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<br />Following execution of the agreement by all parties, the completed Density Bonus Housing <br />Agreement, or memorandum thereof, shall be recorded and the conditions filed and recorded on <br />the parcel or parcels designated for the construction of Target Units. The approval and <br />recordation shall take place prior to final map approval, or, where a map is not being processed, <br />prior to issuance of building permits for such parcels or units. The Density Bonus Housing <br />Agreement shall be binding to all future owners and successors in interest. <br /> <br />A. The Density Bonus Housing Agreement shall include at a minimum the <br />following: <br /> <br />1. The total number of units approved for the Housing Development, <br />including the number of Target Units; <br /> <br />2. A description of the household income group to be accommodated by the <br />Target Units, as outlined in 6-3104 of this Article, and the standards for <br />determining the corresponding Affordable Rent or Affordable Sales Price <br />and Housing Cost; <br /> <br />3. The location, unit sizes (square feet), and number of bedrooms of Target <br />Units; <br /> <br />4. Tenure of use restrictions for Target Units of at least 55 years for rental <br />units and 45 years for for-sale units, in accordance with 6-3106 of this <br />Article; <br /> <br />5. A schedule for completion and occupancy of Target Units; <br /> <br />6. A description of any Concession or Incentive, if any, being provided by <br />the City; <br /> <br />7. A description of remedies for breach of the agreement by either party (the <br />City may identify tenants or qualified purchasers as third party <br />beneficiaries under the agreement); and <br />8. Other provisions to ensure implementation and compliance with this <br />Article. <br /> <br />B. In the case of for-sale Housing Developments, the Density Bonus Housing <br />Agreement shall provide for the following conditions governing the initial sale <br />and use of Target Units during the applicable use restriction period: <br /> <br />1. Target Units shall, upon initial sale, be sold to eligible Very Low, Lower <br />Income, or Moderate Income Households at an Affordable Sales Price and <br />Housing Cost, or to Qualified Senior Citizen Residents as defined by this <br />Article; <br /> <br />ORDINANCE NO. 2006-010 9 <br />