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Developer or anyone holding the Property or Project, or any part thereof, through or under <br />Developer. <br />3. AFFORDABILITY <br />3.1 Total Affordability Tenn. Each Affordable Unit shall be restricted to use and <br />occupancy by an Eligible Household for a total period of no less than fifty-five (55) years ("Total <br />Affordability Tenn"). The Total Affordability Term for an Affordable Unit shall commence on <br />the date that the building in which the Affordable Unit is located receives all required occupancy <br />pen -nits from the City. <br />3.2 Memorializing Commencement of Total Affordability T . Developer shall keep <br />detailed records of the commencement date of the Total Affordability Tenn for each Affordable <br />Unit. City shall have the right to review and verify said records to sure that the commencement <br />date specified by Developer for an Affordable Unit coinci h the date that the initial <br />Affordable Unit received all permits from City required for f the Unit. In the event <br />that a conflict exists between the date specified by Devel ricement of the Total <br />Affordability Term for an Affordable Unit and the date nuance of all required <br />permits for occupancy of the Unit, the date specifie , all required permits for <br />occupancy of the Unit shall control. <br />3.3 Levels of Affordability. <br />3.3.1 Very Low Incor <br />11 Affordable Units in the Project sh^" at, <br />Term be rented to, or held vacant , aj <br />Tenants, at a rent that does r ` ea d flftv <br />County, California PMSA d <br />allowance for utilitie� <br />hat no less than eleven <br />-ie. ag the Density Bonus Housing Agreement <br />`or, .mmediate occupancy by Very Low Income <br />(5 /o) of the area median income for the Orange <br />;,hold size, as published by HCD, including an <br />4. OWNERSHIPS ]I .ON OF THE PROJECT BY OWNER <br />4.1 Recording otiients. No later than issuance of building permits for the Project, <br />Developer and the City shall record or cause to be recorded in the Official Records for Orange <br />County, California, an executed original of this Agreement. City shall cooperate with Developer <br />in promptly executing in recordable form this Agreement. Upon the date of recording, the terms <br />and conditions of this Agreement shall be binding upon and run with the Property and the Project. <br />It is the express intent and agreement between the Parties that this Agreement shall remain binding <br />and enforceable against the Property, the Project, and the Units to ensure compliance with the State <br />Density Bonus Law and City Density Bonus Law, and to ensure the continued supply of Affordable <br />Units in the Project. <br />4.2 Rental of Units. Upon the completion of construction of the Project and receipt by <br />Developer of all required permits for the occupancy of the Units, Developer shall rent or cause to <br />be rented each Affordable Unit for the Total Affordability Term for such Affordable Unit in <br />accordance with the terms and conditions set forth in this Agreement, which provide among other <br />7 <br />60A-190 <br />