Inst 2014298538 - Laserfiche WebLink

Home

b. Commencing with the year that a temporary or permanent certificate of occupancy is issued for one or more units of the Development, Developer shall submit to the City of San Leandro (or such other entity as the City shall from time to time designate in writing), by not later than July 1st of each year, an annual report and certification in the form required by the City. For each affordable unit the report shall include at a minimum: (1)the number of persons in the unit; (2)tenant name; (3) initial occupancy date; (4)rent paid per month; (5) annual gross income of the tenant; (6)percent of rent and utility allowance per month in relation to gross income; and(7) copies of those documents used by Developer to certify or re- certify the tenant, if requested by the City. 18. Use of Income from Operations. Developer, or its management agent, shall promptly deposit all operating income in a segregated account established exclusively for the Development with an FDIC-or other comparable federally-insured financial institution. 19. Common Areas. Developer shall maintain the exterior walls, windows, lighting, walkways,mailboxes, landscaping, nonresidential space, and other common areas of the Development in safe, clean, and well maintained condition and in good working order. 20. Hazard and Liability Insurance. Developer shall at all times, including during construction, cause the Development to be insured against loss by fire, and such other hazards, casualties, liabilities and contingencies, and in such amounts and for such periods as are reasonably acceptable to the City, all in accordance with the requirements of the City. All insurance policies and renewals thereof shall be issued by a carrier and in a form acceptable to the City. Property insurance policies shall name the City as an additional insured,as approved by the City. Insurance that meets the requirements of the Loan Agreement shall be deemed to meet the requirement of this Section 20. 21. Miscellaneous. a. Assignment of City's Rights. The City retains the right, at its sole discretion,to assign all or part of its rights under this Regulatory Agreement for the purpose of ensuring compliance and enforcement of Developer's duties and obligations hereunder. In addition, the City may designate an agent to act on its behalf in monitoring compliance and enforcing the provisions hereof. b. Amendment. This Regulatory Agreement shall not be altered or amended except in writing, executed by the parties hereto. c. Partial Invalidity. If any portion of this Regulatory Agreement shall be invalid, illegal or unenforceable, the validity,legality and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby. d. Binding on Successors. This Regulatory Agreement shall bind, and benefits thereof shall inure to, the respective parties hereto, their legal representatives, executors, administrators, successors in interest, and assigns,provided, however, that except for a transfer to the General Partner of the Developer or an affiliate thereof or as otherwise permitted by the Loan Agreement, the Developer may not assign this Regulatory Agreement or any of its obligations hereunder,voluntarily or by operation of law. 144\221\1488729.2