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"Offer 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 /> 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 /> If any of the second five (5) On -Site Affordable Homes (i.e., 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 /> If any of the third five (5) On -Site Affordable Homes (i.e., 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 /> Section 3. Types of Affordable Homes. <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 CaIHFA or similar homebuyer assistance <br /> S:ATTY /AGR/2010.11'1 EXHIBIT 2 3 <br /> 9/28/10 <br />