Agmt25 El Camino Real Holding JV LLC, - 920 Shasta

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ATTY/AGR/2025.084/920 SHASTA AFFORDABLE HOUSING LAND DONATION AGREEMENT REV: 10-16-25 VR Page 9 of 41 Exhibit B-2: Relocation Plan Exhibit C: Form of Grant Deed Exhibit D: Form of Irrevocable Offer to Dedicate Exhibit E: Form of Assignment and Assumption Agreement Exhibit F: Form of Assignment of Contracts Exhibit G: Form of Affordable Housing Restrictive Covenant Exhibit H: Form of Performance Deed of Trust Section 1.3 Term. The “Term” of this Agreement shall consist of the period commencing on Execution Date and continuing until: (1) the Close of Escrow for the Land Donation of the Affordable Site; or (2) the date of any termination of this Agreement in accordance with the provisions hereof. The expiration of the Term of this Agreement shall have no effect on the term of the Affordable Housing Restrictive Covenant restricting the Affordable Units, or any other provision of this Agreement specified to survive termination of this Agreement as such may apply to the Qualified Designee. ARTICLE 2. PURPOSE AND OVERVIEW Section 2.1 Scope and Purpose of Agreement. The purposes of this Agreement, as more specifically set forth herein, is to: (1) effectuate and satisfy the Developer’s compliance with the requirements of the Ordinance with respect to the 901 El Camino Real Project; (2) implement the requirements of the Affordable Housing Plan and Relocation Plan; (3) govern the transfer and donation of the Affordable Site; and (4) set forth the expected preliminary requirements for the operation and maintenance of the Affordable Development. Section 2.2 Property. (a) Land Ownership as of Execution Date. As of the Execution Date, Shasta Storage, LLC, a California limited liability company and Butler Realty, LLC, a Delaware limited liability company, owns the Affordable Site. Under and pursuant to the terms of that certain Memorandum of Agreement of Purchase and Sale and Joint Escrow Instructions, dated August 20, 2021 (“Purchase Agreement”), Developer’s Affiliated Company KM-ECR LLC has the right to acquire the Affordable Site from Shasta Storage, LLC and Butler Realty, LLC. (b) Land Ownership Following the Close of Escrow. Pursuant to and in accordance with the terms of the Affordable Housing Plan, the Developer or the Developer’s Affiliated Company shall, in accordance with the terms of this Agreement, donate the Affordable Site to the Qualified Designee after acquiring the Affordable Site, such that following the Close of Escrow, the Qualified Designee shall hold fee title to the Affordable Site. Section 2.3 Satisfaction of Inclusionary Housing Obligation. (a) From and after the Close of Escrow transferring fee title to the Affordable Site from the Developer to the Qualified Designee, the Developer’s affordable housing related obligations under the Ordinance, the 901 El Camino Real Project Approvals and the Affordable