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SAN LEANDRO ADMINISTRATIVE CODE TITLE 5 COMMUNITY DEVELOPMENT Chapter 3 Condominium Conversion Fee Regulations X5.3.100: DEFINITIONS. The following terms shall have the meaning respectively ascribed: (a) Median Income. "Median income" means the area median income level as estimated by the U.S. Department of Housing and Urban Development, for the geographic area that includes San Leandro. (b) Gross Income. "Gross income" means that amount defined by Title 26, U.S.C.A. §61 (In- ternal Revenue Code). (c) Purchaser. "Purchaser" means the person or persons in whose name title is vested under the policy of title insurance issued upon close of escrow, for any converted unit. (d) Converted Unit. "Converted unit' means a unit approved for conversion to a condominium pursuant to Article 24 of the Zoning Code of the City of San Leandro. (e) Conversion Fee. "Conversion fee" means a fee as adopted in Title 6, Chapter 4 of the San Leandro Administrative Code as established by the City Council, assessed upon the conver- sion of a residential apartment building or complex to a condominium. X5.3.105: PAYMENT OF CONVERSION FEE; CONDITION OF FINAL MAP; SECURITY. As a condition of approval of the final subdivision map for an approved condominium conversion project, the City Engineer shall certify that an instrument has been recorded against the property containing language in substantially the following form: "Upon the close of escrow of the sale of a converted unit in this subdivision the subdivider shall make payment to the City of the conversion fee for that unit." As a further condition of approval of the final map, the subdivider shall have de- posited with the City security guaranteeing payment of the fees. The security may, at the option of the City Manager, be in the form of: (a) An irrevocable letter of credit in a form approved by the City Attorney and in an amount not less than twenty percent(20%) of the total fees; or (b) Any other security, whether or not recorded against the property, guaranteeing to the satis- faction of the City Manager, the payment of the fee. X5.3.110: EXAMINATION OF FINAL MAP. Prior to approving the final map the City Engineer shall certify that the map contains language sat- isfying §5.3.105, above. Department Responsible for Revision: Community Development Chapter 5.3 11/21/2005 Page 1