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approximately 100 spaces; bicycle storage; laundry facilities; a management office; landscaping; <br />and may include a childcare facility (all of the foregoing are collectively hereinafter referred to <br />as the "Improvements"). <br />Notwithstanding anything to the contrary contained herein, the construction of the Project <br />is expressly conditioned upon compliance with CEQA. No physical activity, not otherwise <br />exempt from CEQA, shall commence on the Property without CEQA compliance. <br />3.3 Affordable Housing. Developer covenants and agrees for itself, its successors and <br />assigns that upon Developer's acquisition of a leasehold interest in the Property, Developer's <br />leasehold interest in the Property will be subjected to recorded covenants that will restrict use of <br />the Property to development of a residential project that includes affordable housing, and that for <br />a term of not less than fifty-five (55) years commencing upon the issuance of a final certificate of <br />occupancy for the Project, not less than forty-nine (49) of the residential units in the Project shall <br />be rented at an affordable cost to households who qualify as Very Low Income (as defined in the <br />Regulatory Agreement) and not less than an additional fifty (50) of the residential units in the <br />Project shall be rented at an affordable cost to households whose income is less than or equal to <br />ninety percent (90%) of Area Median Income (as defined in the Regulatory Agreement) 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, and which shall be recorded in the Official <br />Records upon Developer's acquisition of a leasehold interest in the Property. One unit in the <br />Project may be reserved as a manager's unit and will not be subject to income-eligibility <br />requirements or rent restrictions. <br />3.3.1 Preference for San Leandro Residents and Employees. In order to ensure <br />that there is an adequate supply of affordable housing within the City of San Leandro for <br />residents and employees of businesses within the City, to the extent permitted by law and <br />consistent with the program regulations for funding sources used for development of the Project, <br />during initial lease up of the Project, Developer shall give a preference in the rental of the <br />residential units in the Project to eligible households that include at least one member who lives <br />or works in the City of San Leandro. Developer agrees to use targeted marketing to local <br />residents and employees to increase awareness of the availability of units in the Project, <br />including without limitation, advertising in local media such as the San Leandro Times and local- <br />servingbilingual media and undertaking outreach to the San Leandro Unified School District, <br />City employees and the San Leandro Chamber of Commerce. <br />3.3.2 Reserved. <br />3.4 Project Approvals. Developer acknowledges and agrees that execution of this <br />Agreement by Agency does not constitute approval for the purpose of the issuance of building <br />permits for the construction of the Project, does not limit in any manner the discretion of City in <br />such approval process, and does not relieve Developer from the obligation to apply for and <br />obtain all necessary entitlements, approvals, and permits for the construction of the Project, <br />including without limitation, the approval of architectural plans, the issuance of any certificates <br />regarding historic resources required in connection with the Project (if any), and the completion <br />of any required environmental review. <br />1178986-5 g <br />