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D. As used in this Assignment, the Affordable Housing Agreement, Landscape
<br />Maintenance Agreement, and Stormwater Maintenance Agreement, are sometimes hereinafter
<br />collectively referred to as the "City Agreements".
<br />E. Urban Housing Redwood City LLC, a Delaware limited liability company, who
<br />subsequently changed its name to SAC Redwood City Apartments LLC, a Delaware limited
<br />liability company, as Declarant entered into that certain Declaration of Covenants, Conditions and
<br />Restrictions for 2580 El Camino Real Urban Housing Redwood City LLC dated as of June 28,
<br />2012 and recorded in the Official Records of San Mateo County on July 3, 2012 as Document No.
<br />2012-093737 (the "CC&R's").
<br />F. Pursuant to that certain Assignment and Assumption of Affordable Housing
<br />Agreement, Landscape Maintenance Agreement and Stormwater Treatment Measures
<br />Maintenance Agreement and Assignment of Rights as Declarant Under Declaration of Covenants,
<br />Conditions and Restrictions dated March 27, 2015 and recorded in the Official Records of San
<br />Mateo County on March 31, 2015 as Document No. 2015-030586 (the "First Assignment"), Urban
<br />Housing Redwood City LLC, a Delaware limited liability company, who subsequently changed
<br />its name to SAC Redwood City Apartments LLC, a Delaware limited liability company, assigned
<br />all of its rights, duties and obligations under the City Agreements and CC&R's to Assignor.
<br />G. Pursuant to the terms of the Agreement of Purchase and Sale by and between
<br />Assignor, as Seller, and Interstate Equities Corporation, a California corporation, as Buyer and
<br />that certain Assignment and Assumption of Agreement of Purchase and Sale between Interstate
<br />Equities Corporation, as assignor and PR III/IEC REDWOOD CITY LLC, a Delaware limited
<br />liability company, as assignee (collectively referred to as the "Purchase Agreement") with an
<br />Effective Date of December 12 , 2025, Assignor has conveyed to Assignee, as of even date
<br />herewith, that certain real property commonly known as 2580 El Camino Real, Redwood City, CA
<br />and more particularly described on Exhibit A attached hereto ("Pro e ").
<br />H. Assignor desires to assign, and Assignee desires to assume, all of Assignor's rights,
<br />duties and obligations under the City Agreements, the CC&R's and the First Assignment.
<br />NOW THEREFORE, in consideration of the foregoing recitals and other good and valuable
<br />consideration, the receipt of which is hereby acknowledged, Assignor and Assignee agree as
<br />follows:
<br />1. Assignment of Rights and Obligations. Subject to the terms and conditions of this
<br />Assignment, Assignor hereby assigns and transfers to the Assignee, and its successors and assigns
<br />as of the Effective Date, all of Assignor's rights, title, interest, obligations, duties, responsibilities,
<br />conditions and restrictions as the "Developer" or "Property Owner" under the City Agreements,
<br />the CC&R's and First Assignment which arise or accrue from and after the Effective Date of this
<br />Assignment (the "Obligations').
<br />2. Assumption of Rights and Obligations. Assignee, for itself and its successors and assigns,
<br />hereby accepts such assignment and assumes all of the Obligations under the City Agreements,
<br />the CC&R's and the First Assignment which arise or accrue from and after the Effective Date of
<br />this Assignment, to the same extent as though Assignee had been originally a signatory to the City
<br />IHVAP116111V L2111p
<br />ATTY/AGR.2025.338/PR III/IEC REDWOOD CITY LLC (Page 2 of 9)
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