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JAH:dft 5/12/92 (009/30) <br /> 0 R I G I N A L 5/18/92 <br /> <br /> RESOLUTION NO. RD-92-7 RD-92-07 RD 92-07 RD 92-7 <br /> <br /> RESOLUTION APPROVING AGREEMENT WITH BUYERS OF REDWOOD <br /> PLAZA PROJECT WHO WILL ASSUME OBLIGATIONS UNDER OWNER <br /> PARTICIPATION AGREEMENT <br /> <br /> WHEREAS, Agency and Ostertag entered into that certain Owner <br />Participation Agreement dated as of February 26, 1985 (the <br />"Participation Agreement") for the purpose of effectuating the <br />Redevelopment Plan for the Centre Sub-Area of Redevelopment <br />Project No. 2 (the "Plan") and of assuring that the development <br />of Ostertag's property (the "Property") would conform to the <br />uses, requirements and other provisions of the Plan; and <br /> <br /> WHEREAS, Ostertag contemplated the development on the <br />Property of an 87-unit multi-family housing complex for the <br />elderly to be known as Redwood Plaza (the "Project") to be <br />developed by Redwood Plaza Investors; and <br /> <br /> WHEREAS, Ostertag transferred the Property to Redwood Plaza <br />Investors and Redwood Plaza Investors completed the Project in <br />1987 and, thereafter, to and including the date hereof, continues <br />to own and operate the Property and the Project; and <br /> <br /> WHEREAS, Redwood Plaza Investors, as Ostertag's successor in <br />interest to the Property, has agreed to sell and assign the <br />Property and the Project to Buyers (whose names and ownership <br />interests appear in the agreement approved by this resolution) on <br />the condition, among others, that Buyers, and each of them, agree <br />to assume and be bound by all of the terms and conditions of the <br />Participation Agreement; and <br /> <br /> <br />