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Recording Requested by <br /> and when Recorded,return to <br /> City of Pleasanton <br /> 123 Main Street <br /> Pleasanton, CA 94566 <br /> Attention City Manager <br /> EXEMPT FROM RECORDING FEES PER <br /> GOVERNMENT CODE§§6103,27383 <br /> Space above this line for Recorder's use <br /> DRAFT <br /> LEASEHOLD DEED OF TRUST, ASSIGNMENT OF RENTS, <br /> SECURITY AGREEMENT AND FIXTURE FILING <br /> (Kottinger Gardens — Phase 2 —City LIHF Loan) <br /> THIS LEASEHOLD DEED OF TRUST WITH ASSIGNMENT OF RENTS, SECURITY <br /> AGREEMENT AND FIXTURE FILING ("Deed of Trust") is made as of, 2017, by <br /> Kottinger Gardens Phase 2 Associates, L.P , a California limited partnership ("Trustor") <br /> to Old Republic Title Company as trustee ("Trustee"), for the benefit of the City of <br /> Pleasanton, a municipal corporation ("Beneficiary") <br /> RECITALS <br /> A. Beneficiary owns fee simple title to the land described in Exhibit A <br /> attached hereto and incorporated herein by this reference (the "Land") Beneficiary and <br /> Trustor have entered into a ground lease (the "Ground Lease") dated as of the date <br /> hereof, pursuant to which Trustor shall lease the Land for the purposes of developing <br /> and operating a 54-unit affordable multifamily senior housing development on the Land <br /> (the "Project") A Memorandum of the Ground Lease will be recorded in the Official <br /> Records of Alameda County concurrently herewith. <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 <br /> Beneficiary is providing a loan to Trustor in the amount of Two Million, Eight Hundred <br /> Twenty Five Thousand, Three Hundred Sixty Dollars ($2,825,360) (the "Loan") for the <br /> purpose of partially financing the Project. Trustor has issued to Beneficiary a secured <br /> promissory note dated as of the date hereof (the "Note") to evidence Trustor's obligation <br /> to repay the Loan <br /> C As a condition precedent to the making of the Loan, Beneficiary has <br /> required that Trustor enter into this Deed of Trust and grant to Trustee for the benefit of <br /> Beneficiary, a lien and security interest in the Project and in Trustor's leasehold interest <br /> in the Land and interests in the Property (defined below) to secure repayment of the <br /> 1 <br /> OAK #4847-7399-4286 v5 <br />