SR 06:162 - Laserfiche WebLink

townhouse units) Total 10 25 Total All Units 35 Nothing in this Agreement obligates Owner to sell any Project units or to sell them within a specific time period. The sales prices listed above are based upon the 2006 Alameda Area Income data and shall be adjusted consistent with then-current data. For purposes of this Agreement, Low Income Households shall mean households with income at 80% of the Area Median Income and Moderate Income Households shall mean households with income at 120% of the Area Median Income. Area Median Income shall mean the area median income for the Oakland Primary Metropolitan Statistical Area adjusted for family size in accordance with adjustment factors adopted and amended from time to time by the United States Department of Housing and Urban Development (HUD) pursuant to Section 8 of the United States Housing Act of 1937 or any successor statute. As used in this Agreement, the term "Affordable Units" shall mean the 35 Project units subject to this Section 1, and the term "Market Rate Units" shall mean the remaining 485 Project units. 2. The 35 Affordable Units described herein shall be subject to the standard provisions of the Pleasanton Homeownership Assistance Program, including resale restrictions, income eligibility and first-time ownership. Said provisions shall be enforced through deed restrictions recorded against each airspace lot. 3. The Affordable Units described herein shall be located throughout the Project as reasonably determined by Owner so as not to cluster such units. 4. Owner shall submit to the City a marketing plan for the sale of the Affordable Units and shall assume responsibility for marketing and selling the Affordable Units consistent with City's eligibility and income guidelines of the Pleasanton Homeownership Assistance Program. Owner shall, in cooperation with City, confirm the eligibility of purchasers of the Affordable Units consistent with the provisions of Section I and consistent with the Pleasanton Homeownership Assistance Program. Except as provided in paragraph 9 pertaining to Existing Tenants, City may conduct a public lottery for the purpose of establishing the order that applications of purchasers of Affordable Units will be considered. As used in this Agreement, the term "Existing Tenant" shall mean each person or household lawfully occupying one of the residential units within the Project at the time Owner issues the 180-day notice of termination of tenancy to such tenant pursuant to Government Code section 66427.1 (c). 5. As to Existing Tenants financing the purchase of their units, Owner may use its preferred lender, provided purchasers have the option of selecting a lender of their 2 642862.9