —N/A (the "Density Bonus")\ 2. Three concessions, described as follows: relief from implementing the recommendations of the transit demand management plan, dual plumbing requirements, and street gradient design standards (the `Concessions"). 3. Ten waivers, described as follows: rear setback, front setback, bike parking, building disposition type, landscaping in rear yard, height zones, maximum height regulations, relational stepback plane from single-family homes, building fagade composition, and wrapped surface parking requirements (the "Waivers"). The Density Bonus, Concessions and Waivers are collectively, the "Incentives". G. As part of the Project Approvals and consistent with the Affordable Housing Ordinance, the City approved an Affordable Housing Plan for the Development. H. In accordance with the Density Bonus Law, the Affordable Housing Ordinance, California Government Code Section 65913.4, and the Project Approvals, the Owner has agreed that nine (9) of the residential units will be affordable and rented to Very Low Income Households, that one hundred fifty-two (152) of the residential units will be affordable and rented to Low Income Households, and fifteen (15) of the residential units will be affordable and rented to Moderate Income Households in accordance with the terms and conditions set forth in this Agreement. I. The Density Bonus Law requires the City to ensure, and the Owner to agree to, continued affordability of the Affordable Units for the Density Bonus Term. To ensure continued affordability of the Affordable Units for the Density Bonus Term, this Agreement shall be executed and recorded against the Property prior to or concurrently with approval of any final or parcel map or issuance of any building permits for the Development, whichever occurs first. REV: 04-03-25 LF ATTY/AGR.2025.060/112 Vera Ave., L.P. (REGULATORY AGREEMENT & RESTRICTIVE COVENANTS) (Page 2 of 22)