RES 87423 - Laserfiche WebLink

,. 8~-321969 period of up to one year for each instance of violation as the City Council shall reasonably deem appropriate up to a maximum of three (3) one year extensions. Under no circumstances shall this Agreement be extended beyond thirteen (13) years after the date of completion. If noncompliance is' found by the City Council pursuant to this paragraph the Developer shall increase the minimum number of lower income dwelling units to compensate for violation during the next reporting year(s) or until corrected in addition to any fines assessed under this Section. The Developer may request arbitration of the City Council's decision in the manner provided by Section c. Recordation. The parties hereby agree and authorize the City to record in the Office of the County Recorder for the County of Alameda any determination which the City Council shall make pursuant to subsection (b). Any determination pursuant to subsection (b) shall constitute a lien upon the Property, but shall be junior and of lower priority than any bona fide security interest or lien on the Property recorded prior to the time of recordation of City Council's determination pursuant to subsection (b). The City Council will promptly release any such lien upon request after payment, 9. Term of Agreement. Substantial construction of the Project shall be commenced on or before February 19, 1988. If substantial construction of the Project has not been commenced prior to February 19, 1988, exemption from the Growth Management Program shall lapse and related terms and conditions of this Agreement shall be terminated, unless an extension to begin construction of the Project has been granted by the City Council. If substantial construction has been commenced prior to February 19, 1988, this Agreement shall remain in full force and effect for a term and period equal to the period of compliance set forth in Section 4 herein, and as said period may be extended pursuant to Section 8 herein. At the end of said term, the City Attorney is authorized to execute on behalf of the City and, upon request by Developer, shall execute a recordable instrument in form substantially similar to the "Notice of Termination of Moderate Income Rental Program" attached hereto as Exhibit "D". 10. Recordation. The Developer hereby agrees and irrevocably authorizes the City or its representative to record this Agreement in the property records of the County of Alameda, California. 11. Covenants to Run With the Land. a. The Developer hereby subjects the Property to the covenants, reservations and restrictions set forth in this Agreement. the City and the Developer hereby declare their express intent that the covenants, reservations and restrictions set forth herein shall be deemed covenants running with the land and shall pass to and be binding upon the Developer's successors - 6 -