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such form as will enable it to be recorded among the official records of Alameda County. Such Certificate of Completion and determination shall not constitute evidence of compliance with or satisfaction of any obligation of Developer to any holder of a deed of trust securing money loaned to finance the Improvements or any part thereof and shall not be deemed a notice of completion under the California Civil Code. 3. 10 Completion of the Improvements and Use of Property. The Developer, for itself, its successors and assigns, hereby covenants and agrees diligently to perform in accordance with the following provisions ("Operating Covenants"): (a) To prosecute to completion the construction of the Improvements no later than 18 months after the Close of Escrow; and (b) To form a homeowners association or other entity which will assume responsibility for maintaining the Improvements in full accordance with the community standards adopted by the City of San Leandro, enforceable by any department or branch thereof, including the Agency. In the alternative, Developer may enter into a regulatory agreement for each unit. (c) To receive Agency approval of the association or other entity and its bylaws prior to issuance of the Certificate of Completion. (d) To sell one of the units to a qualified moderate-income household and place a deed restriction on the unit so that it remains affordable to amoderate-income household for forty-five (45) years; and provide satisfactory evidence therein to the Agency prior to issuance of the Certificate of Completion. Article Four: CHANGES IN DEVELOPER 4.01 Identity of Developer . The Developer is 1103 Davis Street, LLC, a limited liability company, with its offices located at 291 Joaquin Avenue, San Leandro, California, 94577. Developer's Articles of Organization are included as Exhibit D to this Agreement, and the Developer's Limited Liability Company Operating Agreement is included as Exhibit E. 4.02 Changes Only Pursuant To This Agreement. The qualifications, experience and expertise of Developer are of particular concern to the Agency. It is because of these qualifications, experience and expertise that the Agency has entered into this Agreement, No voluntary or involuntary successor in interest to Developer shall acquire any rights or powers under this Agreement, except as hereinafter provided. No changes in the officers of Developer as shown in Exhibit D shall be effective without Agency consent, which shall not be unreasonably withheld.