25F - AGMT - 605-611 EAST WASHINGTON ST LOAN

Home Browse Search

(b) The Affordable Rents for Extremely Low Income households shall not exceed the lower and more restrictive of- (i) The extremely low income rents as calculated under the methodology presented in California Health and Safety Code Section 50053(b)(1); or (ii) The standards set forth by the California Tax Credit Allocation Committee (TCAC). (c) Utility allowances shall be deducted from the maximum gross monthly rent charged to tenants of the Affordable Units. The Santa Ana Housing Authority publishes the utility allowance. 703. Rent Increases. On an annual basis, the Agency/City shall provide the Developer with the maximum allowable schedule of rents for the Property. In no event can Developer charge any tenant more than such amount. 800. AGENCY AND CITY REPRESENTATIONS AND WARRANTIES 801. Agency Representations and Warranties. Agency hereby represents and warrants to Developer, as of the date of this Agreement, as follows: 801.1 Authority. Agency is a public body, corporate and politic, existing pursuant to the California Community Redevelopment> Law (California Health and Safety Code Section 33000, et seq.), which has been authorized to transact business pursuant to action of the City. As of the date of this Agreement, Agency has full right, power and lawful authority to execute, perform, and deliver this Agreement, together with its exhibits, and has been fully authorized by all requisite actions on the part of Agency. 801.2 No Conflict. To the best of Agency's knowledge, Agency's execution, delivery and performance of its obligations under this Agreement will not constitute a default or a breach under any contract, agreement or order to which Agency is a party or by which it is bound. 802. City Representations and Warranties. City hereby represents and warrants to Developer, as of the date of this Agreement, as follows: 802.1 Authority. City is a California municipal corporation and charter City. As of the date of this Agreement, City has full right, power and lawful authority to execute, perform, and deliver this Agreement, together with its exhibits, and has been fully authorized by all requisite actions on the part of City. 802.2 No Conflict. To the best of City's knowledge, City's execution, delivery and performance of its obligations under this Agreement will not constitute a default or a breach under any contract, agreement or order to which City is a party or by which it is bound. 900. DEVELOPER REPRESENTATIONS AND WARRANTIES 901. As a material inducement to Agency/City to enter into this Agreement, Developer represents and warrants as follows: 28 25F-34