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6.5 Closing Costs and Fees. Developer shall pay (a) all escrow fees and charges, <br />(b) all recording fees and charges on any document recorded pursuant to this Agreement, and (c) <br />the premium for the title insurance required hereunder. <br />7. AFFORDABILITY REQUIREMENTS, USE AND MAINTENANCE OF THE <br />PROJECT <br />7.1 Use Covenants and Restrictions. <br />a. Developer agrees and covenants, which covenants shall run with the land and <br />bind Developer, its successors, its assign and every successor in interest to the Property that <br />Developer will make all rental units on the Property available to extremely -low, very low and low <br />income households at rents affordable to such households for fifty- five (55) years from the effective <br />date of the issuance of the Certificate of Completion. <br />b. The Project shall consist of approximately seventy (70) units of which <br />there will be forty -nine (49) two - bedroom units and twenty -one (21) three- bedroom units. There <br />will be seven (7) units with incomes at or below 30% AMI, forty -two (42) units for households <br />with incomes at or below 50% AMI; twenty (20) units for households with incomes at or below <br />60% AMI; and the remaining unit will be reserved for the on -site manager. If entitlement changes <br />the number of units, the City Project Manager must approve affordability mix. <br />C. Affordable rents shall be governed as provided in the NSP Regulations. <br />Rental increases shall be in conformance with federal and state law. <br />d. Initial rents may be recalculated to allowable rental amounts at the time of <br />initial lease -up following completion of construction in accordance with any changes in allowable <br />rent and income tables as published by HUD. <br />7.2 Affordability Levels/Unit Mix: <br />The proposed unit mix and levels of affordability are as follows: <br />Bedroom Size <br />30% AMI <br />50% AMI <br />60% AMI ITotal <br />2 Bedroom <br />5 <br />30 <br />14 <br />49 <br />3 Bedroom <br />2 <br />12 <br />6 <br />20 <br />Totals <br />7 <br />42 <br />20 <br />69 <br />The remaining unit will be a 3- bedroom unit reserved for the onsite manager. <br />The affordable rents charged at the Project must comply with the lowest of the following <br />standards: <br />1. The standards set forth by California Tax Credit Allocation Committee (TCAC), or <br />14 <br />1076 \53 \1389382.1 <br />