RecDoc 2011-155321 - Laserfiche WebLink

Browse Search

. i ; . . i 5.02 below, has risen above the then-in-effect allowable income, OWNER shall either � ' terminate the tenancy of the formerly qualified lessee and make the Affordable Unit available and affordable to a new Qualified Lessee, or raise the rent of such tenant to the current rent for a comparable Market Rate Unit; provided, however, that in no event shall I the number of Affordable Units fall below seventeen (17). On the termination of the � tenancy of an Affordable Unit, the Affordable Unit shall continue to be deemed an � Affordable Unit until reoccupied by a new Qualified Lessee. � Section 4.02. Term of Rental AffordabiliN Covenants. I I OWNER hereby agrees that the Rental Affordability Covenants as described in . I Section 4.01 above shall be effective as of the date of recordation of this Agreement, and i shall remain in effect until the fifty-fifth (55'") anniversary of said date, unless otherwise terminated as provided in Section 5.01, below (the "Rental Affordabiiity Covenants I Term"). I Section 4.03. Compliance with Rental Affordabilitv Covenants. i In order to ensure compliance with this Article, each of the following shall occur: I (a) OWNER and its successors shall ensure that each person applying ' to occupy an Affordable Unit on the Property executes under penalty of perjury an income I verification and information form ("Income Verification and Information Form"), in a form I reasonably acceptable to the City, certifying the applicanYs income. Affordable Units shall � be leased only to Qualified Lessees. � I (b) OWNER and its successors shail obtain a copy of the federal I income tax return for each person applying to occupy an Affordable Unit for the taxable I year immediately preceding such applicanYs initial occupancy in the Project or, if an � applicant.declares under penaity of perjury that he or she did not file or did not retain a � copy of such tax return, or other evidence of income for such year, satisfactory to the City in its sole discretion, such as wage statements or empioyer records. (c) Annually, OWNER and its successors shall provide to the City a current, executed Income Verification and Information Form for each person occupying an Affordable Unit, along with a summary for the appiicable year signed by OWNER or its I successor, certifying compiiance with the provisions of this Agreement under penalty of I perjury. � (d) To certify the compliance of OWNER or its successor with these � provisions, the City shall have a right to inspect the books and records pertaining to such � matters of the then owner(s) or operator(s) of the Property. • I � Section 4.04. Affordabilitv Comqliance Report. Bi-annually on June 30th and December 31st of every year of the Rental Affordability Covenants Term, OWNER shall submit a Report to the City containing, at a minimum, the following items and information: i i) A site map showing the unit numbers and locations of all units 'I and all Affordable Units; _ I i � � �� I I I