RecDoc 2011-155321 - Laserfiche WebLink

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1 I , c . i I . � . i WHEREAS, the Density Bonus Law requires that Affordable Units provided ! � in exchange for a density bonus and incentives or concessions be rented or sold at i affordable rents or prices to households whose incomes do not exceed certain amounts; and WHEREAS, OWNER has expended and invested, and will continue to expend and invest, substantial amounts of time and money on mapping the Project for condominium purposes, including the preparation and submittal of tentative and final subdivision maps, and the preparation of governing documents for the condominium i regime, including but not limited to a condominium plan, a declaration of covenants, � conditions and restrictions, and bylaws for a homeowners association, all in conformance �; with the applicable requirements of the California Business & Professions Code, the Civil ; Code, and Government Code, and in substantial reliance on the City's approval of the I Project as a condominium project and issuance of the Project Approvals, thereby allowing I OWNER to sell the units individually and, as a result, OWNER may elect to either rent the Affordable Units or sell the Affordabie Units on the Property; and j WHEREAS, it is the intent of the OWNER that the Project be operated as a � rental complex prior to the sale of the ProjecYs units as individual condominium units; and ; � I WHEREAS, until such time as OWNER makes the ProjecYs units available I for saie as condominium units, it is the intent of the City to exclude the Project from any � future conditions, prohibition or moratorium on the saie of rental housing units as � condominiums, subject only to the restrictions and limitations on such sales as set forth in this Agreement; and i , i WHEREAS, during such time as the Project is made available as a rental � complex, OWNER shall reserve the Affordable Units to be made avaiiable at affordable � rent to "lower income households," as that term is defined in Section 50079.5 of the Health and Safety Code or to "persons and families of moderate income," as that term is defined by California Health and Safety Code section 50093, for a period of fifty-five (55) years, or until such time as the ProjecYs housing units are sold as condominium units; and I WHEREAS, upon the OWNER's election to sell the ProjecYs units i individually as condominium units, OWNER shall ensure that (1) the sale price of any of � the Affordable Units shall be affordable to "persons and families of moderate income," as that term is defined by California Health and Safety Code section 50093, for a period of forty-five (45) years, and (2) each tenant shall be given the opportunity to purchase the I unit such tenant is then occupying on the terms and conditions set forth herein; and. � NOW, THEREFORE, to ensure their mutual compliance with the I requirements of Density Bonus Law and other applicable statutory and regulatory I requirements, and to ensure achievement of the public purposes set out in the Density � Bonus Law, OWNER and the CITY agree as follows: � � 1, ! r t i j . i . �I � � I I I I z I I I ��