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G. This Agreement shall be executed and recorded against the Residential Site prior <br />to the issuance of any residential building permits. To satisfy the requirements of Section 29.6(B) <br />of the Affordable Housing Ordinance: <br />a. The building permit for Building One shall be withheld until: (1) this Agreement <br />has been recorded against the Residential Site. <br />b. The certificate of occupancy for Building One shall be withheld until: (1) the <br />Restrictive Covenant Agreement has been recorded against the Affordable Site, <br />which shall be recorded when the Affordable Site is transferred to the Affordable <br />Developer; and (2) either (A) the City has issued the building permit for Building <br />Three that allows for the commencement of construction of Building Three, or <br />(B) in satisfaction of the requirements set forth in Section 2.8, the Developer <br />makes the Impact Fee Deposit (as defined in Section 2.8) or delivers the Letter of <br />Credit (as defined in Section 2.8). <br />c. The building permit for Building Two shall be withheld until: (1) the Restrictive <br />Covenant Agreement has been recorded against the Affordable Site; and (2) the <br />City has issued the building permit for Building Three that allows for the <br />commencement of construction of Building Three. <br />d. The certificate of occupancy for Building Two shall be withheld until the <br />certificate of occupancy for Building Three has been issued. <br />H. Pursuant to the City's Affordable Housing Ordinance, the City is requiring the <br />Developers to enter into this Agreement, which shall be recorded against the Residential Site to <br />implement the Affordable Housing Plan with regards to the Project. <br />I. <br />NOW, THEREFORE, it is mutually agreed by and between the undersigned parties as follows: <br />ARTICLE 1. <br />DEFINITIONS. <br />Section 1.1 In addition to those terms defined in the Recitals to this Agreement, the <br />following terms have the following meanings in this Agreement: <br />(a) "Agreement" has the meaning set forth in the first paragraph above. <br />(b) "Affordable Housing Plan" means that certain affordable housing plan <br />submitted and approved by the City for this Project. <br />(c) "Affordable Development" means the Affordable Site, Building Three <br />(including the Affordable Units and manger's unit) and any improvements that are appurtenant <br />to Building Three. <br />(d) "Affordable Rent" means the total monthly Rent for an Affordable Unit not <br />exceeding either (as applicable) the rents specified by Section 50053 of the California Health and <br />1199\10\3609857.1 <br />REV: 10-18-23 SK <br />