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P23-0177 – 3200 Hopyard <br />Draft Affordable Housing Agreement <br />Page 4 of 10 <br />P23-0177 – 3200 Hopyard <br />Draft Affordable Housing Agreement <br />Page 4 of 10 <br />P23-0177 – 3200 Hopyard <br />Draft Affordable Housing Agreement <br />Page 4 of 10 <br />P23-0177 – 3200 Hopyard <br />Draft Affordable Housing Agreement <br />Page 4 of 10 <br />P23-0177 – 3200 Hopyard <br />Draft Affordable Housing Agreement <br />Page 4 of 10 <br /> <br />5.For-Sale Affordable Unit Requirements <br />A.If the parties agree to have some or all of the nine (9) Affordable Units sold, then <br />such For-Sale Affordable Units shall be subdivided into independent units <br />B.Prior to the formation of a HOA or sale to a resident, whichever occurs later, the <br />Owner shall maintain the Project and the Property in good repair and working <br />order, reasonable wear and tear excepted, and in a safe and sanitary condition, <br />and from time to time shall make all necessary and proper repairs, renewals, and <br />replacements to keep the Project and the Property in a good, clean, safe, and <br />sanitary condition. <br />C.Until the first sale, Owner shall comply with all applicable recordkeeping and <br />monitoring requirements set by the City for the For-Sale Affordable Units. Owner <br />agrees to maintain records in businesslike manner, and for a period of five (5) <br />years after the first sale. <br />i.Upon the sale by the owner of a For-Sale Affordable Unit to a third party, <br />Owner is required to provide City with all transaction records for such sale, <br />but then Owner shall have no further recordkeeping or monitoring <br />requirements for such For-Sale Affordable Unit, except to maintain such <br />sale records for a period of five (5) years. <br />D.Owner covenants by and for itself, its successors and assigns, and all persons <br />claiming under or through them that there shall be no discrimination against or <br />segregation of any person or group of persons on account of race, color, religion, <br />sex, marital status, familial status, disability, national origin, or ancestry in the sale, <br />lease, sublease, transfer, use, occupancy, tenure, or enjoyment of the Property, <br />nor shall any occupant of any Affordable Unit or any person claiming under or <br />through such occupant, establish or permit any such practice or practices of <br />discrimination or segregation with reference to the selection, location, number, <br />use, or vendees in the Property. Owner shall include such provision in all deeds <br />and other instruments executed by Owner, and shall enforce the same diligently <br />and in good faith. <br />E.The Sales Price for the For-Sale Affordable Units shall be agreed upon by Owner <br />and City following the definition in Municipal Code section 17.44.030 and the <br />criteria set forth in Attachment 4 to the extent consistent with State Density Bonus <br />Law. <br />F.Presale. If there is a standard pre-sale requirement by the For-Sale Affordable <br />Unit applicant's lender for a certain percentage of units in the Project to be sold <br />before the For-Sale Affordable Unit applicant's lender will close escrow on the <br />loan, then the time for the City's purchase or the buyer's purchase will be extended <br />until that requisite number of units has closed. <br />G.Third Party Purchasers. The execution and delivery of this Agreement shall not <br />be deemed to be for the benefit of the third-party purchasers of any For-Sale <br />Affordable Unit or any other third party and any and all obligations and <br />responsibilities of Owner under this Agreement are to the City for whose benefit