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Project Name: Ridge View Commons
<br /> Location: Pleasanton, CA
<br /> CHFA Loan No. 87 -07 -N
<br /> DEPOSIT AGREEMENT FOR CHFA SPECIAL RESERVE ACCOUNT
<br /> This Agreement is made as of this day of January 1990, by and
<br /> among RIDGE VIEW COMMONS ASSOCIATES, a California Limited Partnership (the
<br /> "Owner whose address is 22941 Atherton Street, Suite D, Hayward, California
<br /> 94541, CALIFORNIA HOUSING FINANCE AGENCY, a public instrumentality and a
<br /> political subdivision of the State of California "CHFA whose address is
<br /> 1121 "L" Street, 7th Floor, Sacramento, California 95814, the CITY OF
<br /> PLEASANTON, CALIFORNIA, a municipal corporation (the "City" or "Depositor
<br /> whose address is 123 Main Street, Pleasanton, California 94566 and the BANK OF
<br /> AMERICA, NT &SA (the "Depository whose address is 337 Main Street,
<br /> Pleasanton, California 94566.
<br /> Whereas, the City as the Lessor and Eden Housing, Inc. as the Lessee
<br /> entered into that certain Ground Lease dated June 1, 1988, which is disclosed
<br /> by that instrument recorded June 9, 1988 as Series No. 88- 138518 of the
<br /> Official Records of Alameda County and amended by that instrument recorded
<br /> June 30, 1988 as Series No. 88- 157652 of Official Records, which Ground Lease
<br /> was assigned by Eden Housing, Inc. to the Owner by that Assumption and
<br /> Assignment Agreement dated October 31, 1989 and recorded November 14, 1989, as
<br /> Instrument No. 89- 308002 of Official Records. The Ground Lease pertains to
<br /> all that real property in the City of Pleasanton more particularly described
<br /> in the recorded amendment;
<br /> Whereas, Ridge View Commons Associates is the owner of that 200 -unit
<br /> rental .housing project for elderly persons in the City of Pleasanton known as
<br /> Ridge View Commons (the "Project
<br /> Whereas, the Owner has obtained a firm commitment from CHFA for the
<br /> permanent financing of the Project; and
<br /> Whereas, CHFA's permanent loan will consist of two separate loans secured
<br /> by first and second Deeds of Trust and a Regulatory Agreement on the Project
<br /> and on the City's fee title to the property. The first loan will be in the
<br /> amount of 59,360,000.00, and the second loan (the "State /Local Loan will be
<br /> in the approximate amount of 51,035,300.00;
<br /> Whereas, CHFA is willing to make the loans to the Owner on the condition,
<br /> among others, that 52,000,000.00 is deposited in a special reserve account
<br /> with the Depository pursuant to Section 6(a) of the Regulatory Agreement; Ae4
<br /> Whereas, because of the City's interests in the Project and the City's
<br /> commitment to provide.financial,assistance to the Project, the Lity has, agreed
<br /> to provide the funds for the special reserve account.
<br /> Now, therefore, in order to induce CHFA to make its permanent loans to
<br /> the Owner, and in consideration of other valuable consideration, °t•he- receipt
<br /> and sufficiency of which is hereby acknowledged, the parties agree;asa follows:
<br /> 20c:CHFASRA.RVC 1 (1/8/90)
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