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Documents or the City Documents. If at any time the foregoing statements become untrue, the <br />Agency and City shall have the right to terminate this Agreement upon written notice to <br />Developer. In the event that Developer does not acquire fee simple title to the Property by the <br />later of the expiration of Developer's contractual right to acquire fee title to the property or <br />December 31, 2007, this Agreement shall terminate and be of no further force or effect. <br />3.2 Scope of Development. Developer shall develop the Project on the Property in <br />accordance with the terms and conditions of this Agreement, the Regulatory Agreement, the <br />Agency Documents and the City Documents and in compliance with the terms and conditions of <br />all approvals, entitlements and permits that the City or any other governmental body or agency <br />with jurisdiction over the Project or the Property has granted or issued as of the date hereof or <br />may hereafter grant or issue in connection with development of the Project, including without <br />limitation, all mitigation measures imposed in connection with environmental review of the <br />Property and the Project and all conditions of approval imposed in connection with any <br />entitlements, approvals or permits (all of the foregoing approvals, entitlements, permits, <br />mitigation measures and conditions of approval are hereafter collectively referred to as the <br />"Conditions of Approval"). <br />The Project consists of the design, development and construction on the Property of a 51- <br />unit three-story multifamily residential project, in which 50 one-bedroom units will be affordable <br />to very low-income senior households and one unit will be a resident manager's unit, together <br />with 28 surface parking spaces, two offices, four recreation rooms (which may include a <br />library/computer room, a community room, an exercise room and a TV/movie room), a laundry <br />room, and an outdoor plaza/courtyard. <br />3.3 Affordable Housing. Developer covenants and agrees for itself, its successors and <br />assigns that fifty (50) of the residential units developed within the Project shall be occupied by <br />senior households and rented at an affordable rent to households of very low-income in <br />accordance with the terms hereof and the Regulatory Agreement which the Parties shall execute <br />substantially in the form attached hereto as Exhibit D concurrently with the execution of this <br />Agreement, and which shall be recorded in the Official Records on the date that Developer <br />acquires the Property. <br />3.4 Project Approvals. Developer acknowledges and agrees that execution of this <br />Agreement by Agency and City does not constitute approval for the purpose of the issuance of <br />building permits for the construction of the Project, does not limit in any manner the discretion <br />of City in such approval process, and does not relieve Developer from the obligation to obtain all <br />necessary entitlements, approvals, and permits for the construction of the Project, including <br />without limitation, the approval of architectural plans, the issuance of any certificates regarding <br />historic resources required in connection with the Project (if any), and the completion of any <br />required environmental review of the Project pursuant to CEQA and the National Environmental <br />Policy Act (NEPA). <br />Developer covenants that it shall: (i) obtain all necessary permits and approvals which <br />maybe required by Agency, City, or any other governmental agency having jurisdiction over the <br />construction of the Project or the development of the Property, (ii) comply with all Conditions of <br />956070-4 7 <br />