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The Developer covenants and agrees that all the Affordable For-Sale Units in all respects shall <br />be the same/comparable in terms of quality of construction, amenities, materials, design, etc. as <br />the Housing Units of the same size and model that are designed, constructed, and sold on the <br />open market. <br />(b) The Agency acknowledges that a buyer of a market Housing Unit <br />may elect and pay for upgrades or improvements that are not included in the purchase price for a <br />Housing Unit of the same size and model and thus not necessarily included in a corresponding <br />Affordable For-Sale Unit, but nothing in the foregoing acknowledgment modifies or lessens the <br />Developer's obligation to provide first quality Affordable For-Sale Units as described above. <br />402.2 Maximum Sales Prices. Developer covenants and agrees that each of the <br />Affordable For-Sale Units shall be sold at an Affordable Housing Cost. The Developer <br />acknowledges and agrees that such calculation may require it to adjust the sales price for each <br />Affordable For-Sale Unit in order that the cumulative sums of the Homebuyer Assistance Loan, <br />Homebuyer's down payment, and proceeds of first lien are adequate to purchase such unit in <br />light of the statutory requirements that the Monthly Housing Cost or payment for such unit does <br />not exceed the Affordable Housing Cost as calculated as of the anticipated date of sale of each <br />Affordable For-Sale Unit. <br />402.3 Affordable Housing Resale Restriction. The Homebuyer of each <br />Affordable For-Sale Unit shall be obligated to enter into and execute the Homebuyer Loan <br />Agreement, which includes the requirement to pay a Contingent Equity Share Amount if the <br />Affordable For-Sale Unit is not sold to Eligible Persons and Families, and such other <br />documentation as the Agency reasonably requires. The Homebuyer Loan Agreement shall <br />provide for a forty-five (45) year affordability period (the "Affordability Period"), and shall <br />permit the sale of the Affordable For Sale Unit for a price in excess of that otherwise permitted <br />by the Homebuyer Loan Agreement prior to the end of the Affordability Period upon the <br />payment of an equity sharing amount to the Agency which permits the seller to retain a portion <br />of the sale proceeds. <br />402.4 Selection of Buyers; Marketing and Outreach Plan. The Developer <br />shall provide the Agency with a copy of its Marketing and Outreach Plan which shall set forth <br />how the Developer plans to provide interested households with information about the Affordable <br />For-Sale Units. The Developer shall be solely responsible for the selection of qualified <br />purchasers of the Affordable For-Sale Units. Developer shall ensure that there will be homebuyer <br />education in accordance with Section 315.4(b)(ii) hereof. The goal of the Marketing and <br />Outreach Plan is to insure that (i) targeted marketing of Affordable For-Sale Units is provided to <br />persons with the priorities set forth below, and (ii) the marketing of Affordable For-Sale Units to <br />the general public be as broad and inclusive as possible in order to inform and attract as many <br />prospective buyers as possible. If the Developer reasonably expects that the number of qualified <br />purchasers of the Affordable For Sale Units will significantly exceed the supply, the marketing <br />plan may include a lottery drawing with respect to the Affordable For-Sale Units, which shall be <br />open to the public. The Outreach and Marketing Plan and the associated applicant selection <br />procedures will be targeted to purchasers regardless of race, color, religion, sex, disability status, <br />familial status or national origin. <br />54 <br />D OCSOG 1400673 v 14200272-0001