80A - SETTLEMENT AGMT FINAL VERSION

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Restrictions is a condition precedent to the Closing for a Phase, as set forth in Section 204. The Agency shall subordinate this Agreement, each Regulatory Agreement and Notice of Affordability Restrictions to the construction and permanent financing approved pursuant to Section 316.1 by the execution of a subordination agreement in a form determined to be reasonably acceptable to the Executive Director. 401.12 Relationship to Tax Credit Requirements. Notwithstanding any other provisions of this Agreement, to the extent that a Tax Credit Regulatory Agreement executed by the Developer as a requirement of receiving the Tax Credits for either (or both) Phase(s) of the Rental Portion of the Project or any other regulatory agreement executed by the Developer as a requirement to obtain financing for either (or both) Phase(s) of the Rental Portion of the Project, are less restrictive with respect to the requirements applicable to tenant selection, tenant income levels, unit rent levels or any other aspect of the construction and operation of such Phase(s) of the Rental Portion of the Project than as provided in this Agreement and the Regulatory Agreement, then the Developer shall comply with the requirements of this Agreement, including the applicable Regulatory Agreement; provided, however, that in the event the covenants or restrictions, including the affordability restrictions set forth in this Agreement, including the Regulatory Agreements, are not the most restrictive provisions applicable to either (or both) Phase(s) of the Rental Portion of the Project, and to the extent of an inconsistency between or among such agreement(s), the Developer shall comply with the most restrictive of such agreements. The foregoing requirements shall apply to the Developer and to its Property Manager who is involved in the selection of tenants or the determination of rent amounts for the Rental Portion of the Project. 401.13 Applicability of Section. The provisions of this Section 401 apply only to the Rental Portion of the Project and are wholly inapplicable to the For-Sale Portion of the Project. 402. Provision of Moderate Income For-Sale Housing-For-Sale Portion of the Project. 402.1 Number, Location and Quality of Affordable For-Sale Units. One (1) of the Housing Units developed on each of the six (6) separate lots constituting Phase FS, the For-Sale Portion of the Development shall be sold to Moderate Income Households, at the prices set forth in Section 402.2 hereof, i.e., the Affordable For-Sale Units. The location of the Affordable For-Sale Units within the For-Sale Portion of the Project will be subject to the reasonable approval of the Agency Executive Director pursuant to applicable laws and regulations. The Developer covenants and agrees that the workmanship, quality of materials, and costs of construction for and the amenities, and physical features of each and all of the Affordable For-Sale Units shall be equal to, and under no circumstances or conditions less desirable than, all other Housing Units in the For-Sale Portion of the Project. (a) The Developer will be constructing several models, plans, or types of Housing Units in the For-Sale Portion of the Project. All of the Affordable For-Sale Units will be three (3) bedroom Housing Units. Three of the Affordable Housing Units will be Plan 1 Units, two of the Affordable Housing Units will be Plan 2 Units, and one of the Affordable Housing Units will be a Plan 3 Unit (as those terms as described in the Scope of Development). DOCSOClk 400673v14l200272-0001 53