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<br /> <br />Affordable Housing Funds Policies and Procedures Page 25 <br /> <br />Restrictions. The Affordability Covenants and Restrictions shall be recorded with the Deed of <br />Trust. <br /> <br />In some circumstances, these Affordability Covenants and Restrictions may be subordinated by <br />the City, pursuant to Section 33334.14 of California Health and Safety Code, to liens, <br />encumbrances, or regulatory agreements of other federal or state agencies or lenders providing <br />financing for the project, subject to assurances by senior lenders that the City’s lien rights will be <br />protected. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />Exhibit 1