Agmt10 Kainos Home & Training Center

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of the appropriate Section 8 existing Fair Market Rent (FMR) for a six - bedroom unit, or (iii) such other appropriate rent set by the Golden Gate Regional Center of the State of California for adults with developmental disabilities. To the extent the maximum allowable monthly rent set forth in the above paragraph is inconsistent with HOME or CDBG rules and regulations, as they may be amended and supplemented from time to time, the HOME and CDBG program rules and regulations shall govern the rights and obligations of the parties hereunder. Kainos shall comply with all HOME and CDBG program rules and regulations regardless of whether such rules regulations and ulations are more restrictive than the u g covenants, conditions and restrictions contained in this Agreement and /or the Declaration of Affordability Covenants and City may, in its discretion, amend this Agreement and /or the Declaration of Affordability Covenants to conform to such changes. Upon City's request, Kainos shall execute, acknowledge and deliver to City such amendments as may be reasonably required by City for such purposes. 11. USE, TRANSFER OF PROPERTY, ASSIGNMENT AND SUBCONTRACT a. The City Funds provided to Kainos under this Agreement are to be used solely for purchase of the Property for the purpose of providing the Program Services to extremely low income individuals with development disabilities in the City of Redwood City and to provide a permanent residential facility where such services can be provided. Providing the City Funds will allow Kainos to leverage other public and private financing for acquisition of the Property and enhance the long -term sustainability of the public investment. Therefore, Kainos shall not take any actions which would jeopardize the economic sustainability and affordability of the Affordable Bedrooms on the Property being acquired, or abandon the services needed by the project beneficiaries, special needs populations, without the written consent of the City Council or its representative. b. Kainos shall not, without prior written approval of the City, convey, transfer or encumber the Property. If Kainos requests consent from City to sell the Property, City, at its sole discretion, may approve the sale subject to conditions which shall include, at a minimum, the following: (i) the sale price must be no Tess than fair market value as established by an appraisal completed in accordance with federally accepted appraisal practices; (ii) the appraiser shall be approved by the City; and (iii) at the discretion of City, either the transferee must be approved by City following City's determination that transferee has the qualifications necessary to carry out Kainos' obligations under ATTY /AGR/2010.083 8 091610