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P23-0177 – 3200 Hopyard <br />Draft Affordable Housing Agreement <br />Page 3 of 9 <br />P23-0177 – 3200 Hopyard <br />Draft Affordable Housing Agreement <br />Page 3 of 9 <br />P23-0177 – 3200 Hopyard <br />Draft Affordable Housing Agreement <br />Page 3 of 9 <br /> <br />repairs, renewals, and replacements to keep the Project and the Property in a <br />good, clean, safe, and 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 Affordable Units. Owner agrees to <br />maintain records in businesslike manner, and for a period of five (5) years after <br />the first sale. <br />i.Upon the sale by the Owner of an Affordable Unit to a third party, Owner is <br />required to provide City with all transaction records for such sale, but then <br />Owner shall have no further recordkeeping or monitoring requirements, <br />except to maintain such original 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 Affordable Units shall be agreed upon by Owner and City <br />generally following the definition in Municipal Code section 17.44.030 and will <br />include the criteria set forth in Attachment 4 to the extent consistent with State <br />Density Bonus Law. <br />F.Presale. If there is a standard pre-sale requirement by the Affordable Unit <br />applicant's lender for a certain percentage of units in the Project to be sold before <br />the Affordable Unit applicant's lender will close escrow on the loan, then the time <br />for the City's purchase or the buyer's purchase will be extended until that requisite <br />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 Affordable <br />Unit or any other third party and any and all obligations and responsibilities of <br />Owner under this Agreement are to the City for whose benefit this Agreement has <br />been entered into. No third-party purchaser of an Affordable Unit or market rate <br />unit, homeowners’ association or any other third party shall obtain any rights or <br />standing to complain that the Affordable Unit was not constructed, designed, sold <br />or conveyed in accordance with this Agreement or any other applicable City <br />requirements as a result of this Agreement. <br />5.As provided in Pleasanton Municipal Code section 17.44.080.D., the provision of the <br />eight (8) moderate-income Affordable Units on the Property represents an alternate <br />method of compliance with the inclusionary requirement to otherwise provide very-low <br />or low-income units in a multi-family condominium project. To meet the purpose of <br />Pleasanton Municipal Code Chapter 19.44, the Owner shall also: