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PLANNING COMMISSION DRAFT <br />SUBJECT TO CITY COUNCIL APPROVAL <br />Affordability Term for each Affordable Unit. City shall have the right to review and verify said <br />records without a fee from City to Developer to ensure that the commencement date specified by <br />Developer for an Affordable Unit coincides with the date that the initial Affordable Unit <br />received all permits from City required for occupancy of the Unit. In the event that a conflict <br />exists between the date specified by Developer for the commencement of the Total Affordability <br />Term for an Affordable Unit and the date specified by City's issuance of all required permits for <br />occupancy of the Unit, the date specified by City's issuance of all required permits for occupancy <br />of the Unit shall control. <br />3.3 34 Levels of Affordability. <br />3.3.1 344 Moderate -Income Households. Subject to the terms of Section 5, <br />Developer covenants that no less than five (5) Affordable Units in the Project shall at all times <br />during the Density Bonus Housing Agreement Term be sold or conveyed to, or preserved for <br />"aerate Ineeme Households, and will be sold or reseld onto to Moderate IneomeEl <br />Households. <br />33..3—.2 3r.-.Affordable 14E)meewnetA1jp.Sales Price. Developer covenants that, <br />during the Affordability Term, each Affordable Unit shall be sold to, or held vacant for sale to, <br />an Eligible Household for an Affordable Sales Price. <br />2 nfr ..,,able c.,,o. Rriee The Affordable Sales Price is equal to the sum of <br />the Supportable Mortgage plus, if applicable, the Benchmark Down Payment. Prior to the sale of <br />any Affordable Unit, Developer shall provide the City with at least thirty (30) days' written <br />notice of the determined amount, and the City shall have ten (10) days to approve or disapprove <br />of the proposed Affordable Sales Price. The Affordable Sales Price for Affordable Units shall be <br />adjusted quarterly until all Affordable Units are sold and, thereafter, determined in connection <br />with each re -sale, as applicable. <br />3.4 Notice to City. Prior to entering into an agreement for the transfer of an <br />Affordable Unit, Developer shall provide at least thirty (30) days written notice to the City, along <br />with a proposed written agreement setting forth the terms of the sale, including the proposed <br />Affordable Sales Price. <br />3.5 373--Homebuyer Documents. The sale of each Affordable Unit is subject to <br />satisfaction of the following conditions: <br />3.5.1 3r.3r.1 Each Homebuyer shall execute the Declaration of Resale Shaw, Claudia [SC4] December 5, <br />Restrictions , eacYof which shall be recorded against the Affordable Unit. 2024 07:41 AM <br />'ve do not X—ute a- -preffliseFy Note <br />1............... a «...1dag a 19a <br />3.5.2 The Declaration of Resale Restrictions shall provide for the terms of resale <br />and the distribution of proceeds from any sale, as follows: <br />(a) RESERVED (PENDING DER REVIEW <br />11 <br />55394.00101\n^^^'�.-.a4,7 ' 42998272.1 <br />