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4. Developer shall accept Section 8 vouchers as a means of assisting qualified <br /> applicants/residents. <br /> 5. In lieu of providing any Affordable units required hereunder and in full <br /> satisfaction of all requirements of Developer under this Agreement, City may <br /> elect, not later than the first to occur of one year after the effective date of this <br /> Agreement or forty-five (45) days after Developer notifies City in writing of its <br /> intent to apply for a building permit, to require a one time in-lies fee in the <br /> amount of Four Million Five Hundred Thousand Dollars ($4,50(,000), which shall <br /> be payable upon certificates of occupancy. Notwithstanding the preceding <br /> provisions of this Section 5 to the contrary, in the event City elects to require <br /> payment of such in-lieu fee, Developer shall still include within one of the 1- <br /> bedroom units, one of the 2-bedroom units and one of the 3-bedroom units within <br /> the Project, the design, marketing and rental requirements for axess by the <br /> physically disabled as described in Section 3 above; provided, however, that <br /> Developer shall not be required to meet any affordability requirements with <br /> respect to such units. <br /> 6. This Agreement shall be recorded in Alameda County and shall run with the land. <br /> THIS AGREEMENT is executed the date and year first above written. <br /> CITY: <br /> CITY OF PLEASANTON, a Municipal Corporation <br /> By: <br /> Nelson Fialho <br /> City Manager <br /> ATTEST: <br /> Karen Diaz, City Clerk <br /> APPROVED AS TO FORM: <br /> Jonathan P. Lowell, City Attorney <br /> DEVELOPER: <br /> RING FINANCIAL, INC., a California corporation <br /> By: <br /> Name: <br /> 4 <br /> #23042387_v5 <br />