RecDoc 2020-115558 - Laserfiche WebLink

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income increases above the applicable limits for a 50% AMI Household or 80% AMI Household, as applicable, such household's Rent may be subject to increase; (c) be for an initial term of not less than twelve (12) months. After the initial year of tenancy, the lease may be month to month by mutual agreement of Owner and the Tenant; and (d) prohibit subleasing of the Affordable Unit or any portion of the Affordable Unit or any spaces reserved for the use of the Tenant, contain nondiscrimination provisions, and include the Tenant's obligation to inform the Owner of any need for maintenance or repair. 2.6 Security Deposits. Any security deposits collected by Owner or Owner's agent shall be kept separate and apart from all other funds in a trust account with a depository insured by the Federal Deposit Insurance Corporation or other comparable federal deposit insurance program and shall be held and disbursed in accordance with California law. The balance in the trust account shall at all times equal or exceed the aggregate of all outstanding obligations, plus accrued interest thereon. ARTICLE 3 INCOME CERTIFICATION AND REPORTING 3.1 Income Certification. Owner or Owner's designee will obtain, complete and maintain on file, immediately prior to initial occupancy and annually thereafter, income certifications for each Tenant renting any of the Affordable Units. Owner shall make a good faith effort to verify that the income statement provided by an applicant or Tenant is accurate by taking one (1) or more of the following steps as a part of the verification process for all members of the Tenant household age eighteen (18) or older: (a) obtaining a minimum of the three (3) most current pay stubs for all adults age eighteen (18) or older; (b) obtaining an income tax return for the most recent tax year; (c) conducting a credit agency or similar search; (d) obtaining the three (3) most current savings and checking account bank statements; (e) obtaining an income verification form from a current employer; or (f) obtaining an income verification form from the Social Security Administration and/or the California Department of Social Services if an adult member of the Tenant's household receives assistance from either of such agencies; or (g) if the applicant is unemployed and has no such tax return, obtain another form of independent verification. Copies of Tenant income certifications shall be made available to the City upon request. 3.2 Annual Report to the Cit -, City Obligation to Confirm Receipt of Annual Report. (a) Owner shall provide the City no later than April 1 of each calendar year following the Effective Date, copies of the following documents: (1) an occupancy report including: (a) the verified income and household size; (b) the Affordable Unit size, number of people and rent amount and any other charges; and (c) the date tenancy commenced for each Affordable Unit; and REV: 09-29-2020 VR ATTY/AGR.2020.215/Stanford - Cardinal Apartments (Page 7 of 16)