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ESTOPPEL CERTIFICATE (Declaration of AffordabiliTy Covenants) Lot 1 of Final Map of Woodside Villas, Filed lune 1 l, 2009, in Book 136 of Maps, Pages 98 and 99, San Mateo County Records. TO: 885 Woodside Rd LLC c/o Daiwa House California 101 Metro Drive, Suite 325 San Jose, CA 95110 THIS ESTOPPEL CERTIFICATE (this "Certificate") is executed this � day of January, 2012, by THE CITY OF REDWOOD C1TY, a municipal corporation (the "C�"), with respect to the following: A. NICHOLSON-LAMB VENTURE, L.P., a California limited partnership ("Declarant"), has entered into that certain Declaration of Affordability Covenants (the "Declaration") dated as of June 4, 2009, and recorded June 1, 2009 as Instrument No. 2009-076594 in the Official Records of San Mateo County, Califomia ("Official Records"). The Declaration relates to that certain real property consisting of a 42-unit condominium subdivision within the City of Redwood Ciry, Counry of San Mateo, State of Califomia, which is legally described in Exhibit "A" to the Declaration (the "Pro e"). B. Declarant constructed a 42-unit condominium subdivision with related improvements on the Property (the "Proiect C. The Declaration affects the leasing and sale of residential units at the Project. D. Declarant agreed in accordance with the terms of an Agreement of Purchase and Sale (the "Purchase AareemenY') to sell the Property and [he Project to 885 Woodside Rd LLC, a Delaware limited Iiabiliry company ("Woodside"). E. Declarant assigned, and Woodside assumed, its rights, duties and obligations under the Declaration relating to the Property to Woodside pursuant to an Assignment of Affordable Housing Agreement ("AssiQnment and Assumption Aereement") F. As a result of the transfer of the Property and the Project to Woodside, Woodside wishes to obtain this Estoppel Certificate in favor of Woodside. NOW, THEREFORE, the City of Redwood City (the "C�") acknowledges and certifies as of the date hereof on behalf of itself, and its successors and assigns, to Woodside and its successors and assigns, the following: 1. The Declaration is in full force and effect. 2. As of the date hereof, the Declarant is not in default under the Declaration and the Ciry knows of no event that has occurred or is continuing which, with the passage of time or the giving of notice, or both, would constitute a default under the Declaration, except in one respect. Declarant leased 5 1-bedroom units and 1 2-bedroom unit at an affordable rent to persons and families of moderate income, as those terms are defined under Health and Safety Code sections ATTYIAGR/2011.078/ESTOPPEL CERTIFICATE RWC DECLARATION OF AFFORDABILITY 885 WOODSIDE REV:01/19/12 1