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-O o'545 <br />EXHIBIT "E" <br />AFFORDABILITY COVENANTS <br />RECORDING REQUESTED BY <br />AND WHElr RECORDED MAIL TO: <br />Redevelopment Agency of the <br />City of Redwood City <br />P.O. Box 391 <br />Redwood City, CA 94064 <br />Attn: Redevelopment Director <br />(Space Above for Recorder's Use) <br />DECLARATION OF AFFORDABILITY COVENANTS <br />THIS DECLARATION OF AFFORDABILITY COVENANTS (this <br />"Declaration ") is made on , 200_, by KDF <br />Communities, LLC, a California limited liability company <br />( "Declarant ") with respect to certain property located in the City <br />of Redwood City, County of San Mateo, California, as more fully <br />described in Exhibit "A" attached hereto and incorporated herein by <br />_ this reference (the "Property "). <br />WHEREAS, The Declarant is the fee simple owner of the <br />Property; <br />WHEREAS, The Declarant the City of Redwood City and the <br />Redevelopment Agency of the City of Redwood City (the "Agency ") <br />have entered into that certain Owner Participation Agreement dated <br />as of 1 , 2003 and recorded in the Official Records <br />of San Mateo County as Document No. (the "OPA ") <br />with respect to the Declarant's development of the Property; <br />WHEREAS, Pursuant to the terms and conditions of the <br />OPP_, and in return for the City's and the Agency's financial <br />assistance in connection with the development of the Property, the <br />Declarant has agreed to repair and rehabilitate the Property so as <br />to maintain it as a 72 unit apartment complex and to impose certain <br />affordability covenants on the Property and the apartment complex <br />thereupon; and <br />WHEREAS, The Declarant desires this Declaration to serve <br />as the instrument to impose said covenants. <br />E- 1 <br />