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3.3 Levels of Affordability. <br />3.3.1 Very Low Income Tenants. Developer covenants that no less than one (1) <br />Affordable Unit in the Project shall at all times during the Density Bonus Housing Agreement <br />Term be rented to, or held vacant and available for immediate occupancy by an Eligible <br />Household, at an Affordable Rent. <br />4. OPERATION OF THE PROJECT BY DEVELOPER <br />4.1 Payment of Density Bonus Setup Fee. A Density Bonus Setup Fee in the amount <br />of $2,768.25, will be charged to the Developer and must be paid prior to execution of this <br />Agreement. <br />4.2 Recording of Documents. No later than issuance of building permits for the Project, <br />Developer and the City shall record or cause to be recorded in the Official Records for Orange <br />County, California, an executed original of this Agreement. City shall cooperate with Developer <br />in promptly executing in recordable form this Agreement. The date of recording of the Agreement <br />shall be the Effective Date of the Agreement. Upon the date of recording, the terms and conditions <br />of this Agreement shall be binding upon and run with the Property for no longer than the Total <br />Affordability Term, and the Project. It is the express intent and agreement between the Parties that <br />this Agreement shall remain binding and enforceable against the Property, the Project, and the <br />Units to ensure compliance with the State Density Bonus Law and City Density Bonus Law, and <br />to ensure the continued supply of Affordable Units in the Project, except as expressly set forth in <br />this Agreement. <br />4.3 Rental of Units. Upon the completion of construction of the Project and receipt by <br />Developer of all required permits for the occupancy of the Units, Developer shall rent or cause to <br />be rented each Affordable Unit for the Total Affordability Term for such Affordable Unit in <br />accordance with the terms and conditions set forth in this Agreement, which provide among other <br />terms and conditions for the rental of each Affordable Unit at an Affordable Rent to an Eligible <br />Household for the Total Affordability Term. <br />4.4 Occupancy Levels. Subject to state or federal laws and regulations, the number of <br />persons permitted to occupy each Affordable Unit shall not exceed two persons per bedroom, plus <br />one person. <br />4.4.1 Written Notification. If an Eligible Household, during the terms of its <br />tenancy, adds members that exceed the maximum occupancy allowed under this section, <br />Developer shall provide written notification informing the household that: it is over - <br />occupancy; has been placed on a waiting list for up to one -hundred and eighty (180) days; <br />the expiration date of the waiting list; and the terms for terminating the lease. A written <br />status update will be provided to the household at one -hundred and twenty (120) days, <br />ninety (90) days, sixty (60) days and thirty (30) days if applicable. <br />4.5 Use of the PropertX. All uses conducted on the Property by Developer, including, <br />without limitation, all activities undertaken by the Developer pursuant to this Agreement, shall <br />