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CITY COUNCIL DRAFT <br />services, or materials supplied or claimed to have been supplied to Developer or caused by, at the <br />direction of, or on behalf of Developer. Prior to the recording of this Agreement (or memorandum <br />thereof) pursuant to Section 4.2 below, Developer shall provide evidence from the Title Company <br />of any new recordings against the Property or Project. City hereby reserves all rights to post notices <br />of non -responsibility and any other notices as may be appropriate upon a filing of a mechanic's <br />lien. In addition to any other indemnity provided by Developer under this Agreement, Developer <br />shall indemnify, defend (with counsel of City's choosing and the consent of Developer, which shall <br />not be unreasonably withheld, conditioned or delayed and which may be joint defense counsel <br />upon City's and Developer's consent), and hold harmless City and all of its officials, officers, <br />employees, representatives, volunteers and agents from any and all alleged or actual claims, causes <br />of action, liabilities, and damages from any third party by reason of a mechanic's lien or work, <br />labor, services, or materials supplied or claimed to have been supplied to Developer or caused by, <br />at the direction of, or on behalf of Developer. <br />3. AFFORDABILITY <br />3.1 Affordability Term. The Affordability Term for each Affordable Unit shall <br />commence on the date the Affordable Unit receives a certificate occupancy and expire fifty-five <br />(55) years later (each an "Affordability Term"). <br />3.2 Memorializing Commencement of Affordability. Developer shall keep or <br />cause to be kept detailed records of the commencement date of the Affordability Term for each <br />Affordable Unit until that Affordable Unit is sold to a Homebuyer in accordance with this <br />Agreement or released pursuant to Section 3.6 hereof. City shall have the right to review and <br />verify said records without a fee from City to Developer to ensure that the commencement date <br />specified by Developer for an Affordable Unit coincides with the date that the initial Affordable <br />Unit 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 Affordability Term <br />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 Levels of Affordability. Each Affordable Unit shall be initially sold to and <br />occupied by an Eligible Household for an Affordable Sales Price, and any resale shall be subject <br />to the Affordable Housing Resale Restrictions and the City Deed of Trust recorded against the <br />Affordable Unit. <br />3.3.1 Affordable Sales Price. Developer covenants that, during the Term of this <br />Agreement, each Affordable Unit shall be sold to, or held vacant for sale to, an Eligible Household <br />for an Affordable Sales Price. The Affordable Sales Price is equal to the sum of the Supportable <br />Mortgage plus, if applicable, the Benchmark Down Payment. Prior to the sale of any Affordable <br />Unit, Developer shall provide the City with at least thirty (30) days' written notice of the <br />determined amount, and the City shall have ten (10) days to approve or disapprove of the proposed <br />Affordable Sales Price. The Affordable Sales Price for the initial sale of the Affordable Units shall <br />be as calculated in Exhibit I. <br />Page 11 <br />5 53 94.0010 1 \43721567.2 <br />