Agmt04 El Camino & Vera Street - Laserfiche WebLink

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Section 4. Description of Pro-;ect. The Project shall consist of approximately sixty (60) units of affordable rental housing, with necessary parking and such amenities as the parties may agree in the DDA. The parties hereto recognize and acknowledge that the Property was acquired by the Agency using a number of funding sources, including CDBG, HOME and Agency tax increment funds. Funds from each of these sources bear affordability requirements and the Project must be designed, developed and constructed in such a way as to comply with all of such requirements. Section 5. Term of Aqreement. This Agreement shall terminate at 5:00 p.m. on the date which is one hundred eighty (180) days after the Effective Date, unless extended in writing by mutual agreement of the Developer and the Executive Director of the Agency or unless sooner terminated as provided herein. The parties hereto may mutually terminate this Agreement at any time by written agreement. Further, this Agreement may be terminated by either party at any time after the Effective Date if said party determines that the Project or the Habitat Project is not feasible, which determination shall be made within the discretion of said party, reasonably exercised. As used herein, feasible shall include a determination that the Project meets applicable City and Agency ordinances, rules and regulations, that the Project is or can be designed and constructed in a manner acceptable to the Agency, that there is adequate financing from demonstrated sources acceptable to the Agency, and that such other factors as bear upon the Developer's ability to construct and/or operate the Project have been resolved in a manner satisfactory to both parties. The period between the Effective Date and the final termination of the Agreement shall be referred to herein as the Term. Section 6. Components of Neqotiations. a. The parties hereto agree that the negotiations will include the elements set fort h in the Term Sheet attached hereto as Exhibit "B" and that the parties will in good faith undertake the tasks identified as their respective responsibilities in said exhibit. When a time frame is indicated in Exhibit "B" for a given task, the party as to which the time frame applies shall make a good faith effort to perform that task in the time indicated. b. It is acknowledged that there are various parcels comprlslng the Property and that a parcel map will be 3 - ,.