RecD05 2005-141296 - Laserfiche WebLink

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those set forth in the Grant Deed, the Declaration of Affordability Covenants, and the Deed of Trust. c. The Certificate of Completion shall be in such form as to permit it to be recorded in the Recorder's Office of San Mateo County. d. If the Agency refuses or fails to furnish a Certificate of Completion for the Project after written request from the Developer, the Agency shall, within fifteen (15) days of the written request or within three (3) days after the next regular meeting of the Agency, whichever date occurs later, provide to the Developer a written statement setting forth the reasons with respect to the Agency's refusal or failure to furnish a Certificate of Completion. The statement shall also contain the Agency's opinion of the action the Developer must take to obtain a Certificate of Completion. If the reason for such refusal is confined to the immediate unavailability of specific items or materials for construction or landscaping at a price reasonably acceptable to the Developer or other minor building "punch-list" items, the Agency will issue its Certificate of Completion upon the posting of a bond or irrevocable letter of credit, reasonably approved as to form and substance by the Agency and obtained by the Developer in an amount representing a fair value of the work not yet completed with respect to the Project, as reasonably determined by the Agency. If the Agency shall have failed to provide such written statement within the foregoing period, and provided that the Developer serves the Agency with written notice of this effect not less than five (5) days prior to the date on which it will occur, the Developer shall be deemed conclusively and without further action of the Agency to have satisfied the requirements of this Agreement with respect to the Property as if a Certificate of Completion had been issued therefor. ARTICLE IV USE OF THE SITE Section 4.01. Uses. The Developer covenants and agrees for itself, its successors, its assigns, and every successor in interest to the Property, or any part thereof, that upon completion of construction, the Project will be utilized as follows: a. The Project will be operated as a multi-unit affordable housing complex, with fifty-eight (58) apartments, inclusive of one (1) two bedroom manager's unit, plus amenities and parking facilities. The Project will have an on site property manager selected in accordance with Section 4.01 (c) below (the 28 REDW\0006\DOC\001-7 3/29/05 3:15 /rove