2021-08-11 CC Packet - Laserfiche WebLink

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that the face amount of the Buyer Letter of Credit shall be subject to pro rata reduction upon completion of construction (as evidenced by issuance by the City of a certificate of occupancy for such unit) of each unit of affordable housing, and presentation to the City of evidence that a covenant has been placed of record against such unit insuring compliance with the affordable housing requirements set forth in the CDBG grants made to the City and referenc shall provide, in relevant part, that the City may submit a sight draft or other request for payment thereunder in the event that the Buyer fails to complete the required number of affordable housing units by the deadlines set forth herein and provide to the City the required Affordability Covenant with respect thereto, and such failure continues for a period of thirty (30) days after written notice of such failure. B.D. HOA Pre-Funding. At Closing, Buyer agrees to deposit in escrow the sum of $65,000 as security for the obligation of the Buyer to construct and complete the required number of townhome Deposit shall be held in escrow by the Title Company pursuant to an escrow agreement in form and substance acceptable to the Buyer, the City Buyer shall prepare a proposed form of the Escrow Agreement and provide the same to the City within twenty (20) days after the date hereof, and the parties shall thereafter negotiate the same in good faith with the intent to agree upon the terms thereof prior to the Condition Date. The Escrow Agreement shall provide, in relevant part, that Buyer shall receive distribution from the Title Company the amount of Five Thousand and 00/100 Dollars ($5,000.00) from the Buyer Completion Deposit with the closing of the sale of each townhome unit constructed on the Real th Property, commencing with the fourteenth (14) townhome unit sold, with the intent that, th upon closing of the twenty-sixth (26) townhome unit, the entire Buyer Completion Deposit shall have been returned to Buyer. If Buyer fails to complete the construction of the required number of townhome units on the Real Property as and when required hereunder, the City may draw upon the Buyer Completion Deposit as per the terms of the Escrow Agreement to defray to assessments and costs otherwise payable by purchasers of townhome units on the Real Property in connection with management, maintenance and operation of the subject property. C.E. Scope Of Agreement. Buyer understands and agrees that Seller is both the landowner of the Real Property and a regulatory entity governing development of the Real Property. Unless identified herein, the terms of this Agreement bind the Seller as the landowner of the Real Property but do not bind the City in its role as a regulatory entity governing development of the Real Property. D.F. Law and Regulation. Development of the Real Property is subject to law and regulation. Nothing in this Agreement is intended to subvert or change the terms of existing law and regulation. Other Agreements. Development of the Real Property will be subject to a Subdivision and Development Agreement, and an agreement governing the terms of Tax Increment Financing between the Seller and Buyer. Those agreements shall be negotiated independent of the instant Purchase Agreement. The terms of this Purchase Agreement shall not be binding on the terms of those agreements unless specifically stated herein. 8