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Project Name: Ridge View Commons
<br />Location: Pleasanton, CA
<br />CHFA Loan No. 87 -07 -N
<br />DEPOSIT AGREEMENT FOR CHFA SPECIAL RESERVE ACCOUNT
<br />This Agreement is made as of this day of January 1990, by and
<br />among RIDGE VIEW COMMONS ASSOCIATES, a Cali ornia Limited Partnership (the
<br />"Owner "), whose address is 22941 Atherton Street, Suite D, Hayward, California
<br />94541, CALIFORNIA HOUSING FINANCE AGENCY, a public instrumentality and a
<br />political subdivision of the State of California ( "CHFA "), whose address is
<br />1121 "L" Street, 7th Floor, Sacramento, California 95814, the CITY OF
<br />PLEASANTON, CALIFORNIA, a municipal corporation (the "City" or "Depositor "),
<br />whose address is 123 Main Street, Pleasanton, California 94566 and the BANK OF
<br />AMERICA, NT &SA (the "Depository "), whose address is 337 Main Street,
<br />Pleasanton, California 94566.
<br />Whereas, the City as the Lessor and Eden Housing, Inc. as the Lessee
<br />entered into that certain Ground Lease dated June 1, 1988, which is disclosed
<br />by that instrument recorded June 9, 1988 as Series No. 88- 138518 of the
<br />Official Records of Alameda County and amended by that instrument recorded
<br />June 30, 1988 as Series No. 88- 157652 of Official Records, which Ground Lease
<br />was assigned by Eden Housing, Inc. to the Owner by that Assumption and
<br />Assignment Agreement dated October 31, 1989 and recorded November 14, 1989, as
<br />Instrument No. 89- 308002 of Official Records. The Ground Lease pertains to
<br />all that real property in the City of Pleasanton more particularly described
<br />in the recorded amendment;
<br />Whereas, Ridge View Commons Associates is the owner of that 200 -unit
<br />rental housing project for elderly persons in the City of Pleasanton known as
<br />Ridge View Commons (the "Project ");
<br />Whereas, the Owner has obtained a firm commitment from CHFA for the
<br />permanent financing of the Project; and
<br />Whereas, CHFA's permanent loan will consist of two separate loans secured
<br />by first and second Deeds of Trust and a Regulatory Agreement on the Project
<br />and on the City's fee title to the property. The first loan will be in the
<br />amount of $9,360,000.00, and the second loan (the "State /Local Loan ") will be
<br />in the approximate amount of $1,035,300.00;
<br />Whereas, CHFA is willing to make the loans to the Owner on the condition,
<br />among others, that $2,000,000.00 is deposited in a special reserve account
<br />with the Depository pursuant to Section 6(a) of the Regulatory Agreement; and
<br />Whereas, because of the City's interests in the Project and the City's
<br />commitment to provide financial assistance to the Project, the City has agreed
<br />to provide the funds for the special reserve account.
<br />Now, therefore, in order to induce CHFA to make its permanent loans to
<br />the Owner, and in consideration of other valuable consideration, the receipt
<br />and sufficiency of which is hereby acknowledged, the parties agree as follows:
<br />20c:CHFASRA.RVC 1 (1/8/90)
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