FULL AGENDA PACKET_2021-04-20 - Laserfiche WebLink

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EXHIBIT 3 6.10 Other Ternts and Conditions ohLont. A. I'he Note shall become immediately clue and payable, in the evelu elf ally of the following. (1) railure to complete the Project within boar (4) years of the recording date, (2) all CDBG rental units do not achieve initial occupancy within 6 months of project Completion— (3) violation of any of the use covenants and resLneuons contained in this Agreement after the expiration of any applicable notice and cure periods; (4) an Event ofDefault by Developer which is not timely cured after expiration of any applicable notice and care periods pursuant to the terms of this Agreement. (i.l 1 Closing Costs and Pees. Developer shall pay (a) all escrow fees and charges, (b) all recording fees and charges on any document recorded pursuant to this Agreement, and (c) the prctniutn lot the title insurance tequired hcreLndcr. 7. AFFORDABILITY REQUIREMENTS, USE AND MAINTENANCE OF THE 7.1 Use Covenants and Restrictions. A. Developer agrees and urvenants, which covenants shall run with the land and bind Developer, its SLIQCe55prs, its assigns and every NtwQessor in interest to the Property that Developer will snake all rental units on the Propeny available to extremely low-income households at rents affordable to quell households tut titty-five (55) years tiom the issuance of the Certificate ofComplction. The 0D13G restrictions shall be enforced until the date that is fifteen (1 51 years tiller the dale on which Lhe Certificate of Completion is issued or until repayment of principal and all aecluul interest on the CDBG Loan, whichever Conics last. The City permits the Developer to limit the eligibility and/or give preference to a particular segment of the population in accordance with 24 (TR 92.253(d). H_ The Project shall consist of ninety-one (91) units, two(-") of which shall be on -site tanager units- C. At initial lease tip. households in the units cannot cal n more than 30'% of AMI. 1{ental increases shall be in conformance wilh federal 'and stale law. Alter the fifteen (15) year CDBG Compliance Period, the City shall require thaL the nails remain affordable for the Terns of this Agreement, with rents calculated based on asstuucel hottschold size at the saille incolile levels. City Council 11 21 — 15 4/20/2021