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A SECTION 4. ~ USE OF PROPERTY Project shall be used for residential housing. At least forty-nine percent (49%) of the units will be available for low income households, with a minimum of eleven (11) floating units used for Very Low Income households in accordance with HOME Program regulations 24 CFR Part 92 ("HOME Assisted Units"). SECTION 5. OCCUPANCY After the Date of Initial Occupancy, the Project shall include eleven (11) units of housing for Very Low Income households, all of which shall be regulated in accordance with the HOME Program regulations 24 CFR Part 92. Terms of the leases shall be governed by HOME regulations 24 CFR part 92.253. SECTION 6. RENT LEVELS Rent levels in the HOME Units shall be established in accordance with HOME regulation and with the approval of the County of Alameda. HUD updates allowable HOME rents annually and the County of Alameda will inform Developer of the new rents as soon as the City receives them. Any changes to the HOME allowable rents, either increases or decreases, shall be passed on to tenants upon renewal of a lease or to a new tenant moving into a vacated unit. SECTION 7. EVICTION As provided by HOME regulations 24 CFR Part 92.253, eviction shall be only for serious or repeated violation of the lease; violation of applicable federal, state, or local law, or for other good cause. SECTION 8. PROJECT OPERATIONS At all times the eleven (11) HOME Assisted units regulated under this Regulatory Agreement must be operated in conformance with HOME regulations and with the Contract. If Developer receives any complaints about compliance with HOME regulations, Developer shall inform the City of any such complaints. If in the sole opinion of the City, the Developer has failed to comply with HOME regulations or the Contract, that failure shall constitute an "Event of Default" under this Agreement as described in Section 16. SECTION 9. PROPERTY MANAGEMENT The Developer shall maintain the property in good condition, good repair, and free of trash, weeds, and other debris. No items shall be stored in those areas designated as open space or for parking. Developer shall not substantially subtract from any real or personal property of the Project nor demolish any part of the Property without prior written approval from City, except normal maintenance and repair. City has the right to inspect the interior of the Property with forty-eight (48) hours advance notice and the exterior of the Property with no advance notice. Developer shall be responsible for ensuring the Project's property management either by performing the services themselves or by hiring the services of a professional property manager. These responsibilities