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03 - JOINT - Lacy Settlement
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03 - JOINT - Lacy Settlement
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1/3/2012 3:32:41 PM
Creation date
4/19/2011 2:45:40 PM
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City Clerk
Doc Type
Agenda Packet
Item #
03
Date
4/18/2011
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(a) The Developer will be constructing <br />several models, plans, or types of Housing Units in the For- <br />Sale Portion of the Project. All of the Affordable For-Sale <br />Units will be (3) three-bedroom Housing Units. The exact <br />units to be designated as affordable will be subject to Agency <br />approval. The Developer covenants and agrees that all <br />Affordable Far-Sale Units in all respects shall be the <br />same/comparable in teams of quality of construction, <br />amenities, materials, design, etc. as the Housing Units of the <br />same size and model that are designed, con~ttucted, and sold <br />on the open market. „~_-_~~; <br />(b) The Age <br />buyer of a market Housing Unit <br />upgrades or improvements tl~a~?; <br />purchase price for a Hous~!fr <br />and thus not necessarily~~~~~~e <br />Affordable For-Sale Unit;€~tit,ni <br />acknowledgment modifies ~tr <br />obligation to ~xgvide first qual~ti <br />as described al~o~;";:,. <br />y,.,~1~wledges that a <br />~el~ec~~ ;~ pay for <br />`'riot inci~~1°@~l:;in the <br />of the same~sze:and model <br />m a corres <br />~in~ in the <br />eioper~s <br />For-Sale <br />9. DI)A Uther-rvise U'nc <br />conditions of the DDA shall remain in <br />4 <br />Exhibit 3 <br />as expres_s~y set forth herein, all terms and <br />..,..:..,r. <br />_et, unchanged by this First Amendment. <br />3-22 <br />IaOCSOC/1481239v3/20~~212~•OO~ 1 <br />
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