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10/1/08 <br />thereafter, the Developer shall devote the Sites to the uses specified in the <br />Redevelopment Implementation Plan and this Agreement for the periods of time <br />specified therein. All uses conducted on the Sites, including, without limitation, all <br />activities undertaken by the Developer pursuant to this Agreement. The foregoing <br />covenants shall run with the land. <br />402. First Time Homebuyer. The homes shall be sold to a household that is a <br />First Time Homebuyer (as defined in Section 100 hereof). The Affordable Units shall be <br />used as primary residences and must be owner-occupied at all times during the term of <br />affordability. Homebuyers of the three Affordable Units must obtain fixed rate financing <br />only. <br />403. Affordable Housing. <br />403.1 Number of Units. Developer agrees to make available, restrict <br />occupancy to, and sell all three (3) of the single family homes to be developed upon the <br />Sites to "Lower Income Households" (as that term is herein defined) at an affordable <br />sales price based on 80% of the area median income (the "Affordable Units"). In <br />addition, the Developer agrees to cooperate with the Agency in any subsidized loan <br />program the Agency may in its sole discretion make available to Lower Income <br />Household homebuyers of the Units. The Lower Income Affordable Units will be sold at <br />the maximum sales price of the unit and constitute an Affordable Housing Cost to the <br />Lower Income homebuyers. <br />403.2 Selection of Homebuyers/Marketing Plan. The Developer shall <br />be solely responsible for the selection of home buyers of the Affordable Units. The <br />Developer shall use commercially reasonable efforts to ensure that the Lower Income <br />Affordable Units are sold to those Lower Income Households which are able to purchase <br />such units at the maximum sales price for the unit at an Affordable Housing Cost without <br />any loan or additional subsidy from the Agency (i. e., such purchaser will make a <br />sufficiently large down payment, given current interest rates, fixed rate financing and <br />other variables, so that the maximum sales price for the unit for such purchaser does not <br />exceed an Affordable Housing Cost). Developer shall provide Agency with its written <br />policy and criteria for the selection of homebuyers ("Marketing Plan") prior to execution <br />of this Agreement and a copy of said policy shall be attached hereto and incorporated <br />herein as Exhibit J. The Agency shall have the right to review and approve or deny the <br />proposed homebuyer prior to sale of each of the Affordable Units. <br />403.3 Income of Homebuyers. Prior to the sale of any Affordable Unit <br />to a homebuyer, the Developer shall submit to the Agency a completed Lender's package <br />or other similar income document that is acceptable to the Agency. The Developer shall <br />certify, to the best of the Developer's knowledge, that each prospective buyer purchasing <br />an Affordable Unit is a Lower Income Household and meets the eligibility requirements <br />established for the Lower Income Affordable Unit. The Developer shall obtain an <br />income certification from the prospective buyer of each Lower Income Affordable Unit <br />and shall certify that, to the best of the Developer's knowledge, the income of the <br />20 <br />