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RECORDING REQUESTED BY AND UPON RECORDING MAIL TO: City of Pleasanton 200 Old Bernal Avenue Pleasanton, California 94566 Attn: City Attorney Housing Development Grant Covenants 18:covenant.HDG -1- 88_13851 RECORDED IN OFFICIAL RECORDS OF ALAMEDA COUNTY. CALIF. RENE C. DAVIDSON. CO. RECORDER V c '88 JUN 9 PM 3 98 This Agreement is made as of this 15rt' day of J1143 , 1988, by and between the City of Pleasanton, a municipal corporation, and Eden Housing, Inc., a California nonprofit corporation. WHEREAS, the City of Pleasanton is the owner of that certain real property described in Exhibit A attached hereto and incorporated by this reference herein (the "Land "); and WHEREAS, Eden Housing, Inc. holds a leasehold interest in the Land under that certain Ground Lease between the City of Pleasanton as the 1 sor and Eden Housing, Inc. as the lessee, dated June 1, 1988, recorded June 0 , 1988, as Instrument No. BI— /38n/8' of the Official Records of A lame da County; and WHEREAS, Eden Housing, Inc. shall construct, own, operate and maintain on the Land, a 200 -unit elderly housing project (the "Project "); and WHEREAS, the Project shall be developed in part with funds loaned to Eden Housing, Inc. by the City of Pleasanton, which funds were granted to the City by the Department of Housing and Urban Development ( "HUD ") pursuant to the Housing Development Grant Program ( "HDG ") under Section 17 of the U.S. Housing Act of 1937; and WHEREAS, as a condition of HUD's award of the HDG funds to the City of Pleasanton, HUD requires the City of Pleasanton and Eden Housing, Inc. to enter into this Agreement which shall affect the Property developed in part with the HDG funds; NOW, THEREFORE, in consideration of the Housing Development Grant awarded to the City of Pleasanton and the loan of the HDG funds to Eden Housing, Inc. by the City of Pleasanton, and other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the City of Pleasanton and Eden Housing, Inc. covenant and agree as follows: This agreement and the covenants contained herein are to be taken and construed as running with the land and, except as set forth below, shall pass to and be binding upon Eden Housing, Inc. and its successors, assigns, heirs, grantees or lessees to the Land or the Project for thirty (30) years from the date on which fifty percent (50 %) of the total units in the Project are occupied, unless earlier terminated in accordance with the provisions set forth below. Except as provided in section 8 below, each and every contract, deed or other instrument covering or conveying the Land or Project or any portion