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4. OWNERSHIP AND 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 Four Thousand Six Hundred Seventy Five Dollars and Seventy Cents ($4,675.70) will be <br />charged to the Developer and must be paid prior to execution of this 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 and the Project for the Total <br />Affordability Term. It is the express intent and agreement between the Parties that this Agreement <br />shall remain binding and enforceable against the Property, the Project, and the Units to ensure <br />compliance with the State Density Bonus Law and City Density Bonus Law, and to ensure the <br />continued supply of Affordable Units in the Project, except as expressly set forth in this <br />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 Location of Affordable Units. During the Density Bonus Housing Agreement <br />Term, the Affordable Units shall be dispersed throughout the Project in accordance with the terms <br />and conditions set forth in this Agreement. The Affordable Units shall be permitted to float among <br />all twenty-two (22) apartment units in the Project, provided that the Affordable Units shall be <br />comparable in amenities to the Unrestricted Units and reasonably dispersed throughout the Project. <br />The location of the first two Affordable Units to be occupied will be subject to the City's approved <br />Inclusionary Housing Plan, and identified in the Annual Compliance Report submitted to the City <br />pursuant to Section 4.11.2. <br />4.5 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. In the event that a household residing in an Affordable Unit exceeds the permitted <br />number of persons, then that household shall be placed on a waiting list for the appropriate -sized <br />unit and be eligible for transfer when an appropriate -sized unit becomes available. The household <br />will be placed on the waiting list for up to one -hundred and eighty (180) days. If an appropriate - <br />sized unit does not become available during the 180 days, the Owner will have grounds to <br />terminate that household's lease. If the household refuses to transfer to an appropriate -sized unit <br />then the Developer will also have grounds to terminate that household's lease. <br />4.5.1 Written Notification. If an Eligible Household, during the term of its <br />tenancy, adds members that exceed the maximum occupancy allowed under this section, <br />