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FOUNTAINHEAD PARTNERS-2003
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FOUNTAINHEAD PARTNERS-2003
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Last modified
10/18/2016 11:52:31 AM
Creation date
5/23/2016 4:32:18 PM
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Contracts
Company Name
FOUNTAINHEAD PARTNERS
Contract #
A-2003-132
Agency
Community Development
Council Approval Date
6/16/2003
Notes
RECORDED COVENANTS
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1 1/14/63 <br />must be preceded by not less than 30 days by DEVELOPER's service upon the tenant <br />of a written notice specifying the grounds for the action. <br />8. DEVELOPER shall maintain the improvements on the Property in <br />compliance with all applicable housing quality standards [24CFR 92.504 (c)(6)] and <br />state and local code requirements (California Health and Safety Code section 33418), <br />and shall beep the Property free front any unreasonable accumulation of debris or waste <br />materials. DEVELOPER shall also maintain in a healthy condition any landscaping <br />planted on the Property. <br />9. DEVELOPER covenants and agrees for itself, its successors, its assigns <br />and every successor in interest to the Property or any part thereof, there shall be no <br />discrimination against or segregation of any person, or group of persons, on account of <br />race, color, creed, religion, sex, ':maritat status, national origin or ancestry in the sale, <br />lease, transfer, use, occupancy, tenure or enjoyment of the Property nor shall the <br />DEVELOPER itself or any person claiming under or through it establish or permit any <br />such practice or practices of discrimination or segregation with reference to the <br />selection, location, number, use or occupancy of tenants, lessees, subtenants, sublessees <br />or vendees of the Property, as required by the Title VI of the Civil Rights Act of 1964, <br />the Fair Housing Act (42 U.S.C. 3601 -20) and all implementing regulations, and the <br />Age Discrimination Act of 1975, and all implementing regulations. <br />10. Not later than five (5) business days prior to the Real Estate Closing, <br />DEVELOPER shall submit to the Executive Director a Management Plan in a form that <br />is acceptable to the Executive Director, including, but not limited to, the components <br />listed below. Approval of the Management Plan must be obtained from the Executive <br />Director not later than the time for the Closing. DEVELOPER shall manage the <br />Restricted Units in accordance with the approved Management Plan, including such <br />amendments as may be approved in writing from time to time by the Executive <br />Director, for the terra of the income and rent restrictions contained in this Agreement. <br />The components of the Management Plan shall include: <br />(a) Management Agent. DEVELOPER shall submit the name and <br />qualifications of the proposed Management Agent. The Executive Director shall <br />approve or disapprove the proposed Management Agent in writing based on the <br />experience and qualifications of the Management Agent. <br />(b) Management Agreement. DEVELOPER shall submit a copy <br />of the proposed management agreement specifying the amount of the management fee, <br />and the relationship and division of responsibilities between DEVELOPER and <br />Management Agent. <br />(c) Annual Budget and Projected Cash Flows. Prior to the Closing, <br />and annually thereafter not later than seventy -five (75) days after the close of each <br />calendar year thereafter, DEVELOPER shall submit a projected operating budget and <br />cash flow to the Executive Director. The budget and cash flow shall be in a form that is <br />7of14 <br />
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