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Accordingly, to the extent the Affordable Housing Project exceeds what is required tinder the <br />City's Affordable Housing Ordinance, the Affordable Housing Project is determined to be a <br />Community Benefit under this Agreement. <br />B. Affordability Covenant. In addition to any other requirement or <br />obligation set forth in the Affordable Housing Land Donation Agreement, and except as otherwise <br />set forth in subsection D below, Developer acknowledges and agrees that the Project Approvals <br />may be revoked if the Developer fails to transfer or cause the Affiliate to transfer the Affordable <br />Site to the Affordable Housing Partner, subject to recorded covenants that will restrict the use of <br />the Affordable Site for the use of the seventy-one (7 1) affordable units for a term of not less than <br />fifty-five (55) years, commencing upon the issuance of a final certificate of occupancy for the <br />Affordable Site, as further set forth in an Affordable Housing Land Donation Agreement, executed <br />and attached hereto as Exhibit I' (the "Affordability Covenant"). The Affordability Covenant <br />must be executed and recorded prior to the issuance of the first building permits (including grading <br />permits) for the Project. <br />C. Partial Assignment and Assumption of Development Agreement. <br />Notwithstanding any assignment and/or transfer rights provided in Article 10 below, the Parties <br />acknowledge and agree that Developer intends to partially assign and/or transfer its rights and <br />obligations rendered under this Agreement as it relates solely to the Affordable Housing Project <br />and Affordable Site to the Affordable Housing Partner, and that the City Manager is authorized to <br />consent to said assignment and assumption. The Developer and the Affordable Housing Partner <br />shall enter into the Partial Assignment and Assumption Agreement in substantially the form set <br />forth in Exhibit G, with the final form subject to approval by the City Manager. The Partial <br />Assignment and Assumption Agreement shall be executed and recorded at the same time that the <br />Affordable Site is transferred to the Affordable Housing Partner. <br />D. Substitution of Affordable Housing Site and Affordable Housing <br />Project. In the event Developer loses its legal or equitable interest in the Affordable Site and/or <br />the transfer of the Affordable Site to the Affordable Housing Partner is otherwise no longer <br />economically feasible, Developer may substitute the Affordable Site with another property that <br />provides similar Community Benefits set forth in Section 2.2(A) and (B), including providing at <br />least seventy-one (7l) affordable units in such manner and subject to income requirements as set <br />forth in the Affordable Housing Plan, and which substantially meets the requirements of the <br />Affordable Housing Ordinance for land donations, as set forth below. <br />1. To request a substitution of the Affordable Housing Site <br />(hereinafter referred to as the "Substitute Site") and corresponding new Affordable Housing <br />Project, the Developer shall submit a written request to the City Manager, which shall include a <br />new proposed Affordable Housing Plan and a description of how the Substitute Site project will <br />meet the requirements of the Affordable Housing Ordinance. The request shall also include <br />evidence of a pending application or issuance of development plans, entitlements, and/or permits <br />for the development of the Substitute Site in a manner consistent with the new Affordable Housing <br />Plan. The City Manager shall thereafter forward the request for the Substitute Site to the City <br />Council for review and approval at a public hearing. <br />ATTY/AGR/2024.193 - GATEKEEPER DA -1900 BROADWAY <br />REV: 10-22-24 VR <br />