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RES 2024040
City of Pleasanton
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RES 2024040
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6/18/2024 4:24:22 PM
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6/18/2024 4:22:47 PM
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CITY CLERK
CITY CLERK - TYPE
RESOLUTIONS
DOCUMENT DATE
6/4/2024
DESTRUCT DATE
PERMANENT
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<br />4879-3324-5885v3 <br />5 <br />(a) The rent restrictions and household Gross Income restrictions set forth in Section <br />3.2(c) shall remain in effect for the period (the “Initial Affordability Restriction Period”) <br />commencing on the Effective Date and terminating on the fifty-fifth (55th) anniversary of the date <br />upon which the Project construction loan converts to permanent financing. If such date cannot be <br />ascertained, the Interim Affordability Restriction Period shall terminate on the fifty-seventh (57th) <br />anniversary of the Effective Date of this Agreement. <br />(b) Upon the expiration of the Initial Affordability Restriction Period, the rent restrictions <br />and household Gross Income restrictions set forth in Section 3.2(d) shall apply for the remainder <br />of the Term, and all other provisions of this Agreement, including without limitation, the <br />provisions restricting annual rent increases, shall remain in effect throughout the Term. <br /> 2.2 Effectiveness Succeeds Conveyance of Property and Repayment of Loan. This <br />Agreement shall remain effective and fully binding for the full Term regardless of (i) any sale, <br />assignment, transfer, or conveyance of the Project or Owner’s leasehold interest in the Property, <br />or any part thereof or interest therein, (ii) any payment, prepayment or extinguishment of the Loan <br />or the Note, or (iii) any reconveyance of the Deed of Trust. <br /> 2.3 Reconveyance. Upon the termination of this Agreement, the Parties agree to <br />execute and record appropriate instruments to release and discharge this Agreement; provided, <br />however, the execution and recordation of such instruments shall not be necessary or a <br />prerequisite to the termination of this Agreement upon the expiration of the term. <br />3. Use and Affordability Restrictions. Owner hereby covenants and agrees, for itself and its <br />successors and assigns, that the Property shall be used solely for the operation of a multifamily <br />senior housing development in accordance with the requirements set forth in this Agreement. <br />Owner represents and warrants that it has not entered into any agreement that would restrict or <br />compromise its ability to comply with the occupancy and affordability restrictions set forth in this <br />Agreement, and Owner covenants that it shall not enter into any agreement that is inconsistent <br />with such restrictions without the express written consent of City. <br />3.1 Senior Housing. Owner has elected to operate the Project as a senior housing <br />development and as such to require all dwelling units in the Project except for the managers’ <br />units to be occupied or held available for occupancy by households that include “elderly” or <br />“senior” residents in accordance with applicable law. To the extent applicable, the Project will <br />be operated at all times in accordance with (a) the Unruh Act, including without limitation <br />California Civil Code Sections 51.2, 51.3, and 51.4; (b) the federal Fair Housing Act, 42 U.S.C. <br /> Section 3607(b) and 24 CFR 100.304; (c) the California Fair Employment and Housing Act, <br />Government Code Section 12900 et seq., and (d) all other applicable laws and regulations. <br />Owner shall develop and implement appropriate age verification procedures to ensure <br />compliance with this Section 3.1, and shall provide City with a copy of such verification <br />procedures. Owner will indemnify, defend, and hold the Indemnitees harmless from all Claims <br />arising out of Owner’s failure to comply with applicable legal requirements related to housing <br />for seniors. The indemnity provisions of this paragraph shall survive the expiration or other <br />termination of this Agreement. <br />
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