RecDoc 2016-064205 - Laserfiche WebLink

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projects containing below-market-rate units, without any record of material violations of discrimination restrictions. If the Property Manager meets the criteria set out in this Section 2.5, the City shall approve the Property Manager, unless it promptly advises the Developer with documented good reason why the Property Manager is unacceptable to the City. Developer shall provide documentation to the City as is reasonably necessary to evaluate the proposed Property Manager's experience and qualifications. No Property Manager shall be hired, or Management Agreement signed , without City's prior approval thereof, which shall not be unreasonably withheld . For the Rental Term, any change in Property Manager shall comply with the requirements of this Agreement and shall require the prior written approval of City, which shall not be unreasonably withheld or delayed . 2.6 Quality of Affordable Units. The Affordable Units shall be of similar size and quality to the market-rate units in the Project. 2.7 Maintenance. During the Rental Term, all improvements serving the Affordable Units developed on the Property, including without limitation, the Affordable Units, hardscaping and landscaping, shall at all times be maintained in a neat and orderly condition, good order and repair, consistent with good ownership practices, and in accordance with all applicable standards of practice with respect to similar projects in the San Francisco Bay Area. Article III Owner-Occupied Affordability Agreements 3. 1 Transition to Owner-Occupied Units. If, following the date of this Agreement, Developer desires to operate the Project, or any part thereof, as a "for-sale" rather than a "rental" project, Developer may permit the sale of the Affordable Units in accordance with this Article. The Developer shall offer for sale the Affordable Unit to the current occupying Qualified Lessee and the Qualified Lessee shall have the "right of first refusal" to purchase the Affordable Unit. The Developer shall provide the Qualified Lessee with a notice of sale ("Notice") and inform the Qualified Lessee of the "right of first refusal" at least 120 days prior to the intended sale of the Affordable Unit. The content of the Notice shall be approved by the City Manager. The Qualified Lessee shall have 45 days from receipt of the Notice to notify Developer of its interest in purchasing the Affordable Unit. If the Qualified Lessee does not respond to Developer within the 45-day period or specifically declines to purchase the Affordable Unit within such time, Developer may proceed with a sale to a new Qualified Buyer, as defined below, provided that such sale does not require the Developer to terminate any existing lease with a Qualified Lessee prior to the expiration of such lease. The Qualified Lessee must meet the requirements of a Qualified Buyer in order to purchase an Affordable Unit. 3.2 Qualified Buyer. To be a "Qualified Buyer ', the purchaser must have an income, certified by the City or its designee, which does not exceed 80 percent of AMI . In order to ensure compliance with this Agreement in connection with the sale and transfer of each Affordable Unit, Developer and its successors shall obtain a copy of REV: 04-20-16 VR Page 5 of 29 ATTY/AGR.2016.081 /Fuller Street Partners, LLC Affordable Housing Agreement