AgdaPkt 2002-01-14 - Laserfiche WebLink

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6. Affordability Restriction The term of said affordability restriction shall be thirty (30) years from date of this agreement. 7. Tenant Participation Plan Pursuant to 92.303 Contractor must adhere to a fair lease and grievance procedure approved by the City and must provide a plan for and follow a program of tenant participation in management decisions. Said plan shall be submitted to the City at the time Contractor signs this agreement. NOTE: HAND has not submitted. 8. Environmental Review City shall conduct the necessary environmental review consistent with NEPA regulations and obtain Release of Funds from HUD 7016.15 to disburse funds under this agreement. Contractor shall comply with mitigations required pursuant to NEPA review dated May 31, 2000. City shall make said report available to Contractor at the time Contractor signs this agreement. B. REVERSION OF ASSETS I[ Contractor elects to sell the property or discontinue the 'affordable housing program and not perform the conditions of their agreement. The entire outstanding amount of the Loan, plus advances, (the "Encumbrance") shall be due and payable immediately and Contractor shall pay to the City the Encumbrance. C. USE Contractor shall use 11 units in the Property exclusively for affordable rental housing. These 11 units shall be designated as HOME units and shall remain affordable for a period of not less than 15 years. If Contractor discontinues the above-stated use at the subject Property, or uses the Property or any portion thereof, for purposes other than what has been described in this Para~aph without first obtaining the prior written consent of the City. Contractor shall be in default of this Agreement and agrees to pay the City, upon demand, the full amount of HOME funds provided to assist in the rehabilitation of this property, provided however, that Contractor shall have Thirty (30) Days to cure the default after receipt of a Notice of default is provided in writing by City. The restrictions imposed upon the Property (as set forth in Section 5, above) shall remain in full lbrce and effect for the term of (30yearn) regardless of whether the Contractor's mortgage is paid off before its maturity date.