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Yhe aforesaid interest rate will be subject to increase only <br />as interest rates are increased by the institutional lender <br />hh~ough whom said program is arranged by Developer. The <br />intent of this section is to allow households with gross <br />yearly income of as little as $21,600 to qualify for purchase <br />loans for units within the project. Said financing may <br />include such features as variable interest rates, re-financing <br />arrangements, short-term or long-term second mortgages, <br />etc., in order to meet the intent of this section. <br /> <br />In addition, Developer agrees to follow the priority <br />schedule below in the sale of dwellings within the project: <br /> <br /> 1. First time buyers with annual gross household <br /> incomes from $21,600 to $32,400; <br /> <br /> 2. all other buyers in above income range; <br /> <br /> 3. first time buyers with incomes in excess of the <br /> <br /> above-noted range; <br /> <br /> 4. all other buyers. <br /> <br />Every measure shall be taken to meet the housing needs of <br />Pleasanton residents through the sale of units within the <br />project. In the event these measures are challenged by <br />others the parties agree to modify this section as required <br />so as to protect the Xity's ability to issue permits under <br />this agreement and Developer's ability to build and market <br />dwelling units. The City may, from time to time, request <br />evidence of Developer's performance under this section. <br />Developer shall provide such evidence as may be reasonably <br />required to establish such performance. <br /> <br />-8- <br /> <br /> <br />