Laserfiche WebLink
DRAFT <br /> 2.10 Mechanic's Liens, Indemnification, Developer shall take all actions reasonably <br /> necessary to remove any future mechanic's liens or other similar liens (including design <br /> professional liens) against the Property or Project, or any part thereof,by reason of work, labor, <br /> services, or materials supplied or claimed to have been supplied to Developer or caused by, at the <br /> direction of,or on behalf of Developer.Prior to the recording of this Agreement(or memorandum <br /> thereof.)pursuant to Section 4.2 below, Developer shall provide evidence from the Title Company <br /> of any new recordings against the Property or Project.City hereby reserves all rights to post notices <br /> of non-responsibility and any other notices as may be appropriate upon a filing of a mechanic's <br /> lien. In addition to any other indemnity provided by Developer under this Agreement, Developer <br /> shall indernni fy,defend(with counsel of City's choosing and the consent of Developer,which shall <br /> not be unreasonably withheld, conditioned or delayed and which may be joint defense counsel <br /> upon City's and Developer's consent), and hold harmless City and all of its officials, officers, <br /> employees,representatives,volunteers and agents from any and all alleged or actual claims,causes <br /> of action, liabilities, and damages from any third party by reason of a mechanic's lien or work, <br /> labor, services, or materials supplied or claimed to have been supplied to Developer or caused by, <br /> at the direction of,or on behalf of Developer. <br /> 2.11 Tithing of Construction of Affordable Units. The Affordable Units shall be <br /> constructed concurrently with,or prior to,the construction of the Unrestricted Units, <br /> 3. AFFORDABILITY <br /> 3.1 Affordability Tenn. The Affordability Term for each Affordable Unit shall <br /> commence on the date the Affordable Unit receives a certificate occupancy and expire fifty five <br /> (SS)years later(each an"Affordability Term"). <br /> 3,2 Mem. rializing Commencement of Total Affordability Term, Developer shall <br /> keep or cause to be kept detailed records of the commencement date of the Total Affordability <br /> Term for each Affordable Unit. City shall have the right to review and verify said records without <br /> a fee from City to Developer to ensure that the commencement date specified by Developer for an <br /> Affordable Unit coincides with the date that the initial Affordable Unit received all permits from <br /> City required for occupancy of the Unit. In the event that a conflict exists between the date <br /> specified by Developer for the commencement of the Total Affordability Term for an Affordable <br /> Unit and the date specified by City's issuance of all required permits for occupancy of the Unit, <br /> the date specified by City's issuance of all required permits for occupancy of the Unit.shall control. <br /> 3.3 Levels of Affordability. Each Affordable Unit shall be initially sold to and <br /> occupied by an Eligible Household for an Affordable Sales Price, and any resale shall be subject <br /> to the Affordable Housing Resale Restrictions and the City Deed of Trust recorded against the <br /> Affordable Unit. <br /> 3.3.1 Affordable Sales Price. Developer covenants that, during the Affordability <br /> Term,each Affordable Unit shall be sold to, or held vacant for sale to, an Eligible Household for <br /> an Affordable Sales Price. The Affordable Sales Price is equal to the sum of the Supportable <br /> Mortgage plus, if applicable, the Benchmark Down Payment. Prior to the sale of any Affordable <br /> Unit, Developer shall provide the City with at least thirty (30) days' written notice of the <br /> determined amount,and the City shall have ten(10)days to approve or disapprove of the proposed <br /> Page 10 <br /> 55394,00101\43423340.1 <br /> i <br /> i <br /> i <br /> i <br />