Agmt15 Habitat for Humannity Greater San Francisco

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the terms of this Agreement and Affordability Covenants for a period of no less than thirty (30)years 4. Title Policv. Contractor shall, at its own cost, secure at the close of escrow the issuance of a policy of title insurance in the amount of not less than $114, 895.00, clear of any title defects which would prevent the development of the proposed project. Contractor shall pay all recording fees, escrow fees, the premium for the title insurance policy, all fees and cost for any new financing, and shall pay any applicable transfer taxes. 5. Assis�nment and Transfer. For purposes of this Agreement, "Transfer" means any sale, assignment, or transfer, whether voluntary or involuntary, of: (1) any rights and/or duties under this Agreement; and/or (2) any interest in the Project, including (but not limited to) a fee simple interest, a joint tenancy interest, a life estate, a partnership interest, a leasehold interest, a security interest, or an interest evidenced by a land contract by which possession of the Project is transferred and the Contractor retains title. No Transfer is permitted without the prior written consent of the City, which shall not be unreasonably withheld, except that Transfers of a Unit to a Eligible Household shall be govemed by the terms of this Agreement, and Transfers of a security interest in, or deed of trust on, the Property or any portion thereof, to a construction lender sha�l not require prior written consent of the City. 6. Prohibited Transfers of Affordable Units. Any sale or transfer of an unit in violation of the terms and conditions of this Agreement is expressly strictly prohibited, shall be null and void, and shall constitute a default of Contractor under this Agreement, entitling the City to exercise all remedies available at law or in equity, including without limitation, seeking injunctive relief to prevent or enjoin the prohibited transfer and/or damages as provided in this Agreement. 7. Land Use and Environmental Approvals. City shall conduct the necessary environmental review consistent with NEPA regulations to commit and disburse funds under this Agreement. The City requires that all requirements of the California Environmental Quality Act ("CEQA") and the National Environmental Policy Act ("NEPA") applicable to this Agreement and the Project shall be met. The Contractor shall apply for all necessary environmental permits or clearances applicable to the Project. The Contractor must obtain any and all necessary land use approvals required for the Project. 8. Affordabilitv Covenant. Projects receiving CDBG funds must record on title a CDBG Affordability Covenant ("Covenant') or deed restriction ("Deed Restriction") that runs with the land and restricts household incomes and occupancy of CDBG assisted units such that the units remain continuously affordable to low income persons for a specified period of time. The term of said CDBG affordability restriction for this Project shall be thirty 30 ears. The period of affordability becomes effective upon initial occupancy of CDBG assisted units nofinrithstanding that HUD defines Project Completion as the date when the final REV:02-05-15 VR Page 21 of 33 ATTY/AGR.2015.025/Habitat for Humanity GSF Jefferson Site Acquisition