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97174497 <br />EXHIBIT A <br />USE OF HOME FUNDS <br />SCHEDULE FOR PERFORMANCE <br />TERMS AND CONDITIONS FOR REPAYMENT <br />1. USE OF HOME FUNDS: <br />a. Upon approval of the City Manager or his designee, <br />BORROWER shall use the HOME funds subject to this <br />Agreement to assist in the purchase and rehabilitation <br />of eleven (11) units of the existing multifamily <br />housing complex currently known as the Fargo Gardens <br />Project, located at 650 through 740 Fargo Avenue, San <br />Leandro, California. <br />b. BORROWER shall have sole responsibility for completing <br />all phases of the development, including, but not <br />limited to, securing additional financing; obtaining <br />proper permits and approvals from the Departments of <br />Planning, Building and other applicable public <br />agencies; project design; construction; tenant <br />relocation, if applicable; leasing and management. All <br />actions related to the development of the project shall <br />be reviewed and approved by the Director, Development <br />Services Department, City of San Leandro, prior to <br />commencement. <br />C. At least three (3) units developed under this contract <br />shall, during the term of this Agreement, rent for no <br />greater than the low home rent as established annually <br />by HUD less utility ailowance and shall be occupied by <br />households with incomes of not more than 50 percent of <br />area family median income as defined by HUD. The <br />remaining eight (8) units shall, during the term of <br />this Agreement, rent for no greater than the high home <br />rent as established annually by HUD less utility <br />allowance and shall be occupied by households with <br />incomes of not more than 60 percent of area family <br />median income as defined by HUD. The current HUD <br />approved rents and income levels are contained in <br />Exhibit B. <br />d. BORROWER shall record against the property described in <br />the Deed of Trust of this Agreement, a Regulatory <br />Agreement, Promissory Note and Deed of Trust which <br />shall specify affordability and occupancy levels, term <br />of affordability, maintenance and management standards <br />and other related requirements. <br />9/28/93 (STM) <br />