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Recorded at the request of the City of Pleasanton 310' 4 •te 2007434079 12/28/2007 09:48 AM When recorded, return to: OFFICIAL RECORDS OF ALAMEDA COUNTY FEE: of Pleasanton D AY PATRICK O'CONNE: D Da "n RECORDING. P.O. Box 520 PURSUANT TO Pleasanton, CA 94566 IPI1IliI if IIII I III III! 8 Pcs G.C.27383& ill�l II G.C. 6103 SECOND AMENDMENT TO THE AFFORDABLE HOUSING AGREEMENT WITH PONDEROSA HOMES II, INC. This Amendment #2 "Amendment #2 amends the Affordable Housing Agreement "Agreement dated May 6, 2003, and recorded November 10, 2003, Series #2003 666042, as first amended on November 2, 2004, and recorded September 6, 2007, Series 2007- 324306, and is made and entered on April 18, 2007, between the City of Pleasanton, a municipal corporation "City and Busch Gardens investors, LP, a California partnership "Owner"), and successor in interest to Ponderosa Homes I1, Inc., a California corporation. WITNESSTH: A. This Agreement relates to the real property more particularly described in Exhibit 1. B. Owner and City desire to execute Amendment #2 for the purpose of establishing a rent reduction grant program. C. Section 5 of the Agreement requires Owner to cooperate with City to make units more affordable than those provided in the Agreement. NOW, THEREFORE, in consideration of the mutual covenant, agreements and conditions contained herein, City and Owner agree as follows: Section 1. The Agreement is hereby further amended to include a Section 12 as follows: Section 12. City will provide Owner an annual financial grant that shall be used to establish a rent reduction grant program to annually reduce the monthly rent payment for five (5) tenant/households to an amount as set in subsection c. below. The annual financial grant shall be in conformance with the following: a. The annual financial grant amount shall be equal to the difference between the monthly rent (times 12) for the five (5) one bedroom units at the Post 1989 60% Income Level for Alameda County as published annually by the Tax Credit Allocation Committee ("the TCAC and as set forth in Section 1 (C) of the Agreement (the "60% TCAC Rent and the monthly rent (times 12) for five (5) units at the Post 1989 40% Income Level for Alameda County (AMI) level as published annually by the TCAC (the "40% TCAC Rent. In the event the TCAC does not publish the rent amounts, the rents shall be based on one twelfth of 60% and 40% respectively of the Area Median Income "the AMP') effective May l for a single person household multiplied by 30% (the "Financial Grant Formula The initial financial grant and Financial Grant Formula are set forth in Exhibit 2. SECOND AMENDMENT TO THE AFFORDABLE HOUSING AGREEMENT WITH BUSCH GARDENS INVESTORS