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<br />ATTY/RESO.0020/CC RESO APPROVING AMENDMENTS TO HPP GUIDELINES – EXHIBIT B <br />REV: 05-04-26 LF <br />Page 50 of 86 <br />ATTACHMENT NO. 7 <br />FORM OF REGULATORY AGREEMENT <br />RECORDING REQUESTED BY <br />AND WHEN RECORDED MAIL TO: <br />City of Redwood City <br />1017 Middlefield Road <br />Redwood City, CA 94063 <br />Attn: City Clerk <br /> <br />Space above line for Recorder’s use only <br />Exempt from Recording Fees pursuant to Govt. Code § 27383 <br /> <br />CITY OF REDWOOD CITY <br />REGULATORY AGREEMENT AND DECLARATION OF RESTRICTIVE <br />COVENANTS, CONDITIONS AND RESTRICTIONS <br />RESTRICTING USE OF PROPERTY FOR AFFORDABLE HOUSING <br />(Insert Name of Development/Address) <br />THIS REGULATORY AGREEMENT AND DECLARATION OF RESTRICTIVE <br />COVENANTS, CONDITIONS AND RESTRICTIONS RESTRICTING USE OF PROPERTY <br />FOR AFFORDABLE HOUSING (this “Regulatory Agreement”) is dated as of _____________, <br />20__ (the “Effective Date”), and is made by and between the CITY OF REDWOOD CITY, a <br />municipal corporation (the “City”), and [INSERT BORROWER NAME,] a [Insert State and <br />business entity type] (the “Owner”), with reference to the following recited facts (each, a <br />“Recital”). <br />RECITALS <br />A. The Owner owns or will own and operates that certain real property specifically <br />defined as the “Property” in this Regulatory Agreement, which is improved with a multifamily <br />rental housing development comprising a total of ____________ (__) residential units; <br />B. Owner owns or is acquiring the Property to be operated as affordable housing. The <br />City has agreed to make a loan to Owner in an amount not to exceed _______________ Dollars <br />($_____________) pursuant to the Affordable Housing Preservation Program, as enacted pursuant <br />to Council Resolution No. _________ (the “Loan”) [for Acquisition/Rehabilitation Loan] [for a <br />portion of the costs of the acquisition and rehabilitation of the Property] [for Expiring Covenant <br />Loans] [as consideration for Owner’s agreement to restrict the use of the Property for the operation <br />of the Property as an affordable housing development in accordance with the terms of this <br />Regulatory Agreement], as more particularly described in that Loan Agreement entered into by <br />and between City and Owner (the “Loan Agreement”);