HUMPHRIES, VALERIE R. - Laserfiche WebLink

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2. CONDITIONS PRECEDENT. 2.1 Minimum Participation by Owners. This entire OPA shall be subject to the condition precedent that, not later than ninety (90) days from the Approval Date, the owners of not less than forty-four (44) properties within the Agreement Area, enter into the OPA, pursuant to which such owners subject each of the Properties that they own to the terms and conditions of the OPA and the CC&R's. Furthermore, the City agrees to not record any CC&R agreement for Properties until 44 of the properties have entered into the agreement. if this condition is not satisfied, then either party may terminate this OPA by notice to the other party. 2.2 - Paired Properties. The parties acknowledge and agree that many of the Properties are "paired" in that they face one another in mirror image separated only by a property line running through a common courtyard ("Paired Properties"). If any of the Owner's Property is part of a Paired Property, then, with respect to each of such Paired Properties, it shall be a condition precedent for the benefit of City and Agency and Owner to their obligations under this OPA that both Properties of the Paired Properties be subject to the OPA. Accordingly, in a case where a set of Paired Properties is not owned by the same person or entity, and only one is made subject to an OPA, the Agency may terminate this OPA, only as to such Property. 3. AFFORDABLE HOUSING COVENANTS. 3.1 Covenant, As set forth in detail in the CC&R's, Owner covenants and agrees to rent all of the dwelling units in Owner's Property to Low -Income Tenants at Affordable Rent. 3.2 Term. The affordability covenant set forth in the CC&R's shall commence on the Inrnplennentation Date for the subject Property and shall terminate with respect to such Property on the date that is the earlier of (a) the fifteenth (15th) anniversary of the date of issuance of a Certificate of Compliance for the subject Property pursuant to Section 4.3 or 4.5 of this OPA, or (b) the thirtieth (30th) amiiversary of the Implementation Date for the subject Property. 3.3 Increase in Income. For purposes of satisfying the obligation set forth in Section 3.1, a person or persons who at the commencement of their occupancy qualified as a Low -Income Tenant or Tenants shall continue to be treated as though they were a Low -Income Tenant as long as they occupy the same unit, even if such person's or persons' income later rises to a level that exceeds that limit. 3.4 A ere 's Obligations. Agency agrees to provide to the Association annually with updates of most current schedule of Low Income Tenant and Affordable Rent requirements. Additionally, the Agency.will provide assistance in certifying income of existing tenants residing in each unit within six months of the Implementation Date. 3.5 Initial Income Certification/Annual Report. Prior to the initial occupancy of each unit by a new tenant Owner shall obtain, on the form attached hereto as Exhibit "I", current income certification statennents for all adult persons who will occupy the unit. Owner shall 5