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E. Rents During Construction/Rehabilitation: Upon close of escrow, tenants will be notified <br />that leases will be modified to reflect a new rent structure per this Agreement. <br />502. Affordable Gross Starting Rents (Less Reasonable Utility Allowance): Initial rents <br />may be recalculated to allowable rental amounts at the time of initial lease -up following <br />completion of construction in accordance with any changes in allowable rent and income <br />tables as published by HUD , as amended from time to time. <br />Income Rest. <br />Bedrooms <br />No. NSP <br />Units <br />NSP Rent <br />(Gross) <br />Very low 50 % <br />Studio <br />3 <br />$813 <br />One Bedroom <br />11 <br />$871 <br />Total Units <br />14 <br />503. Rent Increases: On an annual basis, the City shall provide the Developer with the <br />maximum allowable schedule of rents for the Property. In no event can Developer charge any <br />tenant more than such amount. <br />504. Recertification of Tenant Income. <br />a. Developer shall take all necessary steps to review the income of all tenants prior to <br />renting to them, as well as reviewing current tenants on an annual basis, in accordance <br />with NSP regulations and guidelines. Every fifth (5`) year, Developer shall require new <br />original income documents to be submitted by tenants. Tenants in NSP assisted units <br />whose incomes no longer comply with federal income guidelines shall have their rents <br />adjusted in accordance with federal NSP guidelines. <br />b. NSP assisted units continue to qualify as affordable housing despite a temporary non- <br />compliance caused by increases in the incomes of existing tenants if actions satisfactory <br />to HUD are being taken to ensure that all vacancies are filled in accordance with this <br />section until the non-compliance is corrected. <br />505. Obligation to Refrain from Discrimination. Developer covenants and agrees for <br />itself, its successors, its assigns and every successor in interest to the Property or any part thereof, <br />that there shall be no discrimination against or segregation of any person or group of persons on <br />account of race, color, creed, religion, sex, marital status, ancestry or national origin in the sale, <br />lease, sublease, transfer, use, occupancy, tenure or enjoyment of the Property nor shall Developer <br />itself or any person claiming under or through him establish or permit any such practice or practices <br />of discrimination or segregation with reference to the selection, location, number, use or occupancy <br />of tenants, lessees, subtenants, sublessees or vendees of the Property. The foregoing covenants shall <br />run with the land and shall remain in effect for the term of the Agreement. <br />506. Maintenance. Developer shall maintain the Property (and all abutting grounds, <br />sidewalks, roads, parking and landscape areas which Developer is otherwise required to <br />10 <br />