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<br />5. Maximum Per Unit Subsidy <br /> <br />Contractor shall cause HOME funds allocated to this project not to exceed the <br />maximum per unit subsidy amount as defined by HOME regulations. <br /> <br />MAXIMUM PER UNIT SUBSIDY <br /> <br />Unit Type Maximum per unit HOME <br /> Subsidv <br />Studio $ 124,686 <br />1 -bedroom $ 143,762 <br />2-bedroom $ 173,381 <br />3-bedroom $ 221,931 <br />4-bedroom $ 247,241 <br /> <br />6. Complaint Resolution Process <br /> <br />Contractor shall develop and adopt a Complaint Resolution Program for client <br />and neighborhood concerns. The Complaint Resolution Program must provide a <br />grievance and appeal process for the client, and must include a third party <br />mediation, like Peninsula Conflict Resolution Center or any other established <br />mediation facilitation organization, to facilitate the resolution of neighborhood <br />issues not resolved by the Contractor. <br /> <br />7. Affordability Deed Restriction <br /> <br />Contractor shall record a Regulatory Agreement - Affordable Housing Restriction <br />containing the provisions of Addendum to Grant Deed, incorporated herein as <br />Exhibit C at the time of sale in second position subordinate to first mortgage from <br />Borel Private Bank & Trust. The term of said deed restriction shall be Fifty Five <br />(55) years from date of recordation of sale. Program termination or sale on the <br />property prior to the 55 year term shall cause first right of refusal to be offered to <br />City of Redwood City who will select another eligible buyer to purchase the <br />property in accordance with the Addendum to Grant Deed, and shall stand <br />independent of this Agreement. <br /> <br />B. DUE ON SALE <br /> <br />If Contractor elects to sell the property and not perform the conditions of their <br />agreement, the sale must be no less than at Fair Market Value as established by an <br />appraisal completed in accordance with federally accepted appraisal practices. The <br />appraiser must be approved by City. The Contractor shall pay the City the sum of Two <br />Hundred Fifty Thousand and 00/100 Dollars ($250,000.00) plus any accrued equity <br />based on the prorated City share of the CDBG/HOME funds on the then current Fair <br />Market value of the Property. <br /> <br />ATTY/AGR/2008.073 <br />081108 <br /> <br />3 <br />