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100 units X 15% = 15 units to be rent restricted to lower income households 6 IUC's divided by 15 rent restricted unit= .4 $265,500 X .4= $106.200 amount of Developer deposit. (ii) Developer's deposit of the reserve with the City shall be made simultaneous with the City's execution of the Acknowledgement and Acceptance set forth in Attachment 4 for a transfer of IUCs. (iii) City shall release the reserve to Developer upon Developer's receipt from the City of building permits for the main apartment structures of Developer's Project. Section 6. Authority. In connection with any proposed transfer of IU;s to a Permitted Transferee, the City agrees that the City's City Manager or his or her designee, without the need for any further City Council approval after the date of this Agreement, shall have the authority to (i) acknowledge and execute any documentation required to authorize or evidence the transfer to a Permitted Transferee of any of the 1UCs issued to Developer under this Agreement and (ii) to enter into any amendments to the Affordable Housing Agreement described in Section 5 above. To the extent required, the City hereby delegates the authority described above in this Section 6 to the City's City Manager or his or her designee. The City agrees that the Developer and any Permitted Transferee may rely on any documertation executed by the City's City Manager or his or her designee as being duly authorized and executed by the City. Section 7. Waiver of Permit Fees. In recognition of the above-described Project providing thirty five Very-Low Income Units, the City agrees to waive a total of Five-Hundred Thousand Dollars ($500,000) of permit fees on or prior to the issuance of the building permits for the Project,or at such earlier time as such permits are approved in writing by the City. If the City fails to provide such waiver as and when required by this Section 7, then this Agreement shall automatically terminate, it being agreed that the Developer shall be entitled to all of the remedies at law or in equity (including, without limitation, specific performance) with respect to such waiver. If Developer is unable to restrict such thirty five Very-Low Income Units, the waiver of permit fees provided for in this Section 7 is void, provided however, hat in no event shall such waiver be voidable after (i) the Affordable Housing Agreement has been recorded in the Official Records and (ii) Developer has provided to the City documentation evidencing that, upon the initial leasing of each of such thirty-five Very-Low Income Units, the tenants of such units complied with the applicable affordability restrictions set forth in the Affordable Housing Agreement. 4