10-22-2001 Council Packet - Laserfiche WebLink

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Term the housing units shall be rented only to persons 62 years of age or older. At least annually, ihc Developer agrees to provide evidence reasonably satisfactory to the MKA of compliance with the apolicable income and age limitations, including without limitation the total number of rental units during any reporting period and income and age verifications substantially in the form of the attached Exhibit E respecting units rented to tenants meeting those limits. (g) It is intended and agreed that the covenants provided in this Section 2.1 shall remain in clTect throughout the Term and shall be covenants running with the land. Except os expressly set forth in Section 5.5 hereof, the obligations under such provisions shall not be subordinated to the rights of any party having an interest in tlie Development Property. Section 2.2 Bv the Citv. The City makes the following representations as the basis for the undertaking on its part herein contained: (a) The City is authorized by law to enter into this Agreement and to carry out its obligations hereunder. (b) The City will, in a timely manner, subject to all notification requirements, review and act upon all submittals and applications of the Developer and will cooperate with the efforts of the Developer to secure the granting of any permit, license, or other approval required to construct and operate the Improvements; provided, however, that nothing contained in this subparagraph 2.2(b) shall be construed to limit in any way the reasonable and legitimate exercise of the City's discretion in considering any submittal or application. (c) The Development Property is zoned for purposes which include the Development os proposed. The City has issued all necessar>’ planned unit development, conditional use permits and plat approval for the Development Property. Section 2.3 Bv the HRA. The HRA makes the following representations as the basis of tlic undertakings on its port: (a) The HRA is authorized by law to enter into this Agreement and to cany- out its obligations hereunder, (b) The HRA shall cooperate with the City and the Dc\eloper with regard to the issuance of any additional permits required by the Developer to construct the Improvements. (c) The HRA will issue the TIP Note in consideration of Dunbar’s conveyance of the Development Property in accordance with Section 3.03.