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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 -lieu fee in the <br />amount of Four Million Five Hundred Thousand Dollars ($4,500,000), 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 access 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 PLEASANTONR Municjpal Corporation <br />By: <br />Nelson Fialh <br />City Manager <br />APPROVED AS TO FORM: <br />nathan P. Lowell, City Attorney <br />DEVELOPER: <br />RING FINANCIAL, INC., a California corporation <br />By: ( Ct.1'-1 atan <br />Name: It A Ma -roico <br />#23042387_v6 <br />4 <br />