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Agmt 2006 Allied Housing Program etc
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Agmt 2006 Allied Housing Program etc
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Last modified
12/12/2006 4:39:27 PM
Creation date
12/12/2006 4:39:24 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agreement
Document Date (6)
5/3/2006
Retention
PERM
Document Relationships
RDA Reso 2006-001
(Approved by)
Path:
\City Clerk\City Council\Resolutions\2006
Reso 2006-045
(Approved by)
Path:
\City Clerk\City Council\Resolutions\2006
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<br />(ii) No Conflict. Agency's execution, delivery and performance of its <br />obligations under this Agreement will not constitute a default or a breach under any contract, <br />agreement or order to which Agency is a party or by which it is bound. <br /> <br />(iii) No Litigation or Other Proceeding. No litigation or other proceeding <br />(whether administrative or otherwise) is outstanding or has been threatened which would <br />prevent, hinder or delay the ability of Agency to perform its obligations under this Agreement. <br /> <br />(iv) No Bankruptcy. Agency is not the subject of a bankruptcy or insolvency <br /> <br />proceeding. <br /> <br />2.3 Effective Date. The obligations of Owner and Agency hereunder shall be <br />effective as ofthe Effective Datp. <br /> <br />ARTICLE III <br /> <br />OPERATION OF THE PROJECT <br /> <br />3.1 The Property. Owner represents and warrants that as of the Effective Date: <br />(i) Owner possesses or has the contractual right to acquire fee simple title to the Property, and <br />(ii) to the best knowledge of Owner after reasonable inquiry, the Property is subject to no <br />covenant, condition, restriction or agreement that would prevent Owner's performance of its <br />obligations under this Agreement, the Regulatory Agreement, the Agency Loan Documents or <br />the City Loan Documents. If at any time the foregoing statements become untrue, the Agency <br />shall have the right to terminate this Agreement upon written notice to Owner. In the event that <br />Owner does not acquire fee simple title to the Property by [June 30, 2006], this Agreement shall <br />terminate and be of no further force or effect. <br /> <br />3.2 Operation ofProiect. Owner shall operate the Project on the Property in <br />accordance with the terms and conditions of this Agreement, the Regulatory Agreement, the <br />Agency Loan Documents and the City Loan Documents and in compliance with the terms and <br />conditions of all approvals, entitlements and permits that the City or any other govemmt:ntal <br />body or agency with jurisdiction over the Project or the Property has granted or issued as of the <br />date hereof or may hereafter grant or issue in connection with operation of the Project. <br /> <br />The Project consists of the operation of an existing twenty-five unit multi-family housing <br />and commercial development of which all twenty-five (25) residential units shall be affordable to <br />very low- and extremely low-income households ("Restricted Units") pursuant to the terms and <br />conditions set forth in Section 3.3 hereof and the Regulatory Agreement. <br /> <br />3.3 Affordable Units. Owner covenants and agrees for itself, its successors and <br />assigns that for the term of the Regulatory Agreement, no fewer than twenty-five (25) ofthe <br />Project's residential units will be made available to households of very low- and extremely low- <br />income in accordance with the terms hereof and the Regulatory Agreement, subject to the Four- <br />year Transition Period as defined, and more particularly described, in the Regulatory Agreement. <br /> <br />818642.2 <br /> <br />6 <br />
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