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{:� .I.>' _ . �;- � �j __ . _ <br /> , -- -- -� <br /> � 2011-111464 CONF <br /> RECORDING REQUESTED BY ', 9:01 am 09/27/11 A3 Fee: NO FEE <br /> AND WHEN RECORDED MAIL TO; Count of pages 20 <br /> Recorded in Official Records <br /> Cit of Redwood Cit County of San Mateo <br /> Y Y I Mark Church <br /> l0U Middlefield Road Assessor-County Clerk-Recorder <br /> Redwood City, CA 94063 I II I I II II II I I I I I I II I III I I II <br /> Attn: Housing Manager ; * R o 0 0 1 2 6 0 2 3 8* <br /> `-- - — - — - - � <br /> (Space above this line for Recorder's Use) OUPIICAT� from recordrng fees per Govt Code §27383 <br /> For the Benefit oJthe City <br /> ORIGfNAI <br /> FIRST AMENDMENT TO <br /> DECLARATION OF AFFORDABIL[TY COVENANTS <br /> This First Amendment to Declaration of Affordability Covenants ("AmendmenY') is <br /> made as of �Q(,}�y►��(' ��, 2011, by and between 885 WOODSIDE RD LLC, a <br /> Delaware limite�bility company ("DeclazanP'), and the CITY OF REDWOOD CITY, a <br /> municipal corporation ("City"). <br /> RECITALS: <br /> A. City and DeclazanYs predecessor, Nicholson-Lamb Venture, L.P., a California <br /> limited partnership ("Nicholson-Lamb"), entered into that certain Declaration of Affordability <br /> Covenants dated June 4, 2009, and recoided in the.Official Records of San Mateo County as <br /> Instrument No. 2009-076594 ("Original Dedaration").in connection with the development and <br /> operation of an approximately forty-three (43) unit residential project ("ProjecY'), on that certain <br /> real property more particulazly described in Exhibit A, attached hereto and incorporated herein <br /> ("Property") and commonly referred to as 885 Woodside Road', Redwood City, Califomia. <br /> B. On August 25, 2011, Declazant purchased the Project and Property from <br /> Nicholson-Lamb and by that certain Assignment of Affordable Housing Agreement dated . <br /> August 25, 2011, assumed all obligations of the Original Declaration, including those obligation <br /> identified in that certain letter ageement between City and Nicholson-Lamb, dated August 23, <br /> 2011. <br /> C. The Original Declaration requires Declazant to provide a minimum of fifteen <br /> percent (15%) of the total number of residential units proposed for the Project, or six (6) <br /> residential units, each containing one (1) bedroom and one (1) bathroom and each consisting of <br /> approximately six hundred fifty squaze feet (650 s� to approximately one thousand squaze feet <br /> (1000 s� ("Affordable Units") to persons and families of low or moderate income, as that term is <br /> defined under Health and Safety Code sections 50093. The Original Declazation allows <br /> Declarant to rent the Affordable Units at an Affordable Rent for fifty-five (55) years or until the <br /> individual Project units are sold as condominium units, at which time they aze to be sold at an <br /> Affordable Housing Cost for forty-five (45) years. <br /> '' The address was incorrectly described as Woodside Drive in the Declaration, however, the correct address is <br /> Woodside Road. <br /> ATTY/AGR/2011/AMENDMENTS/AMENDMENT N0.1 TO AFFORDABLE HOUSING DOC 885 WOODSIDE <br /> 090111 <br /> 1 <br />