|
absolute discretion, to a release of this Agreement to the Property as a whole. Provided, however,
<br /> this Agreement shall terminate and be of no further force and effect on the Unrestricted Units or
<br /> any common areas of the Property as provided in Section 5.1,
<br /> 4.2.3 Prior to issuance of building permits for the Project, Developer shall cause
<br /> to be provided to City a condition of title guarantee(or other evidence acceptable to the City) that
<br /> demonstrates this Agreement is senior to any other lien, deed of trust,mortgage, or other interest
<br /> in the Property or the Project, except any Developer construction loan, Developer mortgage or
<br /> deed of trust, or other interest in the Property or the Project approved by the City in writing, which
<br /> approval shall not be unreasonably conditioned,withheld, or delayed. The City shall have not less
<br /> than ten (10) days to determine that this Agreement (or an amended version of the Agreement
<br /> restricting the Affordable Units) has senior rights. If City disapproves the evidence provided by
<br /> Developer, then Developer agrees and acknowledges that City may withhold the building permit
<br /> unless and until Developer provides evidence satisfactory to the City demonstrating priority of this
<br /> Agreement or an amendment thereto.
<br /> 4.3 Occupancy Levels. Developer shall not apply or permit any occupancy
<br /> requirements that violate local, state or federal law during the development or sale of the
<br /> Affordable Units,
<br /> 4.4 Use of the Property. All uses conducted on the Property by Developer,
<br /> including, without limitation, all activities undertaken by the Developer pursuant to this
<br /> Agreement, shall conform to all applicable provisions of the Santa Ana Municipal Code and other
<br /> applicable federal, state, and local laws,rules, and regulations.
<br /> 4.5 Maintenance. Developer shall, at all times during the term of this Agreement,
<br /> cause the Property and the Project to be maintained in a decent, safe and sanitary manner,
<br /> regardless of cause of the disrepair. Developer, until a Homeowners' Association ("HOA") is
<br /> established, at which point, the HOA and each Homebuyer shall be fully and solely responsible
<br /> for costs of maintenance, repair, addition and improvements. City, and any of its employees,
<br /> agents, contractors or designees shall have the right to enter upon the Property at reasonable times
<br /> and in a reasonable manner to inspect the Project, after providing notice as follows: (i) at least a
<br /> 24-hour notice to Developer and Homebuyer of the Affordable Unit which will be inspected, or
<br /> (ii) at least 48 hours' notice to Developer, which shall promptly give notice to Owners of the
<br /> Affordable Unit to be inspected.
<br /> 4.6 Pre aration and Recordation of Transfer Documents. Developer shall prepare
<br /> and obtain City's approval, which approval shall not be unreasonably withheld, conditioned or
<br /> delayed, of the Affordable Housing Resale Restrictions, the City Promissory Note, the City Deed
<br /> of Trust, and the Notice of Affordability Restrictions, for each Affordable Unit to Eligible
<br /> Households required by Section 3 of this Agreement in substantially the forms attached hereto as
<br /> Exhibits B, C, D,and G, respectively. Developer shall not sell an Affordable Unit unless and until
<br /> the City has reviewed and approved the Homebuyer as an Eligible Household for the purchase of
<br /> the Affordable Unit, and the Homebuyer has executed and submitted to the Program Director, in
<br /> recordable form, the Affordable Housing Resale Restrictions, the City Deed of Trust, and the
<br /> Notice of Affordability Restrictions, and the approved financing for the Homebuyer, including the
<br /> executed City Promissory Note. City's approval of the Homebuyer as an Eligible Household
<br /> Page 15
<br /> 55394.00101\43 721567.1
<br />
|