1976-01 CRA - Laserfiche WebLink

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. . . (d) Use for Low and Moderate Income Housing. The Rede- veloper agrees for itself, its successors and assigns, and every successor in interest to the Property, or any part there- of, and the Deed shall contain a convenant running with the land to the effect that the Property shall not be used for any pur- pose other than low and moderate income housing for a period of thirty-five years commencing on the date of the Deed. (e) Assignments, Transfers, Joint Ventures and Partner- ShirS. Notwithstanding any other provision of this Agreement, inc uding the provisions contained in Part II hereof, the Rede- veloper agrees that prior to recordation of a Certificate of Completion for the Improvements on the Property (a) there will not be made any assignment, conveyance, or any other form of transfer of the Property, or any interest therein, excepting the encumbrancing of the Property for purposes of securing interim and permanent financing for the construction of the Improvements, without the prior written consent of the Agency, the Authority and HUD, and (b) no redeveloper or owner shall be substituted for those named in Redeveloper's proposal and this Agreement without the written consent of the Agency, the Authority and HUD. However, the Redeveloper, with the written agreement of the Agency and the Authority (which written agree- ment shall not be unreasonably withheld by the Agency and Authority) reserves the right at its ,discretion to join and as- sociate with other entities in joint venture, limited or general partnerships or otherwise for the purpose of acquiring and de- veloping the Property or a portion thereof, provided at all times prior to the recordation of a Certificate of Completion by the Agency for the Property, Redeveloper will remain fully responsible to the Agency and provided that such joint venture, partnership or other entity agrees in writing to be bound by all of the provisions of this Agreement. Section 503 (b) (4) of Part II shall not apply to or limit the amount of capital or equity contribution by any person or entity participating in the development entity. The parties agree that this agreement shall not constitute any consent of the authority required under fY\the Agreement to enter into the Housing Assistance Payments ~~contract or the Housing Assistance Payments contract itself. Whenever the term "Redeveloper" is used herein, such term shall include any permitted assignee as herein provided. (f) Tax Exemption. The PropertY,shall not be removed from the property tax rolls and shall not be exempted from pro~ perty tax payments, except under programs now or hereafter en- acted by the State of California for the general relief of home- owners. Redeveloper for itself and for its successors and as- signs agrees not to file an application for exemption from pro- perty tax assessment and payment, except for those exemptions which may now exist or hereafter be enacted by the State of California for the general relief of homeowners. This in no way limits Redeveloper's right to question or seek reduction of any assessed valuation of the Property. -13-