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P~I~-~ 10:51 PP~FNERs RERLTY/KDF COM. ~9851 1819 This letter ofintzn~ betw~ the Redevelopment Agency ofthe City of Riverside ("Agency'~ and KDF Br~ezewood, LP ("KDF") is w~_~. with referenc~ to the Agency's ~ approval on Msrch 25, 2003 ('~Init~ Approval)ofAgenoy assista~e in connection with KDF's acquisition of certain real propezty commonly known as the Breezewood Apartnlents ("Project"), located ~ the City and Couaty of Rivorside, to I(DF, ~ sts~and KDF are negotlstln~ fife' substantive terms thai will ultimately be ~corpoiaied into a definitive agreeme~ which shall govern the fights and respom/b~ies of and by and between Agmoy and KDF ("Dt~mk/ve Agreeing'). In so far as all of the Defin/tive Agreement terms have not been negotiat~l, this letter of hnent sets forth the key and necessary te~,-~ and conditions that shall be incorporated into the Defmiti~ The Project is owr~d snd operated by th~ County ofRiv;/iide. Agenoy assisted t~ Connty ill th purch,~ o£the Project by pkdging a sour~ of funds ("Orisiml Pledge") from the Merged Downtown/Airport Redovolopmmt Proj~-t Ar~a Low- and Moderale tncome Housing Fund ('~Downmw~/Airport Fumrg. Thc Origiml Pledge committed the ,~enoy to payto County the sum of $312,000 per year. Under tl~ Origin! Pledge the Projec~ is subject to the ~ollowi~ affordable covcs~mis ("Origi~d iffordability Cowmms"): (1) 31 m~ shall b~ occupied byv~y low imom~ hou.wholds not to exoeed 50% or,he Area Median Incom~; (2) 31 units shall be ocoupied by low income hou.~holds not to cxc~ ~0% of the Area M~ian Incom~; and (~) 94 units shall bc occul?cd by modcralc income houscholds not to cxoced 120% of~he Area Median Income.' The parties hereby acknowledge that Agency desires to t~-/~ate its obli~tion under fl~e Ori/inal Pledge and enter into this letter oflntent in o~ler to set forth the key term~ that ,]mIl Tl~ con'~,in~] in ~ De~-~tive Agreeme~. Tho ~ of~ho ~rthe Agga~ C~mu/tmmt and KDF's other obligatiom sre tnnmorinlt~d as follows: