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&. C_ 10 <br />REDw\0001\DOC\010- HALLMARK APARTMENTS OPA <br />12 \05 \03 5:05 ew <br />REDEVELOPMENT AGENCY OF THE CITY OF REDWOOD CITY — <br />OWNER PARTICIPATION AGREEMENT <br />(HALLMARK APARTMENTS) <br />This Owner Participation Agreement (this "Agreement ") is <br />entered into this day of , 2003, by and <br />between the Redevelopment Agency of the City of Redwood City, a <br />public body, corporate and politic, duly organized and existing <br />pursuant to the Community Redevelopment Law of the State of <br />California (hereinafter referred to as the "Agency "), the City of <br />Redwood City, a municipal corporation in the State of California <br />(hereinafter referred to as the "City ") and KDF Communities, LLC, a <br />California limited liability company (hereinafter referred to as <br />the "Participating Owner ") and is entered into by the parties <br />hereto with reference to the following facts: <br />RECITALS <br />A. WHEREAS, the Agency is authorized and empowered by <br />the Community Redevelopment Law, Chapter 1 of Division 24 of the <br />California Health and Safety Code, as amended (the "CRL "), to <br />permit owner participation in the redevelopment of real property; <br />to enter into agreements for the acquisition, disposition and <br />development of property or to otherwise assist in the redevelopment <br />of real property within a redevelopment project area conforming <br />with a redevelopment plan adopted for such area; to acquire real <br />and personal property in redevelopment project areas; to receive <br />consideration for the provision of redevelopment assistance; to <br />make and execute contracts and other instruments necessary or <br />convenient to the exercise of its powers; and to incur indebtedness <br />to finance or refinance redevelopment projects; and <br />B. WHEREAS, the Participating Owner is, or will be, the <br />owner of certain real property located within the City and <br />currently improved with a 72 unit apartment complex, legally <br />described in Exhibit "A" hereto (the "Property "); and <br />C. WHEREAS, the Property has been utilized for the <br />provision of market rate housing in the past, but with assistance <br />from the City and the Agency, will be converted to affordable <br />housing; and <br />1 <br />