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<br />6. <br /> <br />Affordability Restriction <br /> <br />The term of said affordabi1ity restriction shall be thirty (30) years from date of this <br />agreement. <br /> <br />7. <br /> <br />Tenant Participation Plan <br /> <br />Pursuant to 92.303 Contractor must adhere to a fair lease and grievance procedure <br />approved by the City and must provide a plan for and follow a program of tenant <br />participation in management decisions. Said plan shall be submitted to the City at <br />the time Contractor signs this agreement. NOTE: HAND has not submitted. <br /> <br />8. <br /> <br />Environmental Review <br /> <br />City shall conduct the necessary environmental review consistent with NEP A <br />regulations and obtain Release of Funds from HUD 7016.15 to disburse funds <br />under this agreement. Contractor shall comply with mitigations required pursuant <br />to NEP A review dated May 31, 2000. City shall make said report available to <br />Contractor at the time Contractor signs this agreement. <br /> <br />B. <br /> <br />REVERSION OF ASSETS <br /> <br />If Contractor elects to sell the property or discontinue the affordable housing program <br />and not perform the conditions of their agreement. The entire outstanding amount of the <br />Loan, plus advances, (the "Encumbrance") shall be due and payable immediately and <br />Contractor shall pay to the City the Encumbrance. <br /> <br />c. <br /> <br />USE <br /> <br />Contractor shall use 11 units in the Property exclusively for affordable rental housing. <br />These 11 units shall be designated as HOME units and shall remain affordable for a <br />period of not less than 15 years. If Contractor discontinues the above-stated use at the <br />subject Property, or uses the Property or any portion thereof, for purposes other than what <br />has been described in this Paragraph without first obtaining the prior written consent of <br />the City, Contractor shall be in default of this Agreement and agrees to pay the City, upon <br />demand, the full amount of HOME funds provided to assist in the rehabilitation of this <br />property, provided however, that Contractor shall have Thirty (30) Days to cure the <br />default after receipt of a Notice of default is provided in writing by City. The restrictions <br />imposed upon the Property (as set forth in Section 5, above) shall remain in full force and <br />effect for the term of (30years) regardless of whether the Contractor's mortgage is paid <br />off before its maturity date. <br /> <br />4 <br />