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3. Maximum Sales Price. Owner covenants and agrees that the Affordable <br />Unit shall be sold at no more than the Affordable Housing Cost to Low Income Household. <br />4. Selection of Buyer. Owner shall be responsible for the selection of <br />buyers for the Affordable Unit in compliance with the criteria set forth in paragraph 5 of this <br />Agreement. Owner shall develop a plan for the marketing of the Houses and the selection of <br />buyers of the Affordable Unit, consistent with California Redevelopment law. Such marketing <br />plan shall be submitted to the City for its reasonable approval, and Owner shall carry out the <br />marketing in accordance with such approved plan. Preference shall be given to buyers who have <br />been displaced by redevelopment activities by City in the implementation of its redevelopment <br />plans. Owner covenants and agrees that no sales of Affordable Unit shall be made to any person <br />or family related, within the fourth (4th) degree of consanguinity, to Owner or to any member, <br />shareholder or partner of Owner, or anyone related by blood or marriage to any such shareholder <br />or partner; provided, however, that the foregoing shall not prevent the sale of the Affordable Unit <br />to an employee of Owner who is otherwise unrelated to any member, shareholder or partner of <br />the Owner provided such employee otherwise meets the requirements set forth in this Agreement <br />for the sale of an Affordable Unit. <br />5. Income of Buyers. <br />Owner shall, upon execution of this Agreement, prepare and submit to the City <br />for review and approval, which shall not be unreasonably withheld, a marketing plan for <br />prospective buyers of the Affordable Unit. Based upon the marketing plan, Owner shall prepare <br />and keep a written list of prospective buyers for the Affordable Unit. <br />No later than ninety (90) days before the Affordable Unit is ready for occupancy, <br />Owner shall contact all persons or families on the list and ask each to submit a income <br />computation and certification form; provided, however, that City and Owner shall cooperate to <br />determine terms and conditions under which buyers may pre-qualify to purchase an Affordable <br />Unit. <br />As early as practicable, but at least sixty (60) days prior to the sale of the <br />Affordable Unit, the Owner shall submit to City a completed income computation and <br />certification form signed by the prospective buyer under penalty of perjury, in such form as may <br />be provided by City for each prospective buyer, together with all information it has reviewed and <br />considered in its selection process (the "Notice of Intended Sale"). City shall have ten (10) <br />working days to approve or reject the Notice of Intended Sale. City's decision shall be final. <br />For each buyer approved by the City, Owner shall use its best efforts to provide <br />and cause, a true and correct copy of the complete lender's package shall be submitted to the <br />City at the time of submission to the prospective lender, for City confirmation of income status. <br />The lender's package submitted to the City shall be a true and correct copy of the complete <br />package submitted by the unit's buyer to the prospective lender. City shall complete its review <br />of the complete lender's package within fourteen (14) working days. <br />Owner shall and hereby does covenant that no sale shall be made of the <br />Affordable Unit unless and until the City has issued a certificate approving that the proposed <br />buyer qualifies as a Low Income Household. In the event a sale is made in violation of the terms <br />of this Agreement or false or misleading statements are made in any documents submitted to the <br />City, the City shall have the right to file an appropriate action at law or in equity unless Owner <br />substitutes another otherwise qualifying unit as the Affordable Unit. In the event that Owner <br />32A-30