80A - JOINT PH - TRANSIT ZONING CODE, FINAL EIR, SPECIFIC PLAN ETC. - ORIGINAL PACKET PROVIDED TO COUNCIL

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thereof, the Developer shall immediately deliver to the Agency a copy of any mortgage holder's notice of default and the Agency shall have the right but no obligation to cure the default if the Developer fails to cure within thirty days after the Agency notifies the Developer of its intention to cure. In such event, the Agency shall be entitled to reimbursement from the Developer of all proper costs and expenses incurred by the Agency in curing such default. The Agency shall also be entitled to a lien upon the applicable Phase to the extent of such costs and disbursements. Any such lien shall be ,junior and subordinate to the mortgages or deeds of trust pursuant to this Section 316. oo. OPERATION of THE PROM CT 401. Provision of Extremely and very Low Inco me Rental Housing-Rental Poi - ion of the Project. 401.1 Numbei• of Affordable Rental Units. Pursuant to this Agreement and the Regulatory Agreement, the Developer covenants and agrees to male available, restrict occupancy to, and rent the Rental Units at an affordable rent pursuant to Section 401.5 as follows; (a) 39 of the two 2 bedroom Dental Units its Phase R-1 to Very Low Income Households at an Affordable Rent; twenty 20 of the two 2 bedroom Rental Units in Phase R-2 to Very Low Income Households at an Affordable Rent; (b) Eleven 11 of the too 2 bedroom Rental Units in Phase l -1 to Extremely Low Income Households at an Affordable Rent; five of the two 2 be room Rental Units in Phase R-2 to Extremely Low Income Households at are Affordable Rent; (c) Nineteen (1 9) of the three 3 bedroom Rental Units in Phase l -1 to Very Low Income Households at an Affordable Rent; t; nin 9 of the three bedroom Rental Units in Phase R-2 to Very Low Income Households at an Affordable Rent; and (d) Four 4 of the three 3 bedroom Rental Gaits in phase -1 to Extremely Low Income Households at an Affordable Rent; three 3 of the three 3 bedroom Rental Units in. Phase -2 to Extremely Low Income Households at are Affordable Rent. 401.2 Duration of Affordability Requirements. The Rental [knits shall be subject to the requirements of this Agreement for the later of i fifty -five years from the date of the City's issuance of a certificate of occupancy for the applicable Phase or 11 repayment in Rill of the Note. 401.3 Selection of Tenants. The Developer shall be responsible for the selection of tenants for the Rental Units in compliance with lawful and reasonable criteria, as set fortis in the Regulatory Agreement and the Management Flan which is required to be submitted and approved by the Agency pursuant to Section 401.9. 401.4 Household Income Requirements. Following the initial lease -tip of the Rental Units in each of Phase R-1 and Phase R -2, and annually thereafter, the Developer shall submit to the Agenc y, at the Developer's expense, a s nnrnary of the income, household size and 9 1 s !14 3vl31200272 -0001