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� 14 ., i l: II.! _, ,.;- � � } __ _ i 2011-111464 CONF RECORDING REQUESTED BY � 9:01 am 09/27111 A3 Fee: NO FEE AND WHEN RECORDED MAIL TO; � Count of pages 20 Recorded in Official Records Cit of Redwood Cit County of San Mateo , Y Y Mark Church 1017 Middlefield Road Assessor-County Clerk-Recorder Redwood City, CA 94063 i II I I II II II I I I I I I II I III I I II Attn: Housing Manager ; * a o 0 0 1 z 6 o z 3 8# � � (Space above this line for Recorder s Use) OUP�CAT�xempt from recording jees per Govt. Code §27383 For �he Benefit of the City ORIGINAL FIRST AMENDMENT TO DECLARATION OF AFFORDABILITY COVENANTS This First Amendment to Declazation of Affordability Covenants ("Amendment") is made as of �e ��r �� 2011, by and between 885 WOODSIDE RD LLC, a Delaware limited 1 ability company ("Declarant"), and the CITY OF REDWOOD CITY, a municipal corporation ("City"). RECITALS: A. City and DeclaranYs predecessor, Nicholson-Lamb Venture, L.P., a Califomia limited partnership ("Nicholson-Lamb"), entered into that certain Declaration of Affordability Covenants dated June 4, 2009, and reco�ded 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 referced 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 squaze feet (650 s� to approximately one thousand squaze feet (1000 s� ("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 aze sold as condominium units, at which time they aze to be sold at an Affordable Housing Cost for forty-five (45) years. '' The address was incorsecdy described as Woodside Drive in the Dedawtion, however, the correct address is Woodside Road. ATTY/AGR/2011/AMENDMENTS/AMENDMENT N0.1 TO AFFORDABLE HOUSING DOC 885 WOODSIDE 090111 1