GUEST HOUSE LP - Laserfiche WebLink

Home Browse Search

6.14 Modification of Disbursement Conditions and Procedures, The Executive Director shall have the authority to modify the disbursement conditions and procedures set forth herein in order to conform them to the payment provisions of the Rehabilitation Contract, 6.15 Other Terms and Conditions of Loan. A. The Note shall become immediately due and payable, in the event of any of the following: (1) failure to complete the Project within four (4) years'ofthe recording date; (2) HOME rental units must achieve initial occupancy within 18 months of project completion. (3) violation of any of the use covenants and restrictions contained in this Agreement after the expiration of any applicable notice and cure periods; (4) 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. 6.16 Closine 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 PROPERTY 7.1 Use Covenants and Restrictions. A. Developer agrees and covenants, which covenants shall run with the land and bind Developer, its successors, its assigns and every successor in interest to the Property that Developer will make all rental units on the Property available to very low households at rents affordable to such households for fifty-five (55) years from the effective date of t1-iis Agreement. The H0ME restrictions for the rune (9) HOME assisted units shall be enforced until the date that is fifteen (15) years after the date on which the City reports the Project as complete to the Department of Housing and Urban Development. The City permits the Developer to limit the eligibility and/or give preference to horucless households (a particular segment of the population) in accordance with 24 CFR 92, 253 (d), B, The Project shall consist of seventy-two (72) units, including one on-site manager's unit, of which there will be fifty-eight (5S) studio units and fourteen (1.4) one - bedroom units. There shall be nine (9) HOME assisted units, The HOME' assisted units shall be floating units and shall be distributed throughout the complex with comparable amenities to the other units. The affordability mix for the Project is as follows: 13