AgdaPkt 2011-09-19 - Laserfiche WebLink

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6. 1. D. - Page 4 RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO; City of Redwood City 1017 Middlefield Road Redwood City, CA 94063 Attn: Housing Manager (Space above this line for Recorder's Use) Exempt f -om recording fees per Govt. Code §27383 FIRST AMENDMENT TO DECLARATION OF AFFORDABILITY COVENANTS This First Amendment to Declaration of Affordability Covenants (" Amendment") is made as of 2011, by and between 885 WOODSIDE RD LLC, a Delaware limited liability company ( "Declarant "), and the CITY OF REDWOOD CITY, a municipal corporation ( "City"). RECITALS: A. City and Declarant's predecessor, Nicholson -Lamb Venture, L.P., a California limited partnership ( "Nicholson- Lamb "), entered into that certain Declaration of Affordability Covenants dated June 4, 2009, and recorded in the Official Records of San Mateo County as Instrument No. 2009 - 076594 ( "Original Declaration ") in connection with the development and operation of an approximately forty -three (43) unit residential project ( "Project "), on that certain real property more particularly described in Exhibit A , attached hereto and incorporated herein ( "Property ") and commonly referred to as 885 Woodside Road', Redwood City, California. B. On August 25, 2011, Declarant purchased the Project and Property from Nicholson -Lamb and by that certain Assignment of Affordable Housing Agreement dated August 25, 2011, assumed all obligations of the Original Declaration, including those obligation identified in that certain letter agreement between City and Nicholson -Lamb, dated August 23, 2011. C. The Original Declaration requires Declarant to provide a minimum of fifteen percent (15 %) of the total number of residential units proposed for the Project, or six (6) residential units, each containing one (1) bedroom and one (1) bathroom and each consisting of approximately six hundred fifty square feet (650 sf) to approximately one thousand square feet (1000 sf) ( "Affordable Units ") to persons and families of low or moderate income, as that term is defined under Health and Safety Code sections 50093. The Original Declaration allows Declarant to rent the Affordable Units at an Affordable Rent for fifty -five (55) years or until the individual Project units are sold as condominium units, at which time they are to be sold at an Affordable Housing Cost for forty -five (45) years. ' ' The address was incorrectly described as Woodside Drive in the Declaration, however, the correct address is Woodside Road. ATTY /AGRI2011 /AMENDMENTSIAMENDMENT NO.1 TO AFFORDABLE HOUSING DOC 885 WOODSIDE 090111 1