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<br />7.B <br />Page 20 <br /> <br />llOffer Period Extension"). If the applicable home has not been sold to an Eligible <br />Purchaser or to City or its assignee and an affordable housing deed restriction placed <br />on same during the Offer Period Extension, then upon the expiration of the Offer Period <br />Extension, Developer may either extend the Affordable Offer Period for another Offer <br />Period Extension, or may sell the home as a Converted Home at market-rate and <br />without any affordable housing deed restrictions, and upon payment of the applicable <br />fee pursuant to Section 2.4 below, the number of Required On-Site Affordable Homes <br />shall be reduced by the number of such Converted Homes that are not sold to Eligible <br />Purchasers or the City or its assignee prior to the expiration of the Affordable Offer <br />Period and all applicable Offer Period Extensions, if any. <br /> <br />2.4 In Lieu Payment. If any of the first five (5) On-Site Affordable Homes that <br />are offered for sale become Converted Homes and are not sold to Eligible Purchasers <br />or to the City or its assignee prior to the expiration of the Affordable Offer Period and all <br />applicable Offer'Period Extensions, if any, Developer may sell such homes at market <br />rate and without any affordable housing deed restriction, provided that Developer shall <br />pay to the City a fee in the amount of Fifty Thousand Dollars ($50,000) per each such <br />home that is sold at market rate. Such fees shall be payable at close of escrow for the <br />sale of each such home. <br /> <br />If any of the second five (5) On-Site Affordable Homes (Le., On-Site Affordable <br />Homes 6-10) that are offered for sale become Converted Homes and are not sold to <br />Eligible Purchasers or to the City or its assignee prior to the expiration of the Affordable <br />Offer Period and all applicable Offer Period Extensions, if any, Developer may sell such <br />homes at market rate and without any affordable housing deed restriction, provided that <br />Developer shall pay to the City a fee in the amount of Seventy-Five Thousand Dollars <br />($75,000) per each such home that is sold at market rate. Such fees shall be payable at <br />close of escrow for the sale of each such home. <br /> <br />If any of the third five (5) On-Site Affordable Homes (Le., On-Site Affordable <br />Homes 11-15) that are offered for sale become Converted Homes and are not sold to <br />Eligible Purchasers or to the City or its assignee prior to the expiration of the Affordable <br />Offer Period and all applicable Offer Period Extensions, if any, Developer may sell such <br />homes at market rate and without any affordable housing deed restriction, provided that <br />Developer shall pay to the City a fee in the amount of One Hundred Fifty Thousand <br />Dollars ($150,000) per each such home that is sold at market rate. Such fees shall be <br />payable at close of escrow for the sale of each such home. <br /> <br />Section 3. Tvpes of Affordable Homes. <br /> <br />The On-Site Affordable Homes may include any combination of multi-family <br />apartments, condominiums, townhomes, single-family homes, and housing that is <br />targeted for special needs populations, including senior households. The ownership <br />homes shall be priced to be affordable to households of Moderate-Income; provided <br />however, the income limits and price limitations for any Affordable Homes that receive <br />financing or mortgage insurance pursuant to CalHFA or similar homebuyer assistance <br /> <br />1482682.10 <br />9-09-2010 PCI+PP Final <br /> <br />3 <br />