RecDoc 2009-095365 - Laserfiche WebLink

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Participant or other minor building ~punch-list" items, the Agency will issue its Certificate of Completion upon the posting of a bond or irrevocable letter of credit, reasonably approved as to form and substance by the Agency and obtained by Participant in an amount representing a fair value of the work not yet completed wi th respect to the Project, as reasonably determined by the Agency. If the Agency shall have failed to provide such written statement within the foregoing period, and provided that Participant serves the Agency with written notice of this effect not less than five (5) days prior to the date on which it will occur, Participant shall be deemed conclusively and without further action of the Agency to have satisfied the requirements of this Agreement with respect to the Property as if a Certificate of Completion had been issued therefor. ARTICLE IV USE OF THE SITE Section 4.01. Uses. Participant covenants and agrees for itself, its successors, its assigns, and every successor in interest to the Property, or any part thereof, that upon completion of construction, the Project will be utilized as follows: a. The Project will be operated as a multi-unit affordable supportive housing complex, with fifteen (15) apartments, inclusive of one (1) manager's unit, plus amenities and parking facilities. The Project will consist of two (2) stories of residential units constructed around a courtyard. The Project will have an on si te property manager selected in accordance wi th paragraph b., below (the ~Property Manager"). In its operation, the apartment units in the Project will be made affordable to persons or households of very low income, as that term is defined in California Heal th and Safety Code section 50105. Of the fourteen (14) units to be rented to persons and households of very low income after completion of the Project, there shall at all times be seven (7) units occupied by a Qualified very low income household and subject to HOME Program requirements, all as set forth in more detail in paragraph d., below (the ~HOME Units"). The Declaration of Affordability Covenants shall govern the use, maintenance and affordability of the HOME Units. b. Selection of Property Manager. Participant shall submit a proposed Property Manager for the approval by the Agency and the Ci ty. The proposal shall include a list of other affordable housing developments currently managed by the proposed Property Manager. The Agency and the City shall have thirty (30) days to approve the proposed Property Manager which such approval shall not be unreasonably withheld. If after thirty (30) days the 20