RES 2024056 - Laserfiche WebLink

Homeownership Programs in Resolution 21-1199, as may be amended, unless otherwise mandated by federal or state laws governing fair housing, upon which the City and Developer shall initially agree to a different process as permitted by such laws. F. Developer shall enter into a restrictive covenant with the City in a form approved by the City Attorney, to be executed by the City Manager, to require that the housing development consisting of the 1 10 new housing units (and not the existing I 1 1" housing unit) be operated as "housing for older persons" consistent with state and federal fair housing laws. G. The Affordable units shall have the same exterior standards of quality (stucco, stone, siding, etc.) as the market rate units; however, interior features (e.g., flooring, cabinets, appliances, interior features/amenities, services, etc.) may be different than the market rate units, as long as the workmanship and the products are of standard residential quality as determined by the City. H. By providing the Affordable units, all units in the entire Project are exempt from the Affordable Housing Fee. Developer shall provide a minimum of four (4) ADUs; two (2) of these ADUs will be within the main home and the remaining two (2) ADUs will be detached structures in rear yards. The ADUs are not required to be rented or sold; and if rented or sold, are not required to be rented or sold at affordable levels. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors, heirs, administrators, and assigns with respect to the Affordable units. However, in no event shall this Agreement be binding or impose any obligations, (including but not limited any indemnity or duty to defend obligations), on an owner of a market -rate single family home located on the Property, except for the restrictive covenant set forth in set F of this Agreement. The Developer and any successors, heirs, administrators and assigns of the market -rate single family homes shall enter into a restrictive covenant requiring the housing development to be operated as "housing for older persons" consistent with state and federal fair housing laws. K. Developer shall notify the initial buyers of the Affordable units that they are required to comply with the restrictive covenants recorded on the Affordable units, which among other things, will restrict the sale of the units to other eligible age -qualified purchasers at a maximum release price determined by the City in accordance with the Merritt Property Age -Qualified Community Homes PHAP Requirements. The initial buyers and subsequent buyers shall execute a Promissory Note and Performance Deed of Trust to capture any excess proceeds received in the case of an ineligible transfer of an Affordable unit. The restrictive covenants shall remain in perpetuity and the Note and Performance Deed of Trust shall remain as long as the initial buyer or any successor, heir or assign owns the Affordable unit. L. Developer shall have the right to transfer and assign all of its rights, duties and obligations under this Agreement to any affiliate of Developer or to any person or entity acquiring fee simple title to any portion of the Property. Developer shall be immediately released from its obligations under this Agreement upon such assignment so long as: (i) Developer was not in default of this Agreement at the time of conveyance, (ii) Developer 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 Developer 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.