10B Action 2012 0117 - Laserfiche WebLink

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Property to operation of a residential rental multi - family project, (B) for a term of not less than fifty -five (5 5) years commencing on the Effective Date, not less than ten (10) of the residential units in the Project shall be rented at Affordable Rent to Eligible Households whose income is no greater than 60% of Area Median Income, and (C) until June 30, 2058 the following additional units shall be subject to the following restrictions: not less than two (2) additional units shall rented at Affordable Rent to Eligible Households whose income is no greater than thirty -five percent (35 %) of Area Median Income, no fewer than nine (9) additional units shall be rented at Affordable Rents to Eligible Households of Very Low - Income, and not less than eleven (11) additional units shall be rented at Affordable Rents to Eligible Households whose income is no greater than sixty percent (60 %) of Area Median Income, all in accordance with the terms hereof and the Affordable Housing Regulatory Agreement and Declaration of Restrictive Covenants (the "Regulatory Agreement ") that the Parties shall execute substantially in the form attached hereto as Exhibit D concurrently with the execution of this Agreement, and which shall be recorded in the Official Records on the Closing Date. 5.2 Preference for Displacees. Borrower shall provide Eligible Households who have been displaced by the rehabilitation of the Project a priority in renting units in the Project. 5.3 Relocation. Households residing in the Project as of the Effective Date shall not be displaced before suitable replacement housing is available either in the residential units undergoing rehabilitation, or in comparable replacement housing. Borrower shall ensure that all occupants of the Property receive all notices, benefits and assistance to which they are entitled in accordance with California Relocation Assistance Law (Government Code Section 7260 et seq.), all state and local regulations implementing such law, and all other applicable local, state and federal laws and regulations (collectively "Relocation Laws ") relating to the displacement and relocation of eligible persons as defined in such Relocation Laws. Any and all costs incurred in connection with the temporary and /or permanent displacement and /or relocation of occupants of the Property, including without limitation payments to a relocation consultant, moving expenses, and payments for temporary and permanent relocation benefits pursuant to Relocation Laws shall be paid by Borrower. Borrower shall indemnify, defend (with counsel approved by City) and hold harmless the Indemnitees from and against any and all Claims arising in connection with the breach of Borrower's obligations set forth in this Section whether or not any insurance policies shall have been determined to be applicable to any such Claims. It is further agreed that City does not and shall not waive any rights against Borrower which it may have by reason of this indemnity and hold harmless agreement because of the acceptance by City, or Borrower's deposit with City of any of the insurance policies described in this Agreement. Borrower's indemnification obligations set forth in this Section shall not apply to Claims arising from the gross negligence or willful misconduct of the Indemnitees. Borrower's obligations set forth in this Section 5.3 shall survive the expiration or earlier termination of this Agreement. 5.4 Maintenance. Borrower shall at its own expense, maintain the Property, the Improvements and related landscaping and common areas in good physical condition, in good repair, and in decent, safe, sanitary, habitable and tenantable living conditions in conformity with all applicable state, federal, and local laws, ordinances, codes, and regulations. Without limiting the foregoing, Borrower agrees to maintain the Project and the Property (including without limitation, the residential units, common areas, landscaping, driveways, parking areas, and walkways) in a condition free of all waste, nuisance, debris, unmaintained landscaping, graffiti, 1755895.2 15