AgdaPkt 2021.02.08 Joint SA PFA - Laserfiche WebLink

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6.B. - Page 20 of 113 performed in relation to the Project including all development activities. The report shall include a Project timeline, including a schedule for completing milestones and/or tasks, and indicate the status of the Project in relation to this timeline. Developer shall provide the quarterly reports described in this Section until construction of the Project is complete, even if all of the Grantprocccds have been disbursed. The requirements set forth in this Section arc in addition to the requirement for submittal of requisitions pursuant to Section 4.3(n). 5.21 Project Completion Reporting. Upon completion of construction of the Project, Developer shall provide to City a Project Financial Completion audit or similar audit, performed by an independent certified public accountant, that identifies all sources and uses of all Project funds. Developer shall provide to City a copy of any Project cost audit concurrently with Developer' s provision of such audits to other regulatory or financing agencies. ARTICLE VI USE OF THE PROPERTY 6.1 Affordable Housing. Developer acknowledges that the Property and the Improvements will be subject to recorded covenants that will restrict use of the Property to development of a multi -family residential condominium project that will consist of residential units that will be sold at an Affordable Housing Cost to Eligible Households in accordance with the terms set forth in the Regulatory Agreement. Developer and City shall execute an Affordable Housing Regulatory Agreement and Declaration of Restrictive Covenants substantially in the form attached hereto as Exhibit B ("Regulatory Agreement"). As more particularly set forth in the Regulatory Agreement, Developer shall be obligated to sell all of the residential units in the Project to Eligible Households at an Affordable Housing Cost, and in connection with each such sale, Developer shall be obligated to require the homebuyer to execute and record a Grant of Option to Purchase and Resale Restriction Agreement substantially in the form attached as an exhibit to the Regulatory Agreement ("Resale Restriction Agreement") and a Performance Deed of Trust substantially in the form attached as an exhibit to the Regulatory Agreement (the "Homebuyer Deed of Trust"). Developer's performance of its obligations under the Regulatory Agreement shall be secured by a deed of trust substantially in the form attached hereto as Exhibit C ("Deed of Trust"). The Regulatory Agreement and the Deed of Trust will be recorded in the Official Records on the Closing Date. The Regulatory Agreement will remain in effect for the full term thereof notwithstanding the sale of the individual residential units in the Project. Upon the sale of each residential unit to an Eligible Household in accordance with the Regulatory Agreement and the recordation of the Resale Restriction Agreement and Homebuyer Deed of Trust with respect to such unit, the Deed of Trust executed by Developer will be reconveyed as to that particular unit. 6.2 Maintenance. Developer shall maintain, or shall cause the homeowners' association for the Property ("Homeowners' Association") to maintain, the Property and the Improvements, including the landscaping and common areas in good physical condition, in good repair, ordinary wear and tear excepted, and in decent, safe, sanitary, habitable and tenantable living conditions in conformity with all Applicable Laws. Without limiting the foregoing, Developer agrees to maintain or cause the Homeowner's Association to maintain, the Property and the Improvements (including without limitation, landscaping, driveways, parking areas, and * A [i10d1►b1i■9:t 33 ATTY/AGR.2020.305/Habitat for Humanity Greater San Francisco (Grant Agreement w/ Exhibits) (Page 16 of 109)