Agmt21 Home Program Affordable Housing Regulatory

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6.1 Use of City List of Prospective Purchasers. The City may maintain a list of potential Eligible Households. Developer agrees to include any such list in marketing the HOME Units, and agrees to honor any priorities established by such list or otherwise specified in this Agreement to the extent consistent with State and federal fair housing laws; provided however, Developer shall retain responsibility to verify prospective purchasers' income, qualifications, and eligibility to purchase a HOME Unit. 6.2 Preferences. Through the review and approval of the Marketing Plan, Developer shall work with City to develop a methodology that will provide a preference in the sale of HOME Units to Eligible Households that include at least one member who lives or works in the City of Redwood City or who works for a school district, fire district, or as a police officer or public safety officer serving residents living in Redwood City. Notwithstanding the foregoing, in the event of a conflict between this provision and Applicable Rules and Regulations, the provisions of such Applicable Rules and Regulations shall control. 6.3 Income Verification. Prior to entering into a contractual commitment to sell each HOME Unit, Developer shall provide a certification to City attesting to the prospective buyer's household income and status as an Eligible Household. In connection with such certification, prospective purchasers shall be required to provide written certification of household income, including without limitation such documents as income tax returns for the previous calendar year, W-2 statements, and pay stubs. 6.4 Use of Qualified Brokers and Lenders. If Developer uses a third -party broker or lender in marketing the HOME Units, Developer agrees to use a realtor or broker that has experience in marketing below market -rate units that require homebuyers to meet income qualifications and that require recordation of resale restriction agreements limiting appreciation on future sales, and agrees to use a realtor or broker that is on the City's approved list of realtors/brokers with such experience, if City maintains such a list. In addition, Developer agrees that the purchase of HOME Units will be financed by lenders that are familiar with affordable housing programs that impose resale price restrictions, and agrees to work with lenders listed on the City's approved list of lenders with such experience if City maintains such a list. 6.5 Marketing Plan. Not fewer than 120 days before Developer begins offering HOME Units for sale, Developer shall provide to the City, for its review and approval, the Developer's written marketing plan which shall address Developer's plan for marketing the HOME Units for sale to Eligible Households, which plan shall incorporate the requirements set forth in this Section 6. Upon receipt of the marketing plan, the City shall promptly review the marketing plan and shall approve or disapprove it within thirty (30) days after submission. If the marketing plan is not approved, the Developer shall submit a revised marketing plan within thirty (30) days. 7. Maintenance and Insurance. 7.1 Maintenance. Developer shall maintain, or shall cause the homeowners' association for the Property ("Homeowners' Association") to maintain the Property in good physical condition, in good repair, ordinary wear and tear excepted, and in decent, safe, sanitary, habitable and tenantable living conditions. Without limiting the foregoing, Developer agrees to maintain or cause the Homeowners' Association to maintain the Property (including without SF #4821-4436-6284 v2 1619\0113064651.1 REV: 05-19-2021 SK