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6. 1. D. - Page 22 <br />RECORDING REQUESTED BY <br />AND WHEN RECORDED MAIL TO <br />CITY OF REDWOOD CITY <br />1017 MIDDLEFIELD ROAD <br />Box 391 <br />REDWOOD CITY, CALIFORNIA 94064 <br />ATTN: HOUSING MANAGER <br />2009 - 076594 <br />01:33pm 06/11 /09 DR Fee: 51.00 <br />Count of pages 15 <br />Recorded in Official Records <br />County of San Mateo <br />Warren Slocum <br />Assessor - County Clerk- Recorder <br />1111 1 II III II II II III 11 I I II III III II <br />* 2 0 0 9 0 0 7 6 5 9 4 A R* <br />(Space Above Provided For Recorder) Exempt from Recording Fees under Govt. Code Section 27383 <br />DECLARATION OF AFFORDABILITY COVENANTS <br />THIS DECLARATION OF AFFORDABILITY COVENANTS (this <br />"Declaration ") is made on - J - L) nQ- , 2009, by NICHOLSON LAMB <br />VENTURE, LP., a California limited liability corporation (hereinafter referred to as <br />"Declarant "), with respect to certain real property consisting of approximately sixty -six <br />hundredths of an acre (0.66 acres) and located at 885 Woodside Drive in the City of <br />Redwood City, County of San Mateo, California (the "City "), as more fully described in <br />Exhibit "A" attached hereto and incorporated herein by this reference (the "Property "). <br />WHEREAS, the Planning Commission for the City of Redwood City (the <br />"Planning Commission ") previously approved a Zoning Map Amendment, Precise Plan <br />and Planned Community Development Permit for the development of a forty -three (43)- <br />unit four (4)- to five (5) -story condominium project on the Property (the "Project "); and <br />WHEREAS, pursuant to the terms and conditions of the Precise Plan, as <br />approved by the Planning Commission and the City Council for the City of Redwood <br />City, a minimum of fifteen percent (15 %) of the total number of residential units <br />proposed, or six (6) residential units, shall be affordable to very-low, low or moderate - <br />income households based on the County of San Mateo median income; and <br />WHEREAS, Declarant, in accordance with the Precise Plan, shall reserve a <br />minimum of fifteen percent (15 %) of the condominium units, each containing one (1) <br />bedroom and one (1) bathroom and each consisting of approximately six hundred fifty <br />square feet (650 sf) to approximately one thousand (1000 sf) for purchase and <br />occupation at affordable housing cost to families of low or moderate - income, as those <br />terms are defined under Health and Safety Code sections 50052.5 and 50093, <br />respectively (each, an "Affordable Unit" and collectively, the "Affordable Units ") for a <br />period of forty -five (45) years; and <br />REDW\0001 \DOC \022 -4. DOC <br />613/09 1200 HvT <br />1 <br />