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restrictions and conditions of this Agreement Developer covenants and agrees it shall rent not less <br /> than twentv percent (20%) of the units at the Project as Affordable Housing, all of such units (the <br /> "Low Income Units") shall be made available for rental to Lower Income Persons The rental <br /> restrictions and conditions described in this Agreement shall run with the land and shall be binding <br /> on all successor owners of the Property City is given the express authority by Developer to enforce <br /> the restrictions and conditions described in this Agreement <br /> 3 Definitions The following terms when used in this Agreement shall have the <br /> meanings ascribed to them <br /> A "Affordable Housing" means apartments rented to persons at an Affordable <br /> Rent <br /> B "Affordable Rent" has the same meaning as set forth in California Health <br /> and Safety Code section 50053, for the applicable income level, adjusted by household size <br /> C "Density Bonus Law" means California Government Code section 65915 et <br /> seq <br /> D "Lower Income Persons" means persons earning no more than the income <br /> set forth foi "Lower Income Households" under California Health and Safety Code Section <br /> 50079 5 <br /> 4 Development Incentive and/or Concessions Pursuant to the Density Bonus Law, <br /> Developer has requested, and was granted as an incentive and/or concession, City's waiver of <br /> Developer's compliance with the minimum dimensions of private open space and the separation <br /> requirements between buildings and carports, as part City's approval of the Entitlements for the <br /> Project <br /> 5 No Further Incentives or Concessions Developer acknowledges and agrees that the <br /> Incentive and/or concessions set forth in Section 5, above, fully satisfies any duty City may have <br /> under the Redlands Municipal Code, the Density Bonus Law, or any other law or regulation <br /> applicable to the Project, to provide any development incentive or concession to Developer, <br /> including the waiver or reduction of any building,zoning,or other requirement By this Agreement, <br /> Developer releases any and all claims Developer may have against the City related to or arising <br /> from, in any way, City's obligation to waive requirements of or provide development incentives or <br /> concessions pursuant to any state, federal, or local law,rule, or regulation applicable to the Project <br /> 6 Term. The Term of this Agreement shall be fifty-five(55) years commencing upon <br /> the date of the City's issuance of the first certificate of occupancy for an Affordable Unit for the <br /> Prod ect <br /> 7 Al4reement to be Recorded, Prioritv This Agreement shall be recorded,prior to the <br /> issuance of building permits for the Project, in the Official Records of San Bernardino County, <br /> California as senior, non-subordinate covenants and as an encumbrance running with the land for <br /> the full Term of this Agreement In no event shall this Agreement be made junior or subordinate <br /> to any deed of trust or other document providing financing for the construction or operation of the <br /> I\ca\dpn\Agreements\Density Bonus and Incentive and or Concession Agreement Redlands Supportive Housing,LT docx 2 <br />