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WHEREAS, Developer has delivered to City, and City has approved a Resale Restriction and Option to Purchase in recordable form, restricting the sale and occupancy of the Affordable Unit to low- and/or moderate income persons or households for the term of forty five (45) years for owner-occupied units (the "Resale Restrictions"). The covenants in the Resale Restrictions are intended to run with the land and be binding on the Developer and its successors and assigns in the Property. The Resale Restrictions and a Deed of Trust securing them shall both be recorded against the Affordable Unit; and WHEREAS, Developer's agreement to provide the Affordable Unit pursuant to this Agreement and its offer of the Affordable Unit as shown on Exhibit A are a material consideration to City in approving the final subdivision map or issuing a building permit (Map/Permit) and permitting development of the Hays Property to proceed. AGREEMENT NOW, THEREFORE, based upon the foregoing recitals which are incorporated herein by this reference and in consideration of City's approval of the final subdivision map or issuance ofa building permit and permitting development of the Hays Property to proceed, Developer agrees to timely perform all of the covenants and obligations as set forth herein. 1. Inclusionary Housinq Requirements. 1.1 Restricted Unit. Developer agrees, at its sole cost and expense, to make available the Affordable Unit which shall be restricted and made available for sale to low-, and moderate- income persons or households, as identified on Exhibit A of this Agreement. 1.2 Resale Restrictions. Prior to or concurrent with filing for approval of the final subdivision map or building permit for the Hays Project, Developer shall cause to be recorded the Resale Restrictions and Deed of Trust in the form provided by City, to restrict the sale and occupancy of the Affordable Unit to low income persons and households, as defined in the Resale Restrictions. 1.3 City's Riqht to Locate or Approve Buyer. City reserves the right to locate or approve the initial eligible buyer(s) of the Affordable Unit if the Developer fails to. 1.4 Qualification of Affordability. The Developer of the Property shall submit an affidavit to the City certifying that the resident is a low-, or moderate-income household, as determined by Section 6-3004(B),(I),(R),and (S) of San Leandro Zoning Code Part VI, Section 30. 1.5 Monitorinq of Affordability. City staff will maintain high levels of awareness to indicators of abuse and fraud, and will also investigate suspected program abuse. Such monitoring shall include, but not be limited to the following activities: a. Audits. The City will conduct periodic random quality control audits of affordable sale and rental units to assure compliance with state and local law. Such audits may include verification of continued ownership of the affordable unit by eligible persons or households, 988076-1 2