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ATTACHMENT 3 <br /> investigations of the Property in an amount not to exceed Three Hundred Twenty <br /> Thousand Dollars ($320,000). <br /> 4. CITY'S OBLIGATIONS <br /> 4.1 City shall abide by the requirements of Health and Safety Code sections <br /> 33220(g) and 33433 and will use or develop or cause to be used or developed the <br /> Property, or applicable portion thereof, in accordance with the Redevelopment Plan in <br /> existence on the Effective Date and Section 33334.2 of the CRL. In connection <br /> therewith, subject to the provisions of Paragraph 5 below, City shall become obligated in <br /> accordance with Health and Safety Code section 33437 to: <br /> (i) Use the Property for Affordable Housing Purposes designated in <br /> the Redevelopment Plan, as in effect on the Effective Date. <br /> (ii) Begin or cause to begin the redevelopment of the Property for <br /> Affordable Housing Purposes within five years following conveyance of the Property to <br /> City, which time period Agency has determined is reasonable. <br /> (iii) Impose upon the Property or portion thereof, prior to or in <br /> connection with any sale or lease by City to a third party, such covenants, conditions, or <br /> restrictions as are necessary to prevent speculation or excess profit taking in land, <br /> which may include a right of reverter or option to repurchase in favor of City, and to <br /> ensure use of the Property for Affordable Housing Purposes. Covenants, conditions, <br /> and restrictions imposed by City may provide for the reasonable protection of lenders. <br /> 4.2 Prior to commencement of work on the Property, all necessary <br /> environmental review required by the California Environmental Quality Act ( "CEQA ") <br /> shall be completed. This Agreement in no way limits the discretion of the City Council, <br /> Planning Commission, or the Agency Board in completing environmental review of such <br /> work. <br /> 4.3 The City shall perform its obligations hereunder in accordance with the <br /> applicable provisions of federal, state and local laws. <br /> 5. REPAYMENT TO HOUSING FUND <br /> In the event City desires to use the Property or any portion thereof for other than <br /> Affordable Housing Purposes, City shall reimburse the Housing Fund or, in the event <br /> Agency is no longer in existence, such other City affordable housing fund as may be <br /> established by City for affordable housing purposes, on a pro rata basis for the value of <br /> that portion of the Property which is not used for Affordable Housing Purposes. In all <br /> events, however, City shall use, develop or cause the development of the Property in a <br /> manner consistent with the Redevelopment Plan as in effect on the Effective Date. <br /> 6. MISCELLANEOUS <br /> ATTY /AGR/2011.016 /CITY AGENCY ASSINGMENT AND ASSUMPTION AGREEMENT DOCKTOWN <br /> 030211 <br /> 3 <br />