SR 05:219 - Laserfiche WebLink

RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: City of Pleasant on P.O. Box 250 Pleasanton, CA 94566 Attn: No fee for recording pursuant to Government Code Section 27383 REGULATORY AGREEMENT AND DECLARATION OF RESTRICTIVE COVENANTS (Pleasanton Assisted Living) This Regulatory Agreement and Declaration of Restrictive Covenants (the "Agreement") is made and entered into as of _,2005, by and between the City of Pleasant on, a California municipal corporation ("City"), and BLP Partnership, Inc" a California nonprofit public benefit corporation ("Developer"). RECITALS A. Developer is leasing property located in the City of Pleasant on, County of Alameda, California as more particularly described in Exhibit A attached hereto (the "Property") from the City pursuant to that certain Ground Lease of even date herewith. B. City and Developer have entered into a Loan Agreement (the "Loan Agreement") pursuant to which City will provide a loan of Two Million Four Hundred Ninety Thousand Dollars ($2,490,000) (the "City Loan") to Developer to develop approximately one hundred five (105) units of assisted living for senior residents (the "Project") on the Property. Capitalized terms used but not defined in this Agreement shall have the meanings set forth in the Loan Agreement. C. City has agreed to make the City Loan to Developer on the condition that the Project be maintained and operated in accordance with restrictions concerning affordability, operation, and maintenance ofthe Project, as specified in this Agreement and the Loan Agreement for the City Loan. D_ In consideration of receipt of the City Loan, Developer has further agreed to observe all the terms and conditions set forth below, E. In order to ensure that the entire Project will be used and operated in accordance with these conditions and restrictions, City and Developer wish to enter into this Agreement. 144\1 05\1 59D8L11