FRIENDS OF THE LACY HISTORIC NEIGHBORHOOD-2011

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(f) Any customary prepayment charges imposed by the lender pursuant to its loan documents and agreed to by the Developer. 314.8 Right of the Agency to Cure Mortgage or Deed of Trust Default. In the event of a mortgage or deed of trust default or breach by the Developer prior to the completion of the construction of any of any Phase of the Developer Improvements or any part 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 (30) 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. 400. OPERATION OF THE PROJECT. 401. Provision of Extremely and Very Low Income Rental Housing-Rental Portion of the Project. 401.1 Number of Affordable Rental Units. Pursuant to this Agreement and the Regulatory Agreement, the Developer covenants and agrees to make available, restrict occupancy to, and rent the Rental Units at an affordable rent pursuant to Section 401.5 as follows: (a) Thirty-nine (39) of the two (2) bedroom Rental Units in 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 two (2) bedroom Rental Units in Phase R-1 to Extremely Low Income Households at an Affordable Rent; five (5) of the two (2) bedroom Rental Units in Phase R-2 to Extremely Low Income Households at an Affordable Rent; (c) Nineteen (19) of the three (3) bedroom Rental Units in Phase R-1 to Very Low Income Households at an Affordable Rent; nine (9) of the three (3) 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 Units in Phase R-1 to Extremely Low Income Households at an Affordable Rent; three (3) of the three (3) bedroom Rental Units in Phase R-2 to Extremely Low Income Households at an Affordable Rent. 401.2 Duration of Affordability Requirements. The Rental Units shall be subject to the requirements of this Agreement for the later of (i) fifty-five (55) years from the date of the City's issuance of a certificate of occupancy for the applicable Phase or (ii) repayment in full 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 49 DOCSOU 1400673v 141200272.0001