RES 2024023 - Laserfiche WebLink

F Presale. If there is a standard pre -sale requirement by the Affordable Unit applicant's lender for a certain percentage of units in the Project to be sold before the Affordable Unit applicant's lender will close escrow on the loan, then the time for the buyer's purchase will be extended until that requisite number of units has closed. G. Third Party Purchasers. The execution and delivery of this Agreement shall not be deemed to be for the benefit of the third -party purchasers of any Affordable Unit or any other third party and any and all obligations and responsibilities of Owner under this Agreement are to the City for whose benefit this Agreement has been entered into. No third -party purchaser of an Affordable Unit or market rate unit, homeowners' association or any other third party shall obtain any rights or standing to complain that the Affordable Unit was not constructed, designed, sold, or conveyed in accordance with this Agreement or any other applicable City requirements as a result of this Agreement. 5. As provided in Pleasanton Municipal Code section 17.44.080.D., the provision of the eight (8) median -income Affordable Units on the Property represents an alternate method of compliance with the inclusionary requirement to otherwise provide very -low or low-income units in a multi -family condominium project to meet the purpose of Pleasanton Municipal Code Chapter 19.44. 6 This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors, heirs, administrators and assigns, to the extent consistent with the foregoing provisions if this Agreement. 7 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. 8 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. 9 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. 10. Any notice, consent or other communication required or permitted under this Agreement shall be in writing and shall be delivered by hand, sent by air courier, or sent by prepaid registered or certified mail with return receipt requested, and shall be deemed to have been given on the earliest of (1) receipt or refusal of receipt; (b) one business day after P23-0177 — 3200 Hopyard Draft Affordable Housing Agreement Page 4 of 12 102657\1 758192 1 v2