CORNERSTONE HOUSING PARTNERS LP (3)

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7.1 Use Covenants and Restrictions A. Developer agrees and covenants, which covenants shall run with the land and bind Developer, its successors, its assigns and every successor in interest to the Property that Developer will make all rental units on the Property available to very low-income households (50% Area Median Income) at rents affordable to such households for fifty-five (55) years from the issuance of the Certificate of Completion. B. The Project shall consist of one -hundred, twenty-six (126) units, including one (1) on -site manager's unit. C. Rental increases shall be in conformance with federal and state law. The Agency shall require that the units remain affordable, with rents calculated based on assumed household size at the same income levels D. Developer must have a written lease between tenant and owner for a period of at least one year, unless a shorter period is mutually agreed upon. 7.2 Affordability Levels/Unit Mix: All affordable rents in the Project shall be governed by the rents published annually by the California Tax Credit Allocation Committee for households at 50% Area Median Income. Utility allowances must be deducted from the Maximum Gross Monthly Rent. The Housing Authority of the City of Santa Ana publishes the Utility Allowance Schedule. 7.3 Rent Increases: On an annual basis, the Agency shall provide Developer with the maximum allowable schedule of rents for the Property in accordance with changes in allowable rent and income tables published by the California Tax Credit Allocation Committee (TCAC). In no event can Developer charge any tenant more than such amount. The Agency will make all best efforts to provide Developer with the maximum allowable schedule of rents within no more than 30 calendar days after the date TCAC publishes the allowable rent and income tables. 7.4 Prohibited Fees. The Developer and subsequent owner is prohibited from charging fees that are not customary. The Developer and subsequent owner can charge reasonable application fees to prospective tenants; other fees only to the extent that they are reasonable and customary for the project area; and fees for services provided to tenants, provided that these services are not mandatory. 7.5 Maintenance of the Property. Solely at Developer's expense, Developer agrees to maintain the Property in a clean and orderly condition and in good condition and repair and keep the Property free from any accumulation of debris and waste materials (reasonable wear and tear excepted). If at any time Developer fails to maintain, or cause to be maintained, the Property as required by this section, and said condition is not corrected after the expiration of a reasonable period of time not to exceed thirty (30) days from the date of written notice from the Agency, unless such condition cannot reasonably be cured within thirty (30) days, in which case Developer shall have such additional time as reasonably necessary to complete such cure, the Agency may perform the necessary maintenance and 12