Common use of Covenants of Owner Clause in Contracts

Covenants of Owner. The Owner covenants as follows: (A) Owner is owner of certain real property located in the County of San Bernardino, described in Exhibit A. (B) Owner proposes to construct for-sale units on the property described above. The County's General Plan permits the construction of housing units on the property. Owner has requested a percent bonus density. County agrees that Owner shall receive the requested bonus density and any other housing incentive set forth in the HIP in consideration for compliance with all terms of this HIP Sale Agreement. (C) Owner agrees that percent of the number of units permitted by the General Plan or (D) In accordance with this HIP Sale Agreement, the Owner shall make available for sale (to (E) The annual household income for the lower and very low income groups shall have a maximum as defined in Section 1.1. If, after 180 days from the date of final approval of the Project by the County, escrows have not begun on the required number of affordable units to qualified buyers, income limitations are eliminated for the affordable units which have not been placed in escrow, provided the Owner has documented to the County the following: 1. Owner has advertised, not less than once a week, over a 180-day period. Owner shall place a 1/8 page legal display advertisement in a newspaper of general circulation. 2. Owner has contacted the (Housing Authority or local Board of Realtors) requesting qualified buyers, not less than once a month. 3. Listing of names and addresses of interested qualified potential buyers for the affordable units. (F) Notwithstanding any other provision of this HIP Sale Agreement to the contrary, under no circumstances shall any of the following be eligible to purchase any of the units in the Project as a lower income or very low income buyer: 1. The Owner, independent contractors of the Owner, and any management companies and sales/rental agencies retained by the Owner. 2. Employees or owners of any entity listed in 1. above. 3. Family members of any individual listed in 2, above. As used herein. The term "family member" means spouse, children, grandparents and parents. (G) Owner shall not rent housing units(s) committed as affordable housing unless Owner and County of San Bernardino first enter into an Housing Incentives Program Rental Agreement relating to those units. The County at its discretion may refuse to execute a Housing Incentives Program Rental Agreement and Owner shall have no recourse against County for such a refusal. (H) The Affordable Units shall be sold only to income buyers for a period of years from date of the individual buyer’s sales contract pursuant to the terms in this HIP Sale Agreement, as provided in Section 65915(c) of the Government Code. A restriction to this effect shall be set forth on the Deed of Trust for each Affordable Unit. (I) Owner shall complete and document to the County for each Affordable Unit within 30 days of close of escrow on each unit, the following: 1. A copy of all affordable housing sales closing statements. 2. An original, signed HIP Sale Agreement for each Affordable Unit (Exhibit B). 3. A declaration under penalty of perjury setting forth sales prices for each affordable housing unit. 4. Substantiating documentation that buyer is qualified as a income household. Such documentation may include, but is not limited to, at least one of the following: (A) Copy of most recent Federal Income Tax statement(s) (B) Copy of W-2 forms from current employer(s) (C) Copy of check stub of SSDI or other income source 5. Copy of cancellation agreement, signed by all parties, should escrow not be completed with the purchase of the designated affordable housing unit by buyers. (J) Owner shall promptly in writing notify County upon any transfer or sale of the Project and a new HIP Sale Agreement shall be executed by the new owner prior to the close of escrow. The project shall remain subject to the requirements of this HIP Sale Agreement whether or not a new Hip Sale Agreement is executed.

Covenants of Owner. The Owner covenants as follows: (A) Owner is owner of certain real property located in the the County of San Bernardino, described in Exhibit A. (B) Owner proposes to construct for-sale rent/lease units on the property described above. The County's General Plan permits the construction of housing units on the property. Owner has requested a percent bonus density. County agrees that Owner shall receive the requested bonus density and any other housing incentive set forth in the HIP in as consideration for compliance with all terms of this HIP Sale Rental Agreement. (C) Owner agrees that percent of the number of units permitted by the General Plan or (D) In accordance with this HIP Sale Rental Agreement, the Owner shall make available for sale rent (toto low income or very low income households as defined herein) of the housing units constructed for the project, per phase, at a rental price not exceeding the maximum rental price as defined in Section 1.1 herein. Affordable units shall be developed at the same time or prior to market rate units. No less than of the total number of completed units of the Project shall be continuously occupied by (Eor held vacant and available for immediate occupancy by) qualified tenants. Affordable Units shall be of comparable quality and offer a range of sizes and number of bedrooms comparable to those available at market rates. This requirement shall apply to the Project for the term of the HIP Rental Agreement as defined in Section 1.1 herein. The annual household income for the lower and very low income groups group shall have a maximum as defined in Section 1.1. If, after 180 days from Owner shall sign a separate rental or lease agreement in form attached as Exhibit B with each renter or lessee of an Affordable Unit stating that the date rental or lease is subject to County affordable restrictions on maximum rent and renter incomes. (E) Owner shall not sell housing unit(s) committed as Affordable Units unless Owner and County of final approval of the Project by the San Bernardino first enter into an HIP Sale Agreement relating to those Affordable Units. The County, escrows have not begun on the required number of affordable units at its discretion may execute, or refuse to qualified buyersexecute a HIP Sale Agreement, income limitations are eliminated for the affordable units which have not been placed in escrow, provided the Owner has documented to the County the following: 1. Owner has advertised, not less than once a week, over a 180-day period. and Owner shall place have no recourse against County for such a 1/8 page legal display advertisement in a newspaper of general circulation. 2. Owner has contacted the (Housing Authority or local Board of Realtors) requesting qualified buyers, not less than once a month. 3. Listing of names and addresses of interested qualified potential buyers for the affordable unitsrefusal. (F) Notwithstanding any other provision of this HIP Sale Rental Agreement to the contrary, under no circumstances shall any of the following be eligible to purchase any of the units in the Project as a lower income or very low income buyer: 1. The Owner, independent contractors Contractors of the Owner, and any management companies and sales/rental agencies retained by the Owner. 2. Employees or owners of any entity listed in 1. above. 3. Family members of any individual listed in 2, above. As used herein. The term "family member" means spouse, children, grandparents and parents. (G) 1. For a period of years following the date of final Project approval by the County, Owner shall commit of the total number of housing units as Affordable Units for rent/lease to -Income households ("qualified tenants"). 2. After a period of two years following the date of final Project approval by the County, in the event Owner is unable to contract with the required number of qualified tenants, Owner shall complete and document to the County the following: a. Owner has advertised, over a sixty-day period, in an area newspaper of general circulation seeking qualified tenants not rent housing units(s) committed as affordable housing unless less than once per week. b. Owner and County has contacted the Housing Authority of San Bernardino first enter into an Housing Incentives Program Rental Agreement relating County requesting qualified tenants. c. Listing of names and addresses of interested potential qualified tenants for the Affordable Units. If at the end of the sixty-day period, sufficient qualified tenants are unavailable, Owner may rent to those unitsunqualified tenant(s). Each Affordable Unit which subsequently becomes vacant must be made available to qualified tenants for sixty days under Subsection (b). The County at its discretion may refuse to execute a Housing Incentives Program Rental Agreement and Owner process shall have no recourse against County for such a refusalcontinue until the required number of Affordable Units are rented by qualified tenants. (H) The Affordable Units shall be sold rented/leased only to income buyers -income households for a period of years from date of the individual buyer’s sales contract pursuant to the terms in this HIP Sale Agreement, as provided in Section 65915(c) of the Government Code. A restriction to this effect shall be set forth on the Deed of Trust for each Affordable Unit.of (I) Owner shall complete and document to the County for each Affordable Unit within 30 days of close of escrow on renting/leasing each unit, unit the following: 1. A current copy of all affordable housing sales closing statements. 2. An original, a signed HIP Sale Rental Agreement for each Affordable Unit (Exhibit B). 3Unit. A declaration under penalty of perjury setting forth sales prices The required HIP Rental Agreement form is attached and shall be renewed each year for each affordable housing unit. 42. Substantiating documentation that buyer tenant is a qualified as a income -income household. Such documentation may include, but is not limited to, to at least one of the following: (A) a. Copy of most recent Federal Income Tax statement(s) (B) statement b. Copy of W-2 forms from current employer(s) (C) Copy employer of check stub of SSDI or other income source 5. Copy of cancellation agreement, signed by all parties, should escrow not be completed with the purchase of the designated affordable housing unit by buyers. (J) Owner shall promptly in writing notify County upon any transfer or sale of the Project and a new HIP Sale Agreement shall be executed by the new owner prior to the close of escrow. The project shall remain subject to the requirements of this HIP Sale Agreement whether or not a new Hip Sale Agreement is executed.qualified tenant