West Bluffs Affordable Housing Sample Clauses

West Bluffs Affordable Housing. If a portion of the West Bluffs Land is subjected to affordable housing requirements as a result of the “Assumed Litigation” (as defined in the Purchase Agreement), then Development Manager shall promptly pay to WB Owner an amount equal to the “WB Affordable Housing Payment” (as hereinafter defined). As used herein, the “WB Affordable Housing Payment” means an amount equal to the lesser of (1) *** or (2) the amount, if any, by which (a) the sum of (i) the sum of the Total Lot Prices specified on Schedule L-3 for each of the residential home sites included in the West Bluffs Land that are subjected to on-site affordable housing requirements and (ii) the product of *** multiplied by the number of residential home sites included in the West Bluffs Land that are subjected to on-site affordable housing requirements on which affordable housing is required to be constructed exceeds (b) ***. Development Manager shall not pay to WB Owner the WB Affordable Housing Payment if the sum of in-lieu payments and “Off-Site AH Contributions” (as hereinafter defined) by WB Owner to satisfy affordable housing requirements is less than ***. However, subject to Development Manager’s approval rights under Section 3(d) of this Exhibit, if all affordable housing requirements with respect to the West Bluffs Land may be satisfied by the payment of an in lieu fee and/or a contribution toward the construction of an off site affordable housing project (“Off-Site AH Contributions”), WB Owner may elect to pay such fee or make such off site contribution or both, in which event (x) the West Bluffs Earn Out Amount shall be reduced (but not below zero) by the amount of such fee and/or off site contribution, and (y) if the amount of such fee and/or off site contribution exceeds the West Bluffs Earn Out Amount, then Development Manager shall also pay to WB Owner the WB Affordable Housing Payment, which shall, in this case, equal the amount of such excess (but not more than ***).
Sample 1
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