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NOW, THEREFORE, CITY AND DEVELOPER COVENANT AND AGREE AS <br />FOLLOWS: <br />1. Developer covenants and agrees (for itself, its successors, its assigns, and <br />every successor in interest to the Property or any part thereof) that Developer, such <br />successors, and such assigns shall use the Property exclusively to provide affordable <br />housing of Extremely -Low, Very -Low and Low Income households, as provided in these <br />Restrictions and in the Loan Agreement, <br />2. Developer, for itself and its successors and assigns, hereby covenants and <br />agrees that all of the apartments in the Property (less one manager's unit) (the "Units ") <br />shall be rented exclusively, at Affordable Rent, to Extremely -Low, Very -Low and Low <br />Income households to the extent provided for herein. Area median income levels and <br />Affordable Rents are subject to adjustment from time to time as provided in Section 3 <br />below. <br />3. AFFORDABILITY REQUIREMENTS, USE AND MAINTENANCE OF <br />THE PROPERTY <br />3.1 Use Covenants and Restrictions. <br />A. Developer agrees and covenants, which covenants shall run with the land and bind <br />Developer, its successors, its assign and every successor in interest to the Property that <br />Developer will make all rental units on the Property available to extremely low and very low <br />households at rents affordable. to such households for fifty -five (55) years from the effective <br />date of this Agreement. The HOME restrictions for the HOME <br />assisted units shall be enforced until the date that is fifteen (15) years after the date on which <br />the City reports the Project as complete to the Department of Housing and Urban Development. <br />Upon expiration of the 15 year HOME compliance period, the City will enforce affordability of <br />the units with the same income and rent restrictions as the other <br />units, pursuant to City guidelines and the California Health and Safety Code, The City permits <br />the Developer to limit the eligibility and /or give preference to a particular segment of the <br />population in accordance with 24 CFR 92.253(d), <br />B. The Project shall consist of units, including <br />of which there will be <br />There shall be <br />HOME assisted units, The HOME assisted units shall be <br />units and shall be distributed throughout the complex with <br />comparable amenities to the other units. The affordability mix for the Project is as follows: <br />Unit Type <br />AMI Level <br /># of Units <br />Studio <br />XX % AMI <br />XX <br />One - Bedroom <br />XX % AMI <br />XX <br />Two - Bedroom <br />XX % AMI <br />XX <br />Three - Bedroom <br />_)ff % AMI <br />XX <br />Four - Bedroom <br />XX % AMI <br />XX <br />Studio <br />Manager' Unit <br />XX <br />2of12 <br />25C -87 <br />