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2890662.3 6 <br />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 <br />(“Official Records”). <br />ARTICLE III <br />DEVELOPMENT OF THE PROJECT <br />3.1 The Property. Developer represents and warrants that as of the Effective Date: <br />(i) Developer possesses or has the contractual right to acquire fee simple title to the Property, and <br />(ii) 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, and the City <br />Documents. If at any time the foregoing statements become untrue, the City shall have the right <br />to terminate this Agreement upon written notice to Developer. <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, the City <br />Documents and in compliance with the terms and conditions of all approvals, entitlements and <br />permits that the City or any other governmental body or agency with jurisdiction over the Project <br />or the Property has granted or issued as of the date hereof or may hereafter grant or issue in <br />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 a 62- <br />unit five-story multifamily residential project, consisting of 22 studio apartments, 22 one- <br />bedroom apartments, and 18 two-bedroom apartments together with a community room, <br />computer learning center, outdoor courtyard with garden, management office, on-site resident <br />services, on-site property manager, laundry facilities and covered bike storage. All but five of the <br />two-bedroom apartments will be affordable to Low Income and Very Low Income households. <br />3.3 Affordable Housing. Developer covenants and agrees for itself, its successors and <br />assigns that thirty (30) of the residential units developed within the Project shall be occupied by <br />Low Income or Very Low Income households and rented at an affordable rent to households of <br />low and very low-income in accordance with the terms hereof and the Regulatory Agreement <br />which the Parties shall execute substantially in the form attached hereto as Exhibit D <br />concurrently with the execution of this Agreement, and which shall be recorded in the Official <br />Records on the date that Developer acquires the Property. <br />28