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6.1.E. - Page 5 <br /> � <br /> � <br /> � <br /> WHEREAS, tlts Dens)ty Bonus Law naquires tha#Afhordable Units pravided � <br /> ir� exchangs fc�r a densify bonus and inaentives or c�oncessions #�e rer�ted or sofd at <br /> affordable rents or pr�ce�to househoids whose Incomes da not e�cc�ed cer�in �mounts; ; <br /> and <br /> I� <br /> WHEREAS, OWNER has ex{�ended �nd inves#ed� and will �or�EriUe #o ' <br /> expe�d �nd it�vest, subst�n�al amount� of time and money on me�pp�ng t�e Project 1ar <br /> condominium purpases, indudi�g tfie �rep�ratbn and submlttal ot terrta#fve and flr�81 <br /> subdfvlsiqn maps. and the pr�epareban of goveml�g documer�°s for th� condarnfnlum <br /> regirne, includin� buf not Ifmited to a condominlum plen, a dederet�on af cav��� <br /> oondWons and �est�ic�qns,end byl�ws for� homeow�ers as�odatbn, s!I in aor�farm��t� <br /> r�th tf�e appRcable raqvirements of!he Calffnml� Busit�ss � Professions Code, the Civil <br /> Code, �nd Govsmmerrt Code, and fn substarrtlef r�Uanae an fhe City's appr�va� af the � <br /> Pr�ject as a c�nrJam#�lum proJect and Issu�nce of the Pro�c�ApProv�ls,thereby�tlaaring ; <br /> OWMER�a sel[#he units indivldua�ly and,as a result,OWNER rnay elect to elther rent the � <br /> Affarti[�ble Units ur serl the Affordable IJr�Its on the Proper�y;ar�d � <br /> ; <br /> WHEREAS, it is the int�nt c�the DYVNER that the P.roject bs opara#ed as a � <br /> reR#af oomplex prior to ti�e sale cf##te Project's unl#s as fndividusl c�ndamir�ium uM#s;and <br /> WHER�AS, until such tims es OWNER mek�t�te Praject's uni�s available � <br /> �ior ssle es condomin�um unitg, it is the inbarit o�the Clty� excluds the Profecf from erry � <br /> future cot�ditlons, �rohlb�ion ar mor�borlum on tfte sale af r�entai hau�fng un�ts as � <br /> candamPniums� subJect only to#he t�es�tctlons end limf�a�ons an�uch sales as set forth In <br /> this A$reetr�r�t;and � <br /> WHEREAS, during s�r.h dme es �he ProJect fs made svaileble as $ rental � <br /> complex, 4WNER s�efl rese�ve the Aftar�dab�e Units to be rnade available a#affordable <br /> rent to "lower income house�alds,' as that berm � defined in Sectfon 50Q79,5 of fhe � <br /> Healfh and Safely Cade or to "persans and famllies of moderate incame," a�that term Is : <br /> definad by Galifamia Health and 5afety Cade sect�on 5D093,far a �eriod of fifl�ftve{55) ' <br /> year�,or unti!such�me as the Projecf's hocusing�n�s ar+a sold as candcminium units;and � <br /> � <br /> WHER��4S, upar� the OWIdER'� elec�on ta sell the ProJect's units � <br /> €ndlvldually�s �ndomir�i�m units, OWI�!!ER shall ensur+�that ('!)the sale prioe of�py of � <br /> tt�e Affordable Un�ts shal!be afford�ble��parsons�nd famlliea ot moderaGa Inc�ome,•a$ � <br /> that#erm is defined by Califomia Health and S��ety Cvds section 50083� fior a period of � <br /> fvrtY-'�nre (�) y�ars, and �2) each �enant s�tell be givan the apPortunitY�o pur�ch�se the � <br /> unit such t�nar�is then�upying otr the fierms and conditbns s�#�arth he�refn;sr�d � <br /> � <br /> M4W, 7H�REFORE, i� ensure thelr mutual oampl�nce v�th the , <br /> requlremer�ts of Density Bonus �ew �r�d crther apAlicable statutnry ertd r�egulatary <br /> �qulr�sments, and � ensure achtevement di the puWic pur�oses set out ir� the'Density <br /> Banus�.aw,OW3VER and ti►e CITY a�ree as foll�ws: <br /> � <br /> � <br /> 2 <br />