SR 06:162 - Laserfiche WebLink

(c) Any Existing Tenant who uses Owner's preferred lender to finance the purchase of a Market Rate Unit within the Project will receive a credit of $5,000 in closing costs as set forth in Section 5 of this Agreement. (d) Owner shall provide an apartment directory for comparable projects in the area, which directory the City will review for accuracy. (e) Owner shall provide free of charge transportation to and from an alternative project for any Existing Tenant who is disabled (consistent with the definition of "handicapped" in California Health & Safety Code section 50072) or over the age of 62 years. (f) Owner shall provide to any Existing Tenant who is disabled (consistent with the definition of "handicapped" in California Health & Safety Code section 50072), or over the age of 62 years or a long term tenant (residing within the Project more than I 0 years) tenant rental assistance in the amount of three months Project rent provided that they remain in their unit until the expiration of the 120-day right of first refusal period. (g) Owner shall phase the sale of the units within the Project so that units occupied by any Existing Tenant who is elderly, disabled or a long term tenant are among the last units to be available for sale. 12. Within five (5) business days following City's approval of this Agreement, City shall execute and provide to Owner an Acknowledgment, in the form attached as Exhibit A, concerning Owner's proposed sale of the units certifying that Owner has obtained all discretionary City permits and approvals that are or may be a prerequisite to the marketing and sale of the Project units as condominiums. The sale of Project units is not a condominium conversion subject to the City's condominium conversion ordinance as that ordinance may be amended or superseded from time to time. 13. Owner's rights and obligations set forth in this Agreement shall be transferable and assignable to any successor of Owner owning all or any portion of the Project without the need for Owner to obtain any prior City approval or consent. City's rights and obligations set forth in this Agreement are not transferable or assignable. 14. The Parties acknowledge that this Agreement will require their respective ongoing mutual cooperation and good faith to administer and the Parties shall cooperate in good faith to timely implement this Agreement. If and when, from time to time, City and Owner agree that refinements to this Agreement are necessary or appropriate, they shall effectuate such refinements through operating memoranda approved and executed by the City Manager and Owner, which, after execution, shall be attached to this Agreement. Provided such refinements are consistent with the terms of this Agreement, the operating memoranda shall not constitute an amendment to this Agreement requiring City Council action. The City Manager shall be authorized to make the determination whether a requested clarification may be effectuated pursuant to this Section or whether 4 642862.9