Agmt25 El Camino Real Holding JV LLC, - 920 Shasta

Browse Search

ATTY/AGR/2025.084/920 SHASTA AFFORDABLE HOUSING LAND DONATION AGREEMENT REV: 10-16-25 VR Page 6 of 41 (n) “Assignment and Assumption Agreement” means that certain Assignment and Assumption Agreement, substantially in the form attached hereto as Exhibit E, incorporated herein by this reference, under which the rights of the Qualifying Designee are assigned to a City-approved qualifying designee or a permitted transferee single purpose entity. (o) “Assignment of Contracts” means that certain Assignment of Contracts Agreement, substantially in the form attached hereto as Exhibit F, incorporated herein by this reference, under which the rights of the Qualifying Designee under specified contracts are assigned to the City. (p) “Assumed Household Size” shall have the meaning as set forth in the form of Affordable Housing Restrictive Covenant Agreement attached hereto as Exhibit G. (q) “CEQA” means the California Environmental Quality Act (“Public Resources Code Section 2100 et seq, as set forth in Recital O above. (r) “Close of Escrow” means the date that: (i) the Grant Deed conveying the Affordable Site is recorded in the Official Records of San Mateo County; (ii) the Irrevocable Offer to Dedicate is recorded against the Affordable Site; and, (iii) the Affordable Housing Restrictive Covenant is recorded against the Affordable Site. (s) “Construction Commencement Period” has the meaning set forth in Section 4.1(c). (t) “CTCAC” means the California Tax Credit Allocation Committee. (u) “DTPP Amendment MMRP” has the meaning set forth in Recital O. (v) “Effectuating Agreements” has the meaning set forth in Section 3.7 below. (w) “Execution Date” shall mean the date the Agreement as set forth in the introductory paragraph. (x) “Existing Occupants” shall have the same meaning as set forth in Section 3.5(a) below. (y) “Governmental Authorities” shall mean the City of Redwood City, the State of California or any other governmental or quasi-governmental entities who may issue permits or approvals for the development of the Affordable Development. (z) “Grant Deed” means that certain grant deed, substantially in the form attached hereto as Exhibit C, incorporated herein by this reference, pursuant to which the Affordable Site will be transferred to the Qualified Designee. (aa) “Hazardous Materials” means any hazardous or toxic substance, material, or waste which is or becomes regulated by any local governmental authority, the State of California, or the United States Government, and includes, without limitation, petroleum products, asbestos, PCB’s, and any material or substance which is (i) defined as hazardous or extremely