RecDoc 2012-101618 - Laserfiche WebLink

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� 2.6 Quality of Affordable Units. The Affordable Units shall be of similar size and quality to the market-rate units in the Project. 2.7 Maintenance. During the Rental Term, all improvements serving the Affordable Units developed on the Property, including without limitation, the Affordable Units, hardscaping and landscaping, shall at all times be maintained in a neat and orderly condition, good order and repair, consistent with good ownership practices, and in accordance with all applicable standards of practice with respect to similar projects in the San Francisco Bay Area. Article III Owner-Occupied Affordabilitv Aqreements 3.1 Transition to Owner-Occupied Units. If, following the date of this Agreement, Developer desires to operate the Project, or any part thereof, as a "for-sale" rather than a "rental" project, Developer may permit the sale of the Affordable Units in accordance with this Article. The Developer shall offer for sale the Affordable Unit to the current occupying Qualified Lessee and the Qualified Lessee shall have the "right of first refusal" to purchase the Affordable Unit. The Developer shall provide the Qualified Lessee with a notice of sale ("Notice") and inform the Qualified Lessee of the "right of first refusal" at least 120 days prior to the intended sale of the Affordable Unit. The content of the Notice shall be approved by the City Manager. The Qualified Lessee shall have 45 days from receipt of the Notice to notify Developer of its interest in purchasing the Affordable Unit. ff the Qualified Lessee does not respond to Developer within the 45-day period or specifically declines to purchase the Affordable Unit within such time, Developer may proceed with a sale to a new Qualified Buyer, as defined below, provided that such sale does not require the Developer to terminate any existing lease with a Qualified Lessee prior to the expiration of such lease. The Qualified Lessee must meet the requirements of a Qualified Buyer in order to purchase an Affordable Unit. 3.2 Qualified Buver. To be a "Qualified Buyer", the purchaser must have an income, certified by the City or its designee, which is between 80 and 100 percent of AMI. In order to ensure compliance with this Agreement in connection with the sale and transfer of each Affordable Unit, Developer and its successors shall obtain a copy of each prospective purchaser's federal income tax return for the taxable year immediately preceding the proposed purchase of an Affordable Unit and current income information such as wage statements or, if the prospective purchaser certifies and declares under penalty of perjury that he or she did not file a federal tax return, other evidence of income for such year acceptable to the City in its sole discretion and current income information such as wage statements, to substantiate that the prospective purchaser meets the eligibility requirements of Qualified Buyers. In the event the City is unable to make a determination that a prospective buyer is a Qualified Buyer based upon the information provided, the prospective purchaser shall be determined not to meet the requirements of a Qualified Buyer and shall be disqualified from purchase. ATTY/AGR/2012.061/2580 ECR(URBAN HOUSING)AFFORDABLE HOUSING AGREEMENT REV:06-04-12 VR Page 5 of 31