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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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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 E <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 Recorder's use. <br /> LEASEHOLD DEED OF TRUST, ASSIGNMENT OF RENTS, <br /> SECURITY AGREEMENT AND FIXTURE FILING <br /> (Kottinger Gardens—Phase I —City 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. 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[Thirteen Million, Seven <br /> Hundred Fifty Thousand Dollars ($13,750,000)] (the "Loan") for the purpose of partially <br /> financing the Project. Trustor has issued to Beneficiary a secured promissory note <br /> dated as of the date hereof(the "Note") to evidence Trustor's obligation to repay the <br /> 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 v3 <br />
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