RecDoc 2017-079690 LifeMoves - Laserfiche WebLink

Browse Search

Director — shall mean the Community Development Director of the City or her/his designee. Article II Affordable Reauirements 2.1 Use Restriction Term. LifeMoves hereby agrees that for a period of 20 years from the Effective Date (the "Use Restriction Term"), the Project shall be used as transitional housing for homeless families. In no case shall rent exceed an Affordable Rent, as defined below, to households whose incomes do not exceed fifty percent (50%) of the Department of Housing and Urban Development's Area Median Income for San Mateo County ("AMI"), as adjusted from time to time, at rental rates no greater than the product of thirty percent (30%) times fifty percent (50%) of the AMI, adjusted for household size appropriate to the unit, pursuant to California Health and Safety Code Section 50053(b)(2), as amended, or any successor statute thereto (such rates, "Affordable Rent"). 2.2 Records. In the event that City requests information, including, without limitation, information related to compliance with Section 2.1 above, LifeMoves (as the operator of the Transitional Housing facility) shall promptly supply such information in the reports required hereunder. LifeMoves shall maintain all necessary books and records, including property and financial records, in accordance with requirements prescribed by City with respect to all matters covered by this Agreement. LifeMoves, at such time and in such forms as City may require, shall furnish to City, statements, records, reports, data and information pertaining to matters covered by this Agreement. Upon request for examination by City, LifeMoves, at any time during normal business hours, shall make available at the Property or at another location in Redwood City all of its records with respect to all matters covered by the Agreement. LifeMoves shall permit City to audit, examine, and make excerpts or transcripts from such records. 2.3 Maintenance. During the Use Restriction Term, all improvements serving the Transitional Housing project developed on the Property, including without limitation, the Transitional Housing facilities, 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. 2.4 Documentation. Concurrently with execution of this Agreement, LifeMoves shall execute and acknowledge a deed of trust securing its obligations under this Agreement substantially in the form attached hereto as Exhibit B ("Deed of Trust"). LifeMoves shall record the Deed of Trust in the Official Records of San Mateo County and provide copies of the executed Deed of Trust to the City. City may execute and record a Request for Notice of Default substantially in the form attached hereto as Exhibit C. 2.5 Subordination. This Agreement is not to be subordinated to the MidPen Right to Repurchase or the County Right to Purchase, and the provisions of this Page 3 of 15 ATTY/AGR/2017.092/MIDPEN — LIVEMOVES — REDWOOD FAMILY HOUSE REV: 06-06-1715