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Section 4. Permitted Transferees. Subject to the foregoing restrictions, the City hereby approves the transfer of any of the IUCs issued to Developer hereunde by Developer prior to Developer's receipt of the final certificate of occupancy for the Project for use by any project owner(such owner being referred to herein as a "Permitted Transferee") with respect to a project that has already been approved by the City, or is pending City approval, whether or not construction of such project has commenced; provided however, that: (A) the City agrees to memorialize any transfer of IUCs to a Permitted Transferee by executing an instrument substantially in the form set forth in Attachment 4 hereto evidencing such Permitted Transferee's acceptance, and the City's acknowledgement and approval, of the transfer of srch IUCs to the Permitted Transferee, such transfer to be made before a final certificate of occupancy is issued for the project to which the transferred IUCs will be credited; (B) IUCs may not be transferred to the California Center Pleasanton project at 4400 Rosewood Drive, and (C) the IUC must be applied to multi-family rental projects and be used for units of like bedroom size [.s the IUC. Section 5. Transfers of IUCs. A. The Developer may transfer any of the IUCs to a Permitted Transferee at any time on or after Closing, so long as the transfer of any IUC to a Permitted Transferee occurs prior to the Developer's receipt of the final certificate of occupancy for the Project, it being agreed that any request for such transfer need not be made within 180 days of the City's approval and issuance of the IUCs to Developer hereunder, notwithstanding anything to the contrary in the Resolution. The parties agree that, upon Closing, the Affordable Housing Agreement will be revised, as needed, to restrict as Median Income Units the number of Project units equal to the number of Conditional IUCs transferred to a Permitted Transferee. After Closing and prior to the Developer's receipt of the final certificate of occupancy for the Project, within thirty (30) days after each request by the Developer, the City and Developer will enter into, and record in the Official Records,one or more amendments to the Affordable Housing Agreemen_ to increase the number of Project units restricted as Median Income Units to equal the number of Conditional IUCs that have been transferred to a Permitted Transferee. The Developer and City agree to enter into and record one or more such amendments until all Conditional IUCs have been transferred to a Permitted Transferee. B. As the Developer transfers IUCs to a Permitted Transferee, and the City executes the Acknowledgement and Acceptance set forth in Attachment 4, the Developer shall deposit with the City, as a reserve, cash, or a letter of credit, bond or other financial guaranty in a form reasonably acceptable to the City in the amount set forth in subsection (i) below if such transfer occurs before Developer's receipt from the City of building permits for the vain apartment structures of Developer's Project. (i) The reserve shall equal $2,655 multiplied by the total number of fixing units in the Permitted Transferee's development multiplied by the IUC Ratio as defined below. The "IUC Ratio" shall equal the number of IUCs transferred by Developer to the Perm tted Transferee divided by 15% of the total living units in the Permitted Transferee's development. As an example,assuming a 100 unit development,where Developer proposes to transfer 6 IUC's: 100 units X $2,655 =$265,500 total lower income housing fee 3