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B¢xly, recorded June 28, 1996, as Instrument No. 96079146 in the Oflic~al Records of San
<br />Mateo CaJn~, California, and encumbering the Property, and
<br />
<br /> (b) Affor~ei~le HoU~ng Covenant (the "Covenant") dated June 18, 1996,
<br />executed by Borrower for the bener~ of Governmental Bo~j and recorded June 28, 1996, as
<br />Instrument No. 960T9147 in the Official Records of San Mateo County, California, pursuant to
<br />the ten'ns of which Borrower agreed, among offier things, for itself and its successors and
<br />assigns, to limit the rant payable for the apartment units comprising the Improvements.
<br />
<br />In connecticm with Governmental Body's transfer of the Propaffy to Borrower pumuant to that
<br />certain Grant Deed (the 'Deed') recorded June 28, 1996. as Instrument No. 96079138 in the
<br />Official Records of San Mateo Cou~lty, California, and in addition to the covenants and
<br />restrictkms set forth in the Covenant, Governmental Body has imposed additional re~rict~s
<br />on the use and development of the Property as provided in Pa~-agraphs 1 through 5,
<br />inclusive, of the Deed and certain other provisiOnS con, rained in the Deed. The provisions of
<br />Paragraphs 1 through 5, inclusive, set forth in the Deed are hereinafter collectively reftwTed to
<br />as (he 'Restrictions'.
<br />
<br />The DDA, the Governmental Body Note, Govemmantal Body Deed of Trust. the Covenant, the
<br />Deed, and all other cocuments evidencing, securing Or pertaining to the Governmental Body
<br />Loan are hereinafter collectively referred to as "Governmental Body 1:3~x~ments". Unless
<br />exl:xessly defined herein, all capitalized terms used herein shall have t~ meanings ascribed to
<br />them in ~ Governmental Body Loan Agreement or in Appendix~l attached hereto and made a
<br />part hereof.
<br />
<br /> Governmental Body has been advised that Borrower has req~.sted you. Union
<br />Bank of California, N.A. ("Bank'), to make, and that Bani( has agreed to make, to Borrower the
<br />Loan. Govemmentel Body has been further advised that tile Loan shall be (a) made in
<br />accordance with (he terms and conditions of the Loan Agreement, and (b) secured I~/, among
<br />otl~r things, the De~ of Trust.
<br />
<br /> In order to ir~uce Bank to enter into the Loan Agreement and to disburse.
<br />funds under the Loan, Governmental Body hereby agrees for the benefit of Borrower and Bank
<br />
<br /> f. REPRESENTATIONS. WARRAN,'rlES. COVENANTS. CONSENTS
<br />AND APPROVALS.
<br />
<br /> Governmental Body herel3y makes the following representations.
<br />warranties and covenants and~ consents to or approves (he following, as applicable, for the
<br />benefit of Borrower and Bank:.
<br />
<br /> (a) True and Correct Cofw of DDA. Govern ,mental Bo~ Note.
<br />Governmental ~ Deed of Trust and the C0venal-~, Attached hereto as Exhibit "A" and
<br />made a pa~t hereof, are true, correct and complete copies of the DDA, Govemmentei Body
<br />No{e, Govemme~,'tal Body Oeed of Trust and the Cover~ant, and the same have r~ been
<br />amended or rnedhr~ed exceflt as reflected therein.
<br />
<br /> (b) NO Offsets; No Default Under C~vernmental Bod~ Documents.
<br />As of the date set forth above, Govemmenfal. Body has no offset, defense, deduction or claim
<br />against Bon'ower under any of the Governmental Body Documents, Bon'ower is not in default
<br />
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