RES 15809 - Laserfiche WebLink

3. In accordance with Pleasanton Municipal Code Section 17.40.100, Developer shall pay the Lower Income Housing Fee and the Affordable Housing Contribution at the time of the issuance of a building permit for a residential unit in the Project. 4. The payment of the Lower Income Housing Fee shall be in lieu of providing price restricted affordable housing on or off of the Property or any other affordable housing programs or units as part of the Project and shall fully meet the requirements of the City's Inclusionary Zoning Ordinance (Ordinance 1818). 5. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors, heirs, administrators and assigns. However, in no event shall this Agreement be binding or impose any obligations (including but not limited any indemnity or duty to defend obligations) on an owner of a single family home located on the Property 6. Developer shall have the right to transfer and assign all of its rights, duties and obligations under this Agreement to any person or entity acquiring fee simple title to any portion of the Property. Developer shall be immediately released from its obligations under this Agreement upon such assignment so long as: (i) Developer was not in default of this Agreement at the time of conveyance, (ii) Developer provided to City prior written notice of such transfer, and (iii) the transferee executes and delivers to City a written assumption agreement in which: (1) the name and address of the transferee is set forth, and (2) the transferee expressly assumes the obligations of Developer under this Agreement. Failure to deliver a written assumption agreement hereunder shall not negate, modify or otherwise affect the liability of any transferee pursuant to the provisions of this Agreement. Nothing herein contained shall be deemed to grant to City discretion to approve or deny any such transfer. 7. The execution and delivery of this Agreement shall not be deemed to confer any rights upon, nor obligate either of the parties hereto to, any person or entity not a party to this Agreement. THIS AGREEMENT is executed the date and year first above written. CITY: CITY OF PLEASANTON, a Municipal Corporation By: Nelson Fialho City Manager ATTEST: Karen Diaz, City Clerk 026440\6883620v4 2 l -