Agmt 2009 Alameda Housing Associates LP

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The Project will consist of the design, development and construction on the Property of a 100-unit multi-family residential project that will include four (4) dwelling units that will he accessible to persons with disabilities; common areas including alobby, amulti-purpose room with kitchen, outdoor common area, and a children's play area; podium parking consisting of approximately l00 spaces; bicycle storage; laundry facilities; a management office; landscaping; and may include a childcare facility (all of the foregoing are collectively hereinafter referred to as the "Improvements"). Notwithstanding an~rthing to the contrary contained herein, the construction of the Project is expressly conditioned upon compliance with CEQA. No plrysical activity, not otherwise exempt from CEQA, shall commence on the Property without CEQA compliance. 3.3 Affordable Housing. Developer covenants and agrees for itself, its successors and assigns that upon Developer's acquisition of a leasehold interest in the Property, Developer's leasehold interest in the Property will be subjected to recorded covenants that will restrict use of the Property to development of a residential project that includes affordable housing, and that for a term of not less than fifty-five (55) years commencing upon the issuance of a final certificate of occupancy for the Project, not less than forty-nine (~9) of the residential units in the Project shall be rented at an affordable cost to households who qualify as Very l.ow Income (as defined in the Regulatory Agreement) and not less than an additional fifty (50) of the residential units in the Project shall be rented at an affordable cost to households whose income is less than or equal to ninety percent (90%) of Area Median Income (as defined in the Regulatory Agreement) in accordance with the terms hereof and the Regulatory Agreement which the Parties shall execute substantially in the form attached hereto as Exhibit D, and which shall be recorded in the Official Records upon Developer's acquisition of a leasehold interest in the Property_ One unit in the Project may be reserved as a manager's unit and will not be subject toincome-eligibility requirements or rent restrictions. Developer agrees that throughout the term of the Regulatory Agreement, the fee title to the Property shall not merge with the leasehold interest in the Ground Lease, notwithstanding any union of such estates in the fee owner of the Property, Developer, or any third party. Developer agrees that if Developer becomes the fee owner of the Property, the Regulatory Agreement shall automatically be an encumbrance on such Property. 3.3.1 Preference for San Leandro Residents and Employees. In order to ensure that there is an adequate supply of affordable housing within the City of San Leandro for residents and employees of businesses within the City, to the extent permitted bylaw and consistent with the program regulations for funding sources used for development of the Project, during initial lease up of the Project, Developer shall give a preference in the rental of the residential units in the Project to eligible households that include at least one member who lives or works in the City of San Leandro. Developer agrees to use targeted marketing to local residents and employees to increase awareness of the availability of units in the Project, including without limitation, advertising in local media such as the Sort Leandro Times and ]ocal- serving bilingual media and undertaking outreach to the San Leandro Unified School District, City employees and the San Leandro Chamber of Commerce. 3.3.2 Reserved. ]17R9R6-8