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77-038
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Last modified
1/3/2012 12:34:15 PM
Creation date
6/26/2003 10:46:49 AM
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City Clerk
Doc Type
Resolution
Doc #
77-38
Date
3/29/1977
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(n) U,s~ .f0r._Lo? and Moderate Income Housing. The Redeve- <br />loper agrees for itself- its sUC~e~b~s"and assigns, and every <br />successor in interest'to the Phase I Parcel or any portion there- <br />of and the Deed shall contain a covenant to the effect that the <br />Phase I Parcel shall not be used for any purpose other than for <br />low and moderate income housing for a period of thirty five (35) <br />years from the date of the Deed or until the maturity date of <br />the mortgage pertaining thereto, whichever is longer. The <br />mortgage on that portion of.the Property may not be prepaid with- <br />out the prior written approval of the Agency and HUD. <br /> <br /> If Redeveloper prepays the mortgage or sells that portion of <br />the Property comprising the Phase I Parcel before the final mort- <br />gage debt has been paid, all deeds and other documents relative <br />to the prepayment, transfer or conveyance shall contain appropriate <br />covenants requiring .such Parcel to be used low and moderate income <br />housing for the remaining years of the period provided'for above <br />in this paragraph (n). <br /> <br />SEC. 9. MODIFICATIONS OF PART II <br /> <br /> (a) Conflicts. In the event of any inconsistency or conflict <br />between the provisions of this Part'I and part II of this Agreement, <br />the provisions of Part I shall prevail over those contained in <br />Part II. <br /> <br /> (b) SEC. 101 Work to be Performed by Agency. This Section <br />is hereby amended by ~dding the ~'ollowing' Paragraph: <br /> <br /> The Agency shall only be responsible for <br />soil conditions and the placement of fill on <br />the Property in those areas excavated by the <br />Agency in the performance of its normal de- <br />molition and site clearance operations. As <br />to all other portions of the Property includ- <br />ing t~e soil beneath the areas excavated by <br />the Agency, the Property shall be conveyed <br />in an as is condition. It shall be the sole <br />responsibility of the Redeveloper at Redeve- <br />loper expense to investigate and determine <br />the soil condition and the suitability of <br />the Property for the development to be con- <br />structed. If the soil condition of the <br />Property is not in all respects entirely <br />suitable for the use or uses to wh$ch the <br />Property will be put, then it is the sole <br />responsibility and obligation of Redeveloper <br />to take such action as may be necessary to <br />place the Property and the soil condition <br />of the Property in all respects in a condi- <br />tion entirely suitable for the development <br />of the Property. <br /> <br />-24- <br /> <br />1977 <br /> <br /> <br />
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