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03
City of Pleasanton
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CITY CLERK
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2016
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030116
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03
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2/25/2016 4:13:47 PM
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CITY CLERK
CITY CLERK - TYPE
AGENDA REPORT
DOCUMENT DATE
3/1/2016
DESTRUCT DATE
15Y
DOCUMENT NO
03
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Exhibit D <br /> 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 Recorders use. <br /> LEASEHOLD DEED OF TRUST, ASSIGNMENT OF RENTS, <br /> SECURITY AGREEMENT AND FIXTURE FILING <br /> (Kottinger Gardens—Phase I —City HOME Loan) <br /> THIS LEASEHOLD DEED OF TRUST WITH ASSIGNMENT OF RENTS, SECURITY <br /> AGREEMENT AND FIXTURE FILING ("Deed of Trust") is made as of <br /> 2016, by Kottinger Gardens Phase 1 Associates, L.P., a California limited partnership <br /> ("Trustor") to Old Republic Title Company as trustee ("Trustee"), for the benefit of the <br /> City of 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 131-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. Pursuant to that certain HOME Investments Partnership Program (HOME) <br /> Agreement (the "City HOME Loan Agreement") dated as of October 24, 2014 and <br /> executed by and between City and MidPeninsula Housing Corporation, a California <br /> nonprofit public benefit corporation ("MidPen"), the City made a loan to MidPen in the <br /> amount of Four Hundred Fifty Thousand Dollars ($450,000) (the "City HOME Loan"). <br /> The obligation to repay the City HOME Loan is evidenced by that certain Promissory <br /> Note dated as of October 24, 2014 which was executed by MidPen for the benefit of <br /> City (the "Note"). Pursuant to an [Assignment, Assumption and Modification <br /> Agreement], Trustor has assumed MidPen's rights and obligations under the City <br /> HOME Loan Agreement and the Note. <br /> C. As a condition precedent to the making of the City HOME Loan, <br /> Beneficiary has required that Trustor enter into this Deed of Trust and grant to Trustee <br /> 1 <br /> OAK #4825-3934-8270 vl <br />
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