TOLL WEST COAST, LLC - Laserfiche WebLink

Home Browse Search

3.3.1 Low Income Households. Developer covenants that no less than eight (8) Affordable Units in the Project during the Density Bonus Housing Agreement Term will be built and initially sold or conveyed to, or preserved for Low -Income Iouseholds. 4. OWNERSHIP AND OPERATION OF THE PROJECT BY OWNER 4.1 Payment of Density Bonus Setup Fee. Prior to the Effective Date, Developer delivered payment to City of the required density bonus setup fee in the amount of one -eighth (1/8th) of one percent (1%) of the total estimated construction budget for the Project. 4.2 Recording of Documents. No later than issuance of building permits for the Project, Developer and the City shall record or cause to be recorded in the Official Records for Orange County, California, an executed original of this Agreement. City shall cooperate with Developer in promptly executing in recordable form this Agreement. The date of recording of the Agreement shall be the Effective Date of the Agreement ("Effective Date"). Upon the date of recording, the terms and conditions of this Agreement shall be binding upon and run with the Property and the Project. It is the express intent and agreement between the Parties that this Agreement shall remain binding and enforceable against the Property, the Project, and the Affordable Units to ensure compliance with the State Density Bonus Law and City Density Bonus Law. It is the express intent and agreement between the Parties that this Agreement shall remain binding and enforceable against the Affordable Units to ensure the continued supply of Affordable Units in the Project, except as expressly set forth in this Agreement. 4.3 Sale of Units. Upon the completion of construction of each Affordable Unit in the Project and receipt by Developer of all required permits for the occupancy of the Units, Developer shall sell or convey each Affordable Unit for the Total Affordability Term for such Affordable Unit in accordance with the terms and conditions set forth in this Agreement, which provide among other terms and conditions for the sale or resale of each Affordable Unit to an Eligible Household for the Total Affordability Term. 4.4 Location of Affordable Units. During the Density Bonus Housing Agreement Term, the Affordable Units shall be dispersed throughout the Project as provided in the approved Inclusionary Housing Plan Application dated April 27, 2022. 4.5 Use of the Property. All uses conducted on the Property by Developer, including, without limitation, all activities undertaken by the Developer pursuant to this Agreement, shall conform to all applicable provisions of the Santa Ana Municipal Code and other applicable federal, state, and local laws, rules, and regulations. The Project shall at all times during the term of this Agreement be used as a townhome complex. All of the community facilities and any social programs provided to the Project's residents shall be available on an equal, nondiscriminatory basis to residents of all Units at the Project. 4.6 Maintenance. Developer shall, at all times during the term of this Agreement, cause the portion of the Property and the Project that Developer owns to be maintained in a decent, safe and sanitary manner, regardless of cause of the disrepair, to the extent commercially reasonable. 7