Laserfiche WebLink
<br />16 <br /> <br />(3) An Event of Default by Developer which is not timely cured after <br />expiration of any applicable notice and cure periods pursuant to the terms of this Agreement. <br /> <br />6.17 Closing Costs and Fees. Developer shall pay (a) all escrow fees and <br />charges, (b) all recording fees and charges on any document recorded pursuant to this <br />Agreement, and (c) the premium for the title insurance required hereunder. <br /> <br />7. AFFORDABILITY REQUIREMENTS, USE AND MAINTENANCE OF THE <br />PROJECT <br /> <br />7.1 Use Covenants and Restrictions. Developer agrees and covenants, which <br />covenants shall run with the land and bind Developer, its successors, its assign and every <br />successor in interest to the Property that Developer will make all of the rental units on the <br />Property available to extremely low, very low and low-income households at rents <br />affordable to such households for fifty-five (55) years (except for one (1) unit for the on-site <br />manager). The Project shall consist of sixty-nine (69) residential units. Enforceability of <br />restrictions on the sixty-eight (68) units shall be enforced until the date that is fifty-five (55) <br />years after the date on which the Certificate of Occupancy is issued. <br /> <br />7.2 Affordability Levels/Unit Mix: <br /> <br />The proposed unit mix and levels of affordability are as follows: <br /> <br />Bedroom <br />Size <br />30% <br />AMI <br />50% <br />AMI <br />60% <br />AMI <br />Manager’s <br />Unit Total <br />Two Bedroom 29 4 1 1 35 <br />Three Bedroom 4 17 7 28 <br />Four Bedroom 1 0 5 6 <br />Totals 34 21 13 1 69 <br /> <br />The affordable rents charged at the Project must comply with the standards set <br />forth by the California Tax Credit Allocation Committee (TCAC). <br /> <br />Utility allowances must be deducted from the Maximum Gross Monthly Rent. The <br />Housing Authority of the City of Santa Ana publishes a utility allowance schedule on an <br />annual basis. However, in lieu of the utility allowance schedule published by the Housing <br />Authority, the Developer may elect to use the California Utility Allowance Calculator to the <br />extent allowed by TCAC. <br /> <br />7.3 Rent Increases: On an annual basis, the Agency shall provide the Developer <br />with the maximum allowable schedule of rents for the Property which shall correspond to <br />the maximum rent increase allowed by TCAC. In no event can Developer charge any tenant <br />more than such amount. <br />EXHIBIT 3 <br />3-26