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RECORDING REQUESTED BY <br />North American Title Company <br />54605-1588367—SHS <br />RECORDING REQUESTED BY <br />AND WHEN RECORDED MAIL TO: <br />City Of Redwood City <br />1017 Middlefield Road <br />Redwood City, Ca 94063 <br />Attn: City Clerk <br />EXEMPT FROM RECORDING FEES PER <br />GOVERNMENT CODE 5&(5103. 27383 <br />APN: 053-271-490-4 <br />2019-047035 <br />9:45 am 06/19/19 DT AS AG FF Fee: NO FEE <br />Count of Pages 23 <br />Recorded in Official Records <br />County of San Mateo <br />Mark Church <br />III I IsIISII rll Iulll�ll I Ilkl lellrlell II <br />*$ R 0 0 0 2 7 1 5 1 1 7$ <br />(SPACE ABOVE THIS LINE RESERVED FOR RECORDER'S USE) <br />DEED OF TRUST, ASSIGNMENT OF RENTS, <br />SECURITY AGREEMENT AND FIXTURE FILING <br />THIS DEED OF TRUST, ASSIGNMENT OF RENIS, SECURITY AGREEMENT <br />AND FIXTURE FILING ("Deed of Trust") is made as of May 1, 2019, by Redwood Oaks <br />Associates lI LP, a California limited partnership ("Trustor") to North American Title Company <br />as trustee ("Trustee"), for the benefit of the City of Redwood City, a charter city and municipal <br />corporation ("Beneficiary"). <br />RECITALS <br />A. Trustor owns fee simple title to the land described in Exhibit A attached hereto <br />and incorporated herein by this reference (the "Land"). The Land is located in the City of <br />Redwood City, San Mateo County, California. Trustor intends to rehabilitate the existing <br />improvements, construct certain new improvements, and own and operate an affordable <br />multifamily residential development on the Land (collectively, the "Project"). <br />B. Beneficiary and Trustor have entered into an Affordable Housing Loan <br />Agreement dated as of the date hereof (the "Loan Agreement") pursuant to which Beneficiary <br />will provide a loan to Trustor in the amount of Five Hundred Thousand Dollars ($500,000) (the <br />"Loan") for the purpose of partially financing the acquisition of the Land and the development <br />of the Project. Trustor has issued to Beneficiary a secured promissory note dated as of the date <br />hereof (the "Note") to evidence Trustor's obligation to repay the Loan. <br />C. Trustor and Beneficiary have also executed an Affordable Housing Regulatory <br />Agreement and Declaration of Restrictive Covenants (the "Regulatory Agreement") dated as of <br />the date hereof, and which will be recorded in the Official Records of San Mateo County <br />("Official Records") substantially concurrently herewith. Among other provisions, the <br />Regulatory Agreement requires the residential units in the Project to be rented to Eligible <br />Households at Affordable Rents (as defined in the Regulatory Agreement). <br />D. As a condition precedent to the making of the Loan, Beneficiary has required that <br />Trustor enter into this Deed of Trust and grant to Trustee for the benefit of Beneficiary, a lien <br />and security interest in the Property (defined below) to secure repayment of the Note and <br />performance of Trustor's obligations under the Loan Documents (defined below). <br />Page 1 of 24. <br />REV: 05-29-19 VR <br />Exempt from fee per GC 27388.1(a)(2); recorded <br />concurrently "in connection with" a transfer <br />ATTY/AGR.2019.147/Redwood Oaks Associates II LP - Deed of Trust subject to the imposition of documentary <br />transfer tax (DTT). x( <br />