Reso25-02 0024 PC Reso 901 El Camino Real

Browse Search

Page 3 of 10 of control of the Affordable Site to Assignee, and to delineate the Parties’ respective rights and obligations for development of the Affordable Housing Project under the Development Agreement. NOW THEREFORE, in consideration of the promises, covenants, and provisions set forth herein, the receipt and adequacy of which consideration is hereby acknowledged, the Parties agree as follows: ARTICLE 1 RECITALS, DEFINITIONS AND EXHIBITS Section 1.1 Recitals. The Parties hereby agree that each of the foregoing Recitals are true and correct and are hereby incorporated herein by this reference as if fully set forth in their entirety. Section 1.2 Definitions. The capitalized terms below shall have the following meanings: (a) “901 El Camino Real Property” shall mean the real property described in Recital B of this Partial Assignment. (b) “901 El Camino Real Project” shall have the meaning set forth in Recital C of this Partial Assignment. (c) “Affordability Covenant” shall mean the Affordable Housing Restrictive Covenant Agreement, substantially in the form attached as Exhibit G to the Land Donation Agreement. (d) “Affordable Housing Project” shall have the same meaning as set forth in Recital D of this Partial Assignment and Recital E of the Development Agreement. In the event of an inconsistency, the Development Agreement shall control. (e) “Affordable Housing Project Approvals” shall have the same meaning as set forth in Recital E of this Partial Assignment. (f) “Affordable Site” shall mean the real property described in Recital D of this Partial Assignment and Recital D of the Development Agreement. In the event of an inconsistency, the Development Agreement term shall control. (g) “Assignee” shall mean Abode Communities, a California non-profit public benefit corporation. (h) “Assignee Obligations” shall have the same meaning as set forth in Section 3.1 of this Partial Assignment. ATTY/RESO.0024/PC RESO 901 EL CAMINO REV: 04-11-25 VR