25B - AGMT - CDBG HOUSING LOAN - Laserfiche WebLink

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the following: A. The Note(s) shall become immediately due and payable, in the event of any of (1) failure to complete the Project within four (4) years of the recording date; (2) violation of any of the use covenants and restrictions contained in this Agreement after the expiration of any applicable notice and cure periods; (3) an Event of Default by Developer which is not timely cured after expiration of any applicable notice and cure periods pursuant to the terms of this Agreement. 6 .17 Closing Costs and Fees. Developer shall pay (a) all escrow fees and charges, (b) all recording fees and charges on any document recorded pursuant to this Agreement, and (c) the premium for the title insurance required hereunder. 7. AFFORDABILITY REQUIREMENTS, USE AND MAINTENANCE OF THE PROJECT 7.1 Use Covenants and Restrictions. Developer agrees and covenants, which covenants shall run with the land and bind Developer, its successors, its assign and every successor in interest to the Property that Developer will make all of the rental units on the Property available to extremely low, very low and low income households at rents affordable to such households for fifty-five (55) years (except for one unit for the onsite manager). The Project shall consist of approximately fifty -eight (58) residential units. Enforceability of restrictions on the fifty -seven (57) units shall be enforced until the date that is fifty -five (55) years after the date on which the Certificate of Occupancy is issued. 7.2 Affordability Levels/Unit Mix: The proposed unit mix and levels of affordability are as follows: Bedroom Size 30% AMI 50% AMI 60% AMI Manager's Unit Total 1 Bedroom 2 24 26 2 Bedroom 2 12 1 15 3 Bedroom 2 15 -- 17 Totals 6 24 27 1 58 The remaining unit will be a 2- bedroom unit reserved for the onsite manager. The affordable rents charged at the Project must comply with the standards set forth by California Tax Credit Allocation Committee (TCAC). 14 25B -20