Laserfiche WebLink
2.3 Effective Date; Memorandum. The obligations of Developer and City hereunder <br />shall be effective as of the Effective Date. Concurrently with the execution of this Agreement, <br />the Parties shall execute a Memorandum of this Agreement substantially in the form attached <br />hereto as Exhibit B which shall be recorded in the Official Records of Alameda County upon <br />Developer's acquisition of the Ground Leasehold Interest (“Official Records”). <br /> <br />ARTICLE III. <br /> <br />DEVELOPMENT OF THE PROJECT <br />3.1 The Property. Developer represents and warrants that as of the Effective Date: <br />(a) Developer possesses a contractual right to obtain a leasehold interest in the Property, and (b) <br />to the best knowledge of Developer after reasonable inquiry, the Property is subject to no <br />covenant, condition, restriction or agreement that would hinder or prevent Developer’s <br />performance of its obligations under this Agreement, the Regulatory Agreement or the City <br />Documents. <br />3.2 Scope of Development. Developer shall develop the Project on the Property in <br />accordance with the terms and conditions of this Agreement, the Regulatory Agreement, and the <br />City Documents and in compliance with the terms and conditions of all approvals, entitlements <br />and permits that the City or any other governmental body or agency with jurisdiction over the <br />Project or the Property has granted or issued as of the date hereof or may hereafter grant or issue <br />in connection with development of the Project, including without limitation, all mitigation <br />measures imposed in connection with environmental review of the Property and the Project and <br />all conditions of approval imposed in connection with any entitlements, approvals or permits (all <br />of the foregoing approvals, entitlements, permits, mitigation measures and conditions of approval <br />are hereafter collectively referred to as the “Conditions of Approval”). <br />The Project consists of the design, development and construction on the Property of an <br />eighty-five (85) unit residential project, consisting of seventy-seven (77) one-bedroom, one-bath <br />units and eight (8) two-bedroom, one bath units. Thirty-two (32) one-bedroom units and eight (8) <br />two-bedroom units will be restricted to very low-income households. All units in the Project <br />shall be restricted to senior households. One (1) one-bedroom unit will be reserved for an on-site <br />staff member and is not required by the City to have age or income restrictions. <br />3.3 Affordable Housing. Developer covenants and agrees for itself, its successors and <br />assigns that thirty-two (32) one-bedroom units and eight (8) two-bedroom units in the Project <br />will be rented at an affordable rent to very low-income households. Three (3) of restricted one- <br />bedroom units shall be HOME Units, subject to the HOME Program Regulations. All units in <br />the Project shall be occupied by senior households in accordance with the terms hereof and the <br />Regulatory Agreement which the Parties shall execute substantially in the form attached hereto <br />as Exhibit D concurrently with the Developer's acquisition of the Ground Leasehold Interest <br />which shall be recorded in the Official Records on the date that Developer acquires the Property. <br />3.4 Project Approvals. Developer acknowledges and agrees that execution of this <br />Agreement by City does not constitute approval for the purpose of the issuance of building <br />144\259\1892880.4 <br />5