RIVERSIDE HOUSING DEVELOPMENT CORPORATION (2)

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RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO: } DOC U 2010 --OG2; "4 Redevelopment Agency of the } 12/30/2010 City of Riverside ) Customer Copy Label r 3900 Main Street, 2° Floor ) Themf ;zed haswnothbeenscompareds Riverside, CA 92522 ) with the recorded document Attn: Housing Project Manager ) Larry U Wd County of Riverside Assessor, County Clerk & Recorder Project: Indiana Avenue ) (Space above for Recorder's Use Only) This document is exempt from the payment of a recording fee pursuant to Government Code Section 6103. RELEASE OF CONSTRUCTION COVENANTS THIS RELEASE OF CONSTRUCTION COVENANTS ( "Release ") is hereby made as of this 16thday of December , 2010, by the REDEVELOPMENT AGENCY OF THE CITY OF RIVERSIDE, a public body corporate and politic (the "Agency ") and the CITY OF RIVERSIDE, a California municipal corporation (the "City "), on the one hand, in favor of RIVERSIDE HOUSING DEVELOPMENT CORPORATION, a California nonprofit public benefit corporation ( "Developer "), on the other hand. RECITALS A. The Agency, City, Authority and the Developer have entered into that certain Disposition and Development Agreement by and between the City, Agency, the Housing Authority of the City of Riverside and Developer dated for identification purposes as of October 7, 2008 (the "Agreement "). The Agreement was not recorded with the Riverside County Recorder's Office. B. Pursuant to the Agreement, the Agency and the Developer entered into that certain Regulatory Agreement (Housing Fund) dated November 14, 2008, and recorded on December 29, 2008 as Document No. 2008 - 0675119 by the Riverside County Recorder. C. Pursuant to the Agreement, the City and the Developer entered into that certain Regulatory Agreement (HOME /SHP) dated November 14, 2008, and recorded on December 29, 2008 as Document No. 2008 - 0675119 by the Riverside County Recorder. D. The Agreement provides for the completion of certain improvements (the "Project ") to certain real property (the "Site ") situated in the City of Riverside California, and more particularly described on Exhibit "A" attached hereto and made a part hereof by this reference. Capitalized terms used herein and not otherwise defined shall have the meaning set forth in the Agreement. E. As required in the Agreement and the above referenced Regulatory Agreements, the Agency and City shall furnish the Developer with a Release of Construction Covenants upon