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2011-111464 <br /> RECORDING REQUESTED BY 9:01 am 09I27N 1 A3 Fee: NO FEE <br /> AND WF�EN RECORDED MAIL TO; count of Payea 20 <br /> � Recorded in Of(icial Records <br /> " , - County of San Mateo �� <br /> City of Redwood City • � q88eaeor-co � cia k-Recorder <br /> 1017 Middlefield Road � <br /> ; Redwood City, CA 94063 ! II I I II II IIII I I I II I I II I III I I II <br /> � + R D 0 0 1 2 6 0 2 3 8* <br /> Attn: Housing Manager <br /> ' — --- — ----� <br /> � (Space above [his line for Recorder s Use) Exempt from recording fees per Covt. Code §27383 <br /> �� ORIGINAL For the Benefit ojthe Ciry a. pf� <br /> �, „ <br /> FIRST AMENDMENT TO <br /> DECLARATION OF AFFORDABILITY COVENANTS <br /> This First Amendment to Declazation of Affordability Covenants ("AmendmenP') is <br /> � made as of S��►tber ,'� 2 2011, by and between 885 WOODSIDE RD LLC,-a' <br /> � Delaware limited iability company ("DeclaranY'), and the CITY OF REDWOOD CITY, a <br /> ` municipal corporation ("City"). <br /> k <br /> � � RECITALS: <br /> A. City and DeclaranYs predecessor, Nicholson-Lamb Venture, L.P., a California <br /> � limited partnership ("Nicholson-Lamb"), entered into that certain Declazation of Affordability <br /> � Covenants dated June 4, 2009, and recorded in the Official Records of San Mateo County as <br /> i Instrument No. 2009-076594 ("Original Declaratiod') in connection with the development and <br /> i operation of an approximately forty-three (43) unit residential project ("Project"), on that certain <br /> ` real property more particularly 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, Declarant purchased the Project and Property from <br /> E 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 /> ' identi£ed in that certain letter agreement between City and Nicholson-Lamb, dated August 23, <br /> � 2011. <br /> i <br /> i <br /> f C. The Original Declazation requires Declarant 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 square 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 Declaration allows <br /> t <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 /> i , Affordable Housing Cost for forty-five (45) years. <br /> i � <br /> I j �� The address was incorrectly described as Woodside Drive in the Declaration, however, the correct address is <br /> i Woodside Road. � <br /> i <br /> { ATTY/AGR/2011/AMENDMENTS/AMENDMENT N0.1 TO AFFORDABLE HOUSING DOC 885 WOODSIDE <br /> � 090��� <br /> � <br /> � <br />