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6.C. - Page 74 of 111 ARTICLE III COMPLIANCE WITH AFFORDABLE HOUSING ORDINANCE AND AFFORDABLE HOUSING PLAN 3.1 Payment of Housing Impact .Fee. Developer and City acknowledge that pursuant to the Affordable Housing Ordinance, Developer is obligated to pay the sum of Two Million, One Hundred Forty -Nine Thousand and Twenty Dollars ($2,149,020) (the "Project Housing Impact Fee"). In lieu of paying the Project Housing Impact Fee directly to the City, Developer shall make such sum available to HHDC in accordance with this Agreement in order to assist HHDC to acquire that certain. 10 -unit residential apartment building Iocated at 3592 Rolison Road in the City of Redwood City and more particularly described in Exhibit B attached hereto (the "Rolison Property"). Prior to and as a condition to the issuance of building permits for the Project, Developer shall deposit the full amount of the Project Housing Impact Fee into an escrow account ("Escrow Account") established by the Parties with North American Title Company located at 330 Primrose Road, Suite 600, Burlingame, CA 94010 ("Title Company" or "Escrow Agent"). On the Closing Date for HHDC's acquisition of the Rolison Property (the "Closing Date"), the Escrow Agent shall release the Project Housing Impact Fee to the seller of the Rolison Property for the benefit of HHDC. If HHDC does not acquire the Rolison Property prior to issuance of a temporary certificate of occupancy for the Project, or if no temporary certificate of occupancy is issued, then prior to issuance of a final certificate of occupancy for the Project, then the Escrow Agent shall release the Project Housing Impact Fee directly to the City in satisfaction of Developer's obligations under the Affordable Housing Plan.. 3.2 Affordable Housing Regulatory Agreement. HT -IDC and City shall execute an Affordable Housing Regulatory Agreement and Declaration of Restrictive Covenants (the "Regulatory Agreement") substantially in the form attached hereto as Exhibit C. The Regulatory Agreement will require that for a term of fifty-five (55) years commencing upon the Closing Date, all of the residential units comprising the Rolison Property shall be rented to Eligible Households at Affordable Rents. On the Closing Date, the Regulatory Agreement will be recorded in the Official Records against the Rolison Property. 3.3 Escrow Instructions, The Parties will deposit a copy of this Agreement with the Escrow Agent, which, together with such additional instructions that the Parties may provide that are consistent with this Agreement, shall serve as the instructions of the Parties with respect to the deposit and release of the Project Housing Impact Fee. All escrow charges and fees relating to the deposit and release of the Project Housing Impact Fee shall be paid by Developer and/or HHDC, and City shall have no responsibility or liability for such charges or fees. 3.4 Conditions of Approval. All provisions of the Conditions of Approval, including without limitation, all contingencies regarding the issuance of permits, entitlements, and certificates of occupancy for the Project, shall remain in full force and effect and unmodified by this Agreement. REV: 02-25-2020 PR ATTYIAGR.2020.0391Premia 1180 Main Owner, LLC (Page 6 of 42) 101