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WHEREAS, the parties to this agreement realize that the feasibility and affordability of this <br />Development is directly related to the type and amount of funds secured through available financing; <br />and <br /> <br /> WHEREAS, the parties to this Agreement accept that, depending on the nature of available <br />financing, this agreement may need to be amended to reflect different strategies and options; and that the <br />Development is subject to certain conditions, including execution of this agreement, architectural design <br />review and approval, City Planning Commission and City Council approval and the issuance by the City <br />of appropriate building permits to the Developer; <br /> <br /> NOW, THEREFORE, THE PARTIES HERETO, in consideration of the premises and the <br />agreement of the other, do agree as follows: <br /> <br />I. Land Lease or Sale <br /> <br />The Site shall be made available to the Developer through either the sale of the land <br />or a land lease executed between the City and Developer. Terms and conditions of <br />the sale or lease shall be negotiated by both parties; however, terms of the sale or <br />lease shall include: <br /> <br />That for the entire term of the lease or the regulated term of the sale, the land <br />shall be used for the purpose of constructing and operating an assisted living <br />facility of which 9% of the total project units are affordable to seniors who are <br />on SSI as currently defined, and 21% of the total project units are affordable <br />to persons at 50% of the area median income for the Oakland Primary <br />Metropolitan Statistical Area (PMSA). <br /> <br />Agreement for Disposition and Development <br />of Land for Private Development - DATE . 1997 <br /> <br /> Page 2 <br />ALFDDA 1. SAM; 01 / 10/97 <br /> <br /> <br />