1901 E. FIRST STREET OWNER LLC (2) - 2014

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the "Tenant Criteria" and "Final Determination of Qualification" provisions set forth in the Inclusionary Housing Plan. The City shall monitor program compliance on an ongoing basis. I -A. Sale as Ownership Units. This Inclusionary Housing Agreement shall not preclude Property Owner from selling the Project's individual units during the Affordability Period. Before selling any individual unit within the Project, Property Owner shall provide the City with ninety (90) days' notice of its intent to sell the units individually and the City and Property Owner shall enter into a revised Inclusionary Housing Agreement and a revised Inclusionary Housing Plan which shall comply with the Applicable Provisions addressing units for sale and comply with those provisions of the then - effective Affordable Housing Administrative Procedures pertaining to units for sale. In that case, the Affordability Period in effect for the rental units under Section 41- 1906(d)(1) shall be credited toward a modified period of affordability consistent with the period of affordability for units for sale under Section 41- 1906(c)(1) of the Ordinance. Further, the number, location, and bedroom counts set forth for the Individual Units shall not change in a new "for sale" Inclusionary Housing Agreement without Property Owner's consent. IL Affordability Covenants 1. The Property Owner covenants and agrees that ten (10) of the units to be developed on the Property shall be Inclusionary Units rented to Eligible Tenants at the Affordable Rent throughout the Affordability Period. This covenant and agreement shall be binding on the successors and assigns of the Property Owner. 2. The Inclusionary Units shall be reasonably dispersed throughout the first four floors of the Project subject to the provisions and limitations set forth in the Inclusionary Housing Plan. Those provisions include the following: "Reasonable Dispersal. The Inclusionary Units to be developed on the Property shall be reasonably dispersed throughout the first four floors of the Project. The Inclusionary Units will not include any "townhouse" units located within the Project. Initially, the first Inclusionary Units to be occupied will occur at the locations identified on Exhibit A to this Housing Plan (the "First Ten Inclusionary Units ") as soon as possible after those units are constructed and ready for occupancy. Going forward after the Inclusionary Housing Agreement — Rental Project Page 13 City of Santa Ana September 18, 2014