RecDoc 2012-101618 - Laserfiche WebLink

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' 3.3 Maximum Affordable Sales Price. In order to ensure compliance with this Article in connection with the sale and transfer of the Affordable Units, the Affordable Units shall be sold at a purchase price that would be considered affordable to a purchaser whose income is between 80 and 100 percent of AMI, as calculated by the City, pursuant to California Health and Safety Code Section 50052.5, adjusted for household size, depending on the number of bedrooms (or bedroom size equivalent) (the "Affordable Sales Price"). 3.4 Resale Restriction Aqreement. Upon sale of the Affordable Units to Qualified Buyers, each Qualified Buyer shall enter into a Resale and Refinance Restriction Agreement and Option to Purchase with the City for the remainder of the Rental Term in substantially the same form as Exhibit C, attached hereto and incorporated herein by this reference (the "Resale Restriction Agreement"). Upon the closing and recordation of the Resale Restriction Agreement, Developer and its successors shall have no further obligations or liabilities to the City with respect to the particular Affordable Unit. 3.5 Prohibited Transfers of Affordable Units. Any sale or transfer of an Affordable Unit in violation of the terms and conditions of this Agreement is expressly strictly prohibited, shall be null and void, and shall constitute a default of Developer under this Agreement, entitling the City to exercise all remedies available at law or in equity, including without limitation, seeking injunctive relief to prevent or enjoin the prohibited transfer and/or damages as provided in this Agreement. 3.6 Expiration of Rental Term. Upon conversion of the Project from a rental complex to an owner-occupied complex and the sale of the five Affordable Units in accordance with this Agreement, the Rental Term shall expire. Upon request by Developer, the City shall execute and record a release of this Agreement and Developer and its successors shall have no further obligations or liabilities to the City. Article IV General Provisions 4.1 Events of Default; Enforcement. In the event of a default in the performance or observance of any agreement or obligation as set forth in this Agreement, if such default remains uncured for a period of 30 days after notice to the Developer, or such longer period as may be approved by the City in writing in its sole discretion, then the City may declare that an "Event of DefaulY' has occurred hereunder and City shall have the right to exercise all of the rights and remedies and to maintain any actions at law or suits in equity or other proper proceedings to enforce the curing of such breach. 4.2 Binding on City Successors. Subject to the Developer's transfer restrictions set forth in Section 4.3 below, the Agreement shall inure to the benefit of City and its successors and assigns and shall be binding upon Developer and any successor in interest to the Project. The Agreement shall run in favor of City and its successors and assigns. ATTY/AGR/2012.061/2580 ECR(URBAN HOUSING)AFFORDABLE HOUSING AGREEMENT REV:06-04-12 VR Page 6 of 31