RecDoc 2011-111464 - Laserfiche WebLink

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D. Upon completion of the Project, Nicholson-Lamb became aware that the as-built square footage of three (3) of the Affordable Uni[s deviated slighdy from the square footage specified in the Dedaration and measured only five hundred ninety-eight square feet (598 s�, and the Ciry and Nicholson-Lamb entered into a letter agreement dated September 27, 2010 ("Letter AgreemenP'), acknowledging and agreeing that the three (3) 598 sf Affordable Units were in substantial compliance with the Original Declaration's requirements, and that the size of the 598 sf Affordable Units shall not constimte a default of Nicholson-Lamb in the performance or observance by Nicholson-Lamb of any covenant, agreement or obligation set forth in the Original Declaration. E. The Original Declaration did not include the form of Resale Restriction Agreement that was to be attached as Exhibit "B" thereto and by that Letter Agreement, the City and Nicholson-Lamb also agreed upon the form of Resale Restriction Agreement to be attached as Exhibit "B" of the Original Declaration, which each Qualified Buyer shall enter into with the City upon sale of the Affordable Units as required by Section 3.01 of the Original Declaration. F. The City and Declarant now wish to document for record the agreement reached in the Letter Agreement with Declarant's predecessor-in-interest and clarify inconsistencies within the Original Declaration relating to the level of affordability for the Affordable Uni[s. G. As such, the City and Declarant desire to amend the Original Declaration as set forth herein. AGREEMENTS: ln consideration of the foregoing, and for other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, City and Declarant agree as follows: I. Amendmen[ to the Original Declaration. The Original Declaration is amended as follows: (a) The third Recital of Ihe Original Declaration is revised to read as follows: "WHEREAS, Declarant, in accordance with the Precise Plan, shall reserve a minimum of fifteen percent (IS%) of the condominium units, consisting of six (6) one-bedroom units each containing one (I) bedroom and one (I) bathroom and approximately five hundred ninety-eight square feet (598 s� to approximately one thousand square feet (1000 s�, for purchase and occupation a[ an Affordable Housing Cost to persons and families of moderate income, as those terms are defined under Health and Safety Code sections 50052.5 and 50093, respectively (each, an "Affordable UniP' and collectively, [he "Affordable Units") for a period of forty-five (45) years; and" (b) The fifth Recital of the Original Declaration is revised to read as follows: "WHEREAS, during such time as the Project is made available as a rental complex, Declarant shall reserve the Affordable Units to be made available at an ATTY/AGR/2011/AMENDMENTS/AMENDMENT N0.7 TO AFFORDABLE HOUSING DOC 885 WOODSIDE osoiii z