RecD08 2008-093774 - Laserfiche WebLink

Browse Search

, ' Exhibit C retain a copy of such tax return, other satisfactory evidence of income for such year, such, as wage statements or employer records. (c) To certify the compliance of Declarant or its successor with these provisions, the City shall have a right to inspect the books and records pertaining to such matters of the then owner(s) or operator(s) of the Property. 5. Occupancy Report. Annually, by July 15 each year, Declarant and its successors shall provide to the City benefit reports on a form provided by City's Housing Coordinator, certifying compliance with the provisions of this Declaration under penalty of perjury. The form of the Occupancy Report shall be in the discretion of Declarant, so long as the Occupancy Report contains, at a minimum, the following items: i) Total number of Beds of the Project that are occupied; ii) Total number of Beds of the Project that are vacant; iii) Total number of Beds that are occupied by persons or households earning 50% of the AMI; and Findinqs I. This grant is made with the express understanding and requirement that the Declarant will exclusively use the Property hereunder granted by providing affordable transitional housing and related supportive services for certain special needs individuals who meet the qualifications to be determined as "Eligible Households" defined herein in Exhibit A. II. This property to be acquired is assisted with Community Development Block Grant and HOME funds. This Declaration of Affordability Covenants and related documents set forth the specific affordability covenants and restrictions and benefit to low income residents as a condition of funding received for said acquisition. III. The City makes no representations as to the current condition of structure located on the site. Declarant shall carry out due diligence with all City Departments to receive entitlements necessary to maintain and sustain the site for benefit to low income residents as affordable transitional housing for a period of 55 years. IV. Declarant will maintain financing, property condition and program operation in order to sustain both services and real property for the longest term possible, but no less than 55 years. 6. Events of Default: Enforcement. In the event of a default in the performance or observance of any covenant, agreement or obligation as set forth in this Declaration and, if such default remains uncured for a period of thirty (30) days after notice thereof shall have been given by the City, or such longer period as may be approved by the City in writing in its sole discretion, then the City may declare that an Event of Default has occurred hereunder and may take anyone or more of the following steps, at its option: ATTY/AGR/2008.073 081108 3