RES 03043 - Laserfiche WebLink

ATTACHMENT A who is also a Very Low Income Resident. Lessee shall also use or cause the Project to be used in a manner consistent with all applicable zoning and environmental laws of any governmental authority, having jurisdiction over the Project. and with all requirements of any Lenders. Subject to the next sentence, the Lessee a~ees to comply with all applicable and lawful statutes, roles, orders, ordinances, requirements and regulations of the United States. the State of California, and of any other governmental authority, having jurisdiction over the Project. The Lessee may, in good faith and on reasonable ~ounds, dispute the applicability of. or the validity of any charge, complaint or action taken pursuant to or under color of. any statute, rule, order, ordinance, requirement or regulation, defend against the same, and in good faith diligently conduct any necessary proceedings to prevent and avoid any adverse consequence of the same. 3.4 A Wnrclahility R e~erYe. Lessee shall establish an Affordability Reserve in which it will deposit within one hundred twenty (120) days after the end of its fiscal year, eighty percent (80%) of any Surplus Cash. The remaining twenty percent (20%) of the Surplus Cash shall be allocated to Lessee which shall use such funds in its sole and absolute discretion. Also at the end of each fiscal year, Lessee and the Lessor shall evaluate the Affordability Reserve and determine whether the amount of funds in the Affordability Reserve are sufficient to increase the Project's affordability by, among other methods, creating a deeper rent subsidy for any Very Low Income Resident, Extremely Low Income Resident or Dementia Resident, creating a subsidy for an additional Very Low Income Resident, Extremely Low Income Resident or Dementia Resident, increasing the term of the affordability requirements to which a unit occupied by a Very Low Income Resident, Extremely 'Low Income Resident or Dementia Resident, is subject, or preventing the displacement of an existing Resident. If the Parties determine that the Affordability Reserve has sufficient funds to increase the Project's affordability, Lessee shall take steps to increase the Project's affordability. At the end of the Lease Term, any funds remaining in the Affordability Reserve shall be returned to the Lessor. The Lessee shall reserve, at all times during the Lease Term, unless otherwise prohibited by federal, state, or local law, nine (9) studio units for Extremely Low lncome Residents, thirteen (13) studio units for Very Low Income Residents, eight (8) one-bedroom units for Very Low Income Residents; provided that if any Extremely Low Income Resident or Very Low Income Resident desires to reside in the same unit as another Extremely Low lncome Resident or Very Low Income Resident, Lessee may reduce the number of units it must reserve for Extremely Low Income Residents (if two Extremely Low Income Residents or a Very Low Income Resident and an Extremely Low Income Resident chose to live together) or Very Low Income Residents (if two Very Low Income Residents chose to live together) by one (1) unit provided that there shall never be fewer than twenty-seven (27) units reserved for Extremely Low Income Residents and Very Low Income Residents. 11 144\105\153233.13