RES 231377 - Laserfiche WebLink

City's Preference System, as may be amended, with the most current version set forth in Attachment 2; unless otherwise amended by federal or state law governing fair housing and low income tax credits upon which the City and Developer shall mutually agree to a different process as permitted by such laws. The City's Preference System shall not be adjusted based on household income. I. Once each year, the Developer(or the Developer's successor in interest) shall provide the City a report detailing the average annual income of tenants occupying the Affordable units for each of the income categories listed in Section 1(A) above, the number of persons each household occupying the Affordable units, the number of vacancies and new rentals during the year for the Affordable units. J. All Affordable units shall be subject to this Agreement for perpetuity. 2. The Developer, with City consultation, shall assume all responsibility to market the Affordable units. Marketing shall be in accordance with City eligibility and income guidelines in conformance with the City's Preference System, when otherwise mandated by federal or state laws governing fair housing and low-income tax credits upon which the City and Developer shall initially agree to a different process as permitted by such laws. Marketing material, leases, rent-up schedules, and other printed materials related to the Affordable units is subject to City approval in its reasonable discretion. 3. Developer shall accept Section 8 vouchers as a means of assisting qualified applicants/residents. 4. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors, heirs, administrators and assigns. 5. Owner 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. Owner shall be immediately released from its obligations under this Agreement upon such assignment so long as: (i) Owner was not in default of this Agreement at the time of conveyance, (ii) Owner 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 Owner 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. 6. 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. 7. If Owner fails to perform an obligation hereunder, and such failure continues for thirty (30) days after receipt of written notice of such failure by the City (or such longer period of time as may be reasonably necessary to cure such failure) then Owner shall be in default hereunder and the City's sole remedy hereunder shall be to pursue an action for specific performance against Owner. 3 158739848.5