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Inst 2005388458
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Inst 2005388458
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Last modified
8/12/2009 4:02:01 PM
Creation date
5/12/2009 4:03:07 PM
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Agreement
Document Date (6)
7/22/2005
Recorded Document Type
DDA
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PERM
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Inst 2005388457
(Reference)
Path:
\City Clerk\City Council\Recorded Documents\2005
RDA Reso 2005-013
(Approved by)
Path:
\City Clerk\City Council\Resolutions\2005
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such form as will enable it to be recorded among the official records of Alameda County. Such Certificate <br />of Completion and determination shall not constitute evidence of compliance with or satisfaction of any <br />obligation of Developer to any holder of a deed of trust securing money loaned to finance the <br />Improvements or any part thereof and shall not be deemed a notice of completion under the California Civil <br />Code. <br />3. 10 Completion of the Improvements and Use of Property. <br />The Developer, for itself, its successors and assigns, hereby covenants and agrees diligently to <br />perform in accordance with the following provisions ("Operating Covenants"): <br />(a) To prosecute to completion the construction of the Improvements no later than 18 <br />months after the Close of Escrow; and <br />(b) To form a homeowners association or other entity which will assume responsibility <br />for maintaining the Improvements in full accordance with the community standards adopted by the City of <br />San Leandro, enforceable by any department or branch thereof, including the Agency. In the alternative, <br />Developer may enter into a regulatory agreement for each unit. <br />(c) To receive Agency approval of the association or other entity and its bylaws prior <br />to issuance of the Certificate of Completion. <br />(d) To sell one of the units to a qualified moderate-income household and place a <br />deed restriction on the unit so that it remains affordable to amoderate-income household for forty-five (45) <br />years; and provide satisfactory evidence therein to the Agency prior to issuance of the Certificate of <br />Completion. <br />Article Four: CHANGES IN DEVELOPER <br />4.01 Identity of Developer . <br />The Developer is 1103 Davis Street, LLC, a limited liability company, with its offices located at 291 <br />Joaquin Avenue, San Leandro, California, 94577. Developer's Articles of Organization are included as <br />Exhibit D to this Agreement, and the Developer's Limited Liability Company Operating Agreement is <br />included as Exhibit E. <br />4.02 Changes Only Pursuant To This Agreement. <br />The qualifications, experience and expertise of Developer are of particular concern to the Agency. <br />It is because of these qualifications, experience and expertise that the Agency has entered into this <br />Agreement, No voluntary or involuntary successor in interest to Developer shall acquire any rights or <br />powers under this Agreement, except as hereinafter provided. No changes in the officers of Developer as <br />shown in Exhibit D shall be effective without Agency consent, which shall not be unreasonably withheld. <br />
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