Reso25 16301 - Laserfiche WebLink

Browse Search

(m) “Assignment and Assumption Agreement” means that certain Assignment and Assumption Agreement, substantially in the form attached hereto as Exhibit E, incorporated herein by this reference, under which the rights of the Qualifying Designee are assigned to a City-approved qualifying designee or a Permitted Transferee single purpose entity. (n) “Assignment of Contracts” means that certain Assignment of Contracts Agreement, substantially in the form attached hereto as Exhibit F, incorporated herein by this reference, under which the rights of the Qualifying Designee under specified contracts are assigned to the City (o) “CEQA” means the California Environmental Quality Act (“Public Resources Code Section 2100 et seq, as set forth in Recital O above. (p) “Close of Escrow” means the date that: (i) the Grant Deed conveying the Affordable Site is recorded in the Official Records; (ii) the Irrevocable Offer to Dedicate is recorded against the Affordable Site; and, (iii) the Affordable Housing Restrictive Covenant is recorded against the Affordable Site. (q) “Construction Commencement Period” has the meaning set forth in Section 4.1(c). (r) “CTCAC” means the California Tax Credit Allocation Committee. (s) “DTPP Amendment MMRP” has the meaning set forth in Recital O. (t) “Effectuating Agreements” has the meaning set forth in Section 3.7 below. (u) “Execution Date” shall have the mean the date the Agreement is signed by all Parties. (v) “Existing Occupants” shall have the same meaning as set forth in Section 3.5(a) below. (w) “Governmental Authorities” shall mean the City of Redwood City, the State of California or any other governmental or quasi-governmental entities who may issue permits or approvals for the development of the Affordable Development. (x) “Grant Deed” means that certain grant deed, substantially in the form attached hereto as Exhibit C, incorporated herein by this reference, pursuant to which the Affordable Site will be transferred to the Qualified Designee. (y) “HCD” means the California Department of Housing and Community Development. (z) “Household Income” means the total anticipated annual income of all persons in a household, as calculated in accordance with state or federal law or pursuant to a successor State housing program that utilizes a reasonably similar method of calculation of adjusted income. In the event that no such program exists, the City shall provide the Qualified ATTY/RESO.0034/CC RESO APPROVING PROJECT (901 EL CAMINO REAL) - EXHIBIT C REV: 04-22-25 VR Page 6 of 224