Agenda Packet_2024-07-16 (Revised)

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EXHIBIT 2 EXHIBIT D shall remain binding and enforceable against the Property, the Project, and the Affordable Units to ensure compliance with the Conditional Grant Agreement, the State Density Bonus Law and City Density Bonus Ordinance, and to ensure the continued supply of Affordable Units in the Project, except as expressly set forth in this Agreement. 4.1.2 Prior to the sale of an individual Affordable Unit to a Homebuyer, Developer shall cause each Eligible Household purchasing an Affordable Unit to sign the Affordable Housing Resale Restrictions and, as required by Section 3, the City Deed of Trust, as approved by the City pursuant to Section 4.5, below, and Developer shall record them or cause them to be recorded in the Official Records for Orange County, California. 4.2 Occupancy Levels. Subject to state or federal laws and regulations,the number of persons permitted to occupy each three-bedroom Affordable Unit shall not exceed eight (8) occupants. 4.3 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. 4.4 Maintenance. Developer shall,at all times during the term of this Agreement,cause the Property and the Project to be maintained in a decent, safe and sanitary manner, regardless of cause of the disrepair. Developer and each Homebuyer shall be fully and solely responsible for costs of maintenance, repair, addition and improvements. City, and any of its employees, agents, contractors or designees shall have the right to enter upon the Property at reasonable times and in a reasonable manner to inspect the Project, after providing notice as follows: (i) at least a 24-hour notice to Developer and Tenants / Homebuyer of the Affordable Unit which will be inspected, or (ii) at least 48 hours' notice to Developer, which shall promptly give notice to Tenants / Owners of the Affordable Unit to be inspected. 4.5 Preparation and Recordation of Transfer Documents. Developer shall prepare and obtain City's approval,which approval shall not be unreasonably withheld,conditioned or delayed, of the City Loan Documents for each Affordable Unit to Eligible Households required by Section 3.5 of this Agreement. Developer shall not sell an Affordable Unit unless and until the City has reviewed and approved the Homebuyer as an Eligible Household for the purchase of the Affordable Unit, and the Homebuyer has executed and submitted to the Program Director, in recordable form, the Homebuyer Loan Agreement, the Affordable Housing Resale Restrictions, the City Promissory Note,the City Deed of Trust,the Notice of Affordability Restrictions,and the approved financing for the Homebuyer. 4.6 Selection of Homebuyers. 4.6.1 The Developer shall, at its sole cost and expense, conduct all procedures and comply with all requirements as set forth in this Agreement and the Administrative Procedures Manual in selecting Eligible Homebuyers for each Affordable Unit. Specific procedures are set forth in Attachment C in the Administrative Procedures Manual. 13 55394 QQJ04'41nncmi i City Council 12 — 67 7/16/2024