RecDoc2025-040037 Regulatory Agreement and Declaration of Restrictive Covenants 112 Vera Avenue

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material adverse change, cancellation, termination or non -renewal, except for ten (10) days advance notice for cancellation due to nonpayment of premium. (b) Upon commencement of construction and continuing until issuance of a certificate of occupancy, Owner or its successors and assigns acquiring title to the Property and all contractors working on behalf of Owner shall maintain a policy of builder's all-risk insurance in an amount not less than the full insurable cost of the Development on a replacement cost basis. (c) Upon completion of Development construction, Owner or its successors and assigns acquiring title to the Property and Development shall maintain property insurance covering all risks of loss (other than earthquake). 4.5 Section 8 Certificate Holders. The Owner will accept as residents, on the same basis as all other prospective residents, persons who are recipients of federal certificates or vouchers for rent subsidies pursuant to the existing housing program under Section 8 of the United States Housing Act, or its successor. The Owner shall not apply selection criteria to Section 8 certificate or voucher holders that are more burdensome than criteria applied to all other prospective residents, nor shall the Owner apply or permit the application of management policies or lease provisions with respect to the Development, which have the effect of precluding occupancy of Units by such prospective Residents. ARTICLE 5. PROPERTY MANAGEMENT AND MAINTENANCE 5.1 Management Responsibilities. The Owner is responsible for all management functions with respect to the Development, including without limitation the selection of Residents, certification and recertification of household size and income, evictions, collection of rents and deposits, maintenance, landscaping, routine and extraordinary repairs, replacement of capital items, and security. The City shall have no responsibility over management of the Development. 5.2 Resident Selection and Management Plan. The Owner shall submit to the City for approval the Management Plan for the Affordable Units no later than six (6) months after the commencement of construction of the Development ("Management Plan"), which Management Plan shall include, but not be limited to, details on how Owner plans to market the Affordable Units to prospective applicants in accordance with fair housing law, including efforts to affirmatively further fair housing as defined in Government Code 8899.50, and this Agreement, Owner's Resident selection criteria and how Owner plans to certify the eligibility of applicants. The Management Plan shall contain all the information required under the Affordable Housing Program Guidelines, including but not limited to describing the management policies, identifying the management team and address how the Owner plans to manage and maintain the Affordable Units. T h e Management Plan shall include the form of rental agreement that the Owner proposes to enter into with the Residents. The City shall approve or disapprove (with written explanation for disapproval) of the proposed Management Plan by notifying the Owner in writing within fifteen (15) business days of the date of submission to the City. Owner shall abide by the approved Management Plan in marketing and selecting Residents for the Affordable Units and shall submit proposed modifications to the City for review and approval. REV: 04-03-25 LF ATTY/AGR.2025.060/112 Vera Ave., L.P. (REGULATORY AGREEMENT & RESTRICTIVE COVENANTS) (Page 12 of 22)