21 and the reconveyance of the Deeds of Trust.
22. MANAGEMENT RESPONSIBILITIES. DEVELOPER is specifically responsible, subject to its obligations herein, for all management functions with respect to the Property, including, without limitation, the selection of tenants, certification and recertification of household size and income, evictions, collection of rents and deposits, maintenance, landscaping, routine and extraordinary repairs, replacement of capital items, and security. The CITY shall have no responsibility over management of the Property. A resident manager or an alternative designated contact shall be required to reside on-site.
23. INTENTIONALLY DELETED.
24. DRAFT AND FINAL MANAGEMENT PLANS.
A. DRAFT MANAGEMENT PLAN. DEVELOPER shall prepare and submit to the CITY a Draft Management Plan for the CITY’s review and approval. The Draft Management Plan shall be submitted to the CITY at least one hundred eighty (180) calendar days prior to the anticipated date for completion of construction of the Project. The Draft Management Plan shall contain, but is not limited to, specific statement as to (1) the identity, experience and duties of all employees of the Management Agency who intend to manage the Project; (2) marketing policies and strategies; (3) tenancy occupancy rules and regulations; (4) rental procedures and tenant income limitation; (5) eviction procedures; (6) operating policies and guidelines; (7) reserve account policies; (8) maintenance and capital improvement policies; (9) shall provide as an exhibit thereto a sample form of lease agreement; and (10) any provisions required by the DDA. Upon transfer of OWNER/ DEVELOPER’s interest in the Project, the party to whom the Project is transferred shall, as a condition of such transfer, provide the CITY with a copy of such party’s Management Plan for the Project, which plan shall provide statements as called for herein.
B. CITY REVIEW OF DRAFT MANAGEMENT PLAN. Upon submittal of the Draft Management Plan by DEVELOPER to the CITY, the CITY shall review the Draft Management Plan and provide written comments to DEVELOPER within ninety (90) calendar days or as soon thereafter as is practicable.
C. FINAL MANAGEMENT PLAN. Prior to issuance of any Certificate of Occupancy for the Project, DEVELOPER shall submit a Final Management Plan to the CITY for its review and final approval no later than thirty (30) calendar days prior to the anticipated date for completion of construction of the Project.
Notwithstanding the foregoing, the CITY shall have the right to review and approve any proposed amendments to DEVELOPER’s contract with its management firm, or any new management contracts, during the term of this Regulatory Agreement; provided, however, that the CITY’s approval shall not be required for a renewal of the initial management contract.
25. MANAGEMENT AGENCY. The Project shall at all times be managed by an experienced Management Agency reasonably acceptable to the CITY, with demonstrated ability to operate residential facilities like the Project in a manner that will provide decent, safe and sanitary housing. The City shall have the right to require a change in the Management Agency or the on-site manager for reasonable cause at any time during the term of this Regulatory Agreement, subject to the prior written consent of any senior lenders and the tax credit investor.
During the monitoring as described in paragraph 31, the CITY will assess the Management Agency’s ability to operate the Project in a decent, safe and sanitary manner. Calls for police
22 and fire services at a significantly greater number or with a significantly greater frequency of serious calls and frequent fair housing complaints by tenants or applicants may be among criteria considered by the CITY in determining whether any management change shall be required.
DEVELOPER shall submit for the CITY’s approval the identity of any proposed Management Agency. DEVELOPER shall also submit such additional information about the background, experience, and financial condition of any proposed Management Agency as is reasonably necessary for the CITY to determine whether the proposed Management Agency meets the standards for a qualified Management Agency set forth above.
If the proposed Management Agency meets the standards for a qualified Management Agency set forth above, the CITY shall approve the proposed Management Agency by notifying OWNER/DEVELPER in writing. Unless the proposed Management Agency is disapproved by the CITY within thirty (30) calendar days of said submission of identity and qualifications of proposed Management Agency, which disapproval shall state reasonable specificity the basis for disapproval, it shall be deemed approved. The CITY hereby approves of the use of , a , engaged in the provision of multi-family
residential and commercial property management services, as the designated initial Management Agency for the Project.
26. DISMISSAL OF MANAGEMENT AGENCY. Within fifteen (15) calendar days from DEVELOPER’s receipt of any recommendation by CITY staff to dismiss the Management Agency, DEVELOPER shall either dismiss the Management Agency or request a meeting with CITY staff representatives to discuss further. If an agreement cannot be reached with CITY staff representatives, DEVELOPER may request a public meeting to discuss the CITY recommendation. If, after conducting a requested public meeting, the CITY Council supports said recommendation of CITY staff, DEVELOPER shall promptly dismiss the Management Agency and shall appoint as the new Management Agency a person or entity which meets the standards for Management Agency and is approved by the CITY as set forth in paragraph 26.
27. MAINTENANCE AND SECURITY. DEVELOPER shall at its own cost and expense maintain the Property in good condition, in good repair, and in decent, safe, sanitary, habitable, and tenantable living condition for the benefit of Project occupants. DEVELOPER shall not commit or permit any waste on or to the Property, and shall prevent and/or rectify any physical deterioration of the Property. DEVELOPER shall provide adequate security equipment for the safety of Project occupants and to minimize the need for public safety calls.
DEVELOPER shall maintain the Property in conformance with all applicable state, federal, and local laws, ordinances, codes, and regulations and the Management Plan; but DEVELOPER’s maintenance obligations shall not be limited only to the standards contained in these laws or the Management Plan.
In the event the DEVELOPER fails to maintain the Property in accordance with the foregoing standards, and after at least seven (7) calendar days’ prior written notice to DEVELOPER and the Senior Lenders, the CITY or its agent may, but shall be under no obligation to, enter upon the Property, make such repairs or replacements as are deemed necessary in the CITY’s reasonable discretion (with the prior written consent of the Senior Lenders), and provide for payment thereof. Any amount advanced by the CITY to make such repairs, together with interest thereon from the date of such advance at the same rate of interest as specified in the Notes for the Project (unless payment of such an interest rate would be contrary to applicable law, in which case interest shall accrue at the highest rate then allowed by
23 applicable law), shall become an additional obligation of DEVELOPER to the CITY, and shall be secured by the Deeds of Trust.
28. UNIT VACANCIES. DEVELOPER shall use its best efforts to fill vacancies in Regulated Units as quickly as possible.
29. INSPECTIONS AND RECORDS. DEVELOPER shall maintain complete, accurate and current records which clearly document DEVELOPER’s performance of its obligations to operate the Property and the Project under the terms of this Regulatory Agreement. DEVELOPER shall submit any records reasonably requested by the CITY in connection with the Project to the CITY within ten (10) business days of the CITY’s request.
DEVELOPER shall also permit the CITY or its duly authorized representatives to enter and inspect the Property and the Project for compliance with obligations under this Regulatory Agreement upon seventy-two (72) hours advance notice of such visit by the CITY to DEVELOPER or DEVELOPER’s Management Agency and to tenants of any inspected Project units, subject to the provisions of the leases regarding inspection and entry rights, which provisions must otherwise be consistent with state law.
All tenant lists, applications and waiting lists relating to the Regulated Units shall at all times be kept separate and identifiable from any other business of the DEVELOPER and shall be maintained as required by the CITY, in a reasonable condition for proper audit and subject to examination during business hours by representatives of the CITY. DEVELOPER shall retain copies of all materials obtained or produced with respect to occupancy of the Regulated Units for a period of at least five (5) years.
The CITY shall also have the right to perform on-site inspections of the Project, including the Regulated Units, as is reasonably required to ensure compliance with the Loan Documents, but in any case at least once per year. DEVELOPER agrees to cooperate in such inspection(s).
If the CITY desires to inspect the interior of the Regulated Units, the CITY shall give DEVELOPER sufficient notice to allow DEVELOPER to give seventy-two (72) hours’ notice to tenants.
30. ANNUAL REPORTS. DEVELOPER shall provide any information reasonably requested by the CITY in connection with the Project. In particular, DEVELOPER shall provide the CITY with annual reports required by the Regulatory Agreement, including but not limited to reports regarding the Project’s rent and occupancy levels, as well as the annual operating budget. Without limitation, DEVELOPER shall provide the CITY no later than the ninetieth (90 th)
day after the close of each calendar year following the date of this Regulatory Agreement, hardcopies and PDF copies of the following documents:
A. Insurance certificates detailing all coverage required under the Deeds of Trust.
B. Evidence of payment of property taxes or property tax exemption for the Project, as applicable.
C. Audited financial statements for the Project and DEVELOPER.
D. An occupancy report including: (i) the verified income of each tenant or household; (ii) the number and demographic information of tenants in each household; (iii) the
24 current rents charged each tenant or household and whether these rents include utilities; (iv) the date tenancy commenced for each Unit; and (v) any additional information required by California Health and Safety Code Section 33418.
E. Certifications of eligibility for all tenants of Regulated Units at the time of initial occupancy and upon the yearly anniversary of their continuing tenancies. Such certification shall include verified income statements on a form provided by the CITY.
DEVELOPER shall retain in the tenant’s file all verifications of tenant’s income (tax returns, W-2 forms, paycheck stubs, etc.).
Within fifteen (15) calendar days after receipt of a written request, DEVELOPER shall provide any other information or completed forms requested by the CITY to ensure compliance with the Loan Documents or this Regulatory Agreement.
If similar reports on some or all of the Regulated Units are required for regulatory compliance with other financing programs, those reports may be deemed satisfactory for the purpose of this section by the CITY, with respect to the portion of the requirements of this section covered by such reports, provided that copies are provided on an annual basis to the CITY with an owner certification addressed to the CITY certifying that the DEVELOPER has complied with this Regulatory Agreement.
31. MONITORING/NON-COMPLIANCE/CURE. DEVELOPER’s compliance with the provisions of this Regulatory Agreement shall be reviewed at least annually, and at such other times as the CITY may require, upon thirty (30) calendar days prior written notice from the CITY.
During any such review, DEVELOPER shall bear the burden of proof to demonstrate good faith compliance with the terms of this Regulatory Agreement. If, as a result of such review, the CITY finds and determines that DEVELOPER has not complied in good faith with the terms and conditions of this Regulatory Agreement, the CITY shall give written notice to DEVELOPER of its findings and of the exact nature of DEVELOPER’s non-compliance. DEVELOPER shall be given a period of sixty (60) calendar days after delivery of any such notice in which to cure, to the reasonable satisfaction of the CITY, any non-compliance; provided that, if the non- compliance cannot be cured within sixty (60) calendar days, DEVELOPER shall not be in breach so long as DEVELOPER is diligently undertaking to cure such non-compliance. In the event the CITY fails to give DEVELOPER notice of any non-compliance at or before the annual review, DEVELOPER shall not be held responsible for any failure to comply with the terms and conditions of this Regulatory Agreement during the year covered by the annual review.
32. CITY REMEDIES FOR BREACH. If DEVELOPER is unable or otherwise fails to cure any non-compliance within sixty (60) calendar days (or longer as provided herein) after the CITY delivers notice of non-compliance pursuant to paragraph 32, the CITY may, in addition to any other remedy provided by law or equity, modify or terminate this Regulatory Agreement, revoke the Project approval, or take any other action available to it under this Regulatory Agreement.
In particular, and without limitation by reason of enumeration, DEVELOPER acknowledges and agrees that failure to cure any non-compliance under this Regulatory Agreement, whether by DEVELOPER or any successor, shall, at the option of the CITY, constitute a breach and default under this Regulatory Agreement as to all other property within the Project. In addition, and without limitation by reason of enumeration, OWNER/DEVLOPER
25 acknowledges and agrees that the CITY shall have the right to withhold issuance of all building permits within the Project until such breach is cured.
Any partners of DEVELOPER shall have the right to cure any default. The CITY agrees that any cure of a default by any partners of DEVELOPER shall be deemed to be a cure by DEVELOPER, and shall be accepted or rejected on the same basis as if made or tendered by DEVELOPER.
In the event of any breach/default or violation of any agreement, obligation, or warranty under this Regulatory Agreement, the CITY shall give written notice to DEVELOPER, with copies to the Senior Lenders, specifying: (a) the nature of the breach or violation; (b) the action required to cure the breach or violation; and (c) a date, which shall not be less than thirty (30) calendar days from the date of the notice, by which such action to cure must be taken. If DEVELOPER fails to cure the breach or violation within the timeframe specified in the notice, the CITY additionally has the right, at its sole election, to:
A. Declare a default under the Notes, accelerate the indebtedness evidenced by the Notes, and with respect to the Loan, proceed with foreclosure under the Deeds of Trust;
B. Bring an action for equitable relief seeking the specific performance by DEVELOPER of the terms and conditions of this Regulatory Agreement, and/or enjoining, abating, or preventing any violation of said terms and conditions, and/or seeking declaratory relief;
C. Enter upon, take possession of, and manage the Property and the Project, either in person, by agent, or by a receiver appointed by a court, and collect any rents, income, deposits, or reserves and apply them to operate the Property and the Project, and continue in possession until such time as the CITY in its sole judgment determines that DEVELOPER is in a position to operate the Property and the Project in compliance with this Regulatory Agreement;
D. After notice provided for herein, make such repairs or replacements to the Property as are necessary and provide for payment thereof;
E. Declare an event of default under the Loan Documents and pursue the remedies described therein; and/or
F. Pursue any other remedy allowed at law or in equity.
The CITY’s rights hereunder shall be in addition to, and not in lieu of, every other right or remedy provided for herein or now or hereafter existing at law or in equity by statute or otherwise, including, but not limited to injunctive relief, specific performance and damages. The exercise or beginning of exercise by the CITY of any one or more rights or remedies, provided herein or now or hereafter existing at law or in equity by statute or otherwise, shall not preclude the simultaneous or later exercise by the CITY of any or all other rights or remedies provided for in this Regulatory Agreement or now or hereafter existing at law or in equity or by statute or otherwise. All such rights and remedies shall be considered cumulative and nonexclusive.
26 33. FEES, TAXES, AND OTHER LEVIES. DEVELOPER shall be responsible for payment of all fees, assessments, taxes, charges, and levies imposed by any public authority or utility company with respect to the Property and the Project, and shall pay such charges prior to delinquency in order to prevent any penalty from accruing or any lien or charge from attaching to the Property or the Project. However, DEVELOPER shall not be required to pay any such charge so long as (a) the legality thereof is being contested in good faith and by appropriate proceedings; and (b) DEVELOPER maintains reserves adequate to pay any contested liabilities.
In the event DEVELOPER exercises its right to contest any tax, assessment, or charge against it, DEVELOPER, on final determination of the proceeding or contest, shall immediately payor discharge any decision or judgment rendered against it, together with all costs, charges and interest.
34. INSURANCE COVERAGE. DEVELOPER shall cause to have in full force and effect during the term of this Regulatory Agreement continuous insurance coverage as required by the DDA.
35. PROPERTY DAMAGE OR DESTRUCTION. Subject to the requirements of Senior Lenders, and if economically feasible in the CITY's reasonable judgment after consultation with the DEVELOPER, if any improvement now or in the future on the Property is damaged or destroyed, then the DEVELOPER shall, at its cost and expense, diligently undertake to repair or restore such improvement consistent with the plans and specifications for the Development. Such work or repair shall be commenced no later than the later of one hundred twenty (120) calendar days, or such longer period approved by the CITY in writing, after the damage or loss occurs or thirty (30) calendar days following receipt of the insurance proceeds, and shall be complete within one year thereafter. Any insurance proceeds collected for such damage or destruction shall be applied to the cost of such repairs or restoration and, if such insurance proceeds shall be insufficient for such purpose, then the DEVELOPER shall make up the deficiency. If the DEVELOPER does not make repairs, then any insurance proceeds collected for such damage or destruction shall be promptly delivered to the CITY as a special repayment of the Loan, subject to the rights of the Senior Lenders, if any.
GENERAL PROVISIONS
36. SUBORDINATION. Except as expressly set forth herein or in the DDA, this Regulatory Agreement shall not be subordinated in priority to any other interest in the Property that was not recorded on or prior to the date of recordation of this Regulatory Agreement, unless the CITY expressly consents, in writing, to the subordination or junior priority of this Regulatory Agreement. Such consent, if any, shall be within the CITY’s sole discretion, and may only be permitted, if at all, for purposes that conform with the circumstances authorized by California Health and Safety Code Section 33334.14(a), and to the extent the proposed subordination does not jeopardize the CITY’s security interest in the property and is otherwise consistent and compliant with all legal standards, including eligibility requirements and other conditions imposed by funding sources for the Project and any Loan.
37. TRANSFER AND ENCUMBRANCE OF PROPERTY. During the term of this Regulatory Agreement, DEVELOPER shall not, except as permitted by the DDA, make or permit any sale, agreement to sell, assignment, conveyance, lease (other than the rental of Project units to eligible residential tenant occupants), or transfer of the Property or any part thereof, including the sale of any general or limited partnership interests, the removal of any
27 general partner, or any substantial change in operational or management control over the Property (collectively referred to as “Transfers”), without the prior written consent of the CITY.
The limitations on DEVELOPER’s right of assignment or other transfer contained in this paragraph 38 shall not apply to any foreclosure, deed in lieu of foreclosure, or other remedial action lawfully taken by any Senior Lender holding a security interest in the Property with priority over the CITY’s interests; nor shall they apply to: (i) the transfer of limited partner interests in DEVELOPER, (ii) the removal of a general partner or a limited partner pursuant to the terms and conditions of DEVELOPER’s organizational document; and/or (iii) transfers to a tax-exempt entity under the direct control of or under common control with DEVELOPER.
The CITY shall give its consent to a Transfer provided that it determines all of the following conditions are met: (a) DEVELOPER is in compliance with this Regulatory Agreement and the Loan Documents, or the Transfer will cure existing violations of this Regulatory Agreement or the Loan Documents; (b) the transferee agrees to assume all obligations of DEVELOPER imposed by this Regulatory Agreement and the Loan Documents; (c) the transferee demonstrates to the CITY’s satisfaction that it is capable of owning and/or operating the Property and the Project in full compliance with this Regulatory Agreement and the Loan Documents; (d) the terms of the Transfer shall not jeopardize the CITY’s security interest in the Property and is otherwise in full compliance with all legal standards, including eligibility requirements and other conditions imposed by funding sources for the Project and any Loan; and (e) the Transfer has been approved by the CITY’s governing body, if such approval is required.
During the term of this Regulatory Agreement, DEVELOPER shall not, except as may be contemplated by the DDA, engage in any financing or other transaction creating any mortgage or other encumbrance or lien upon the Property and/or the Project (except for any financing provided by the CITY), without the prior written consent of the CITY, which consent may be withheld in the CITY’s sole discretion. The CITY may give its consent to such financing if and only to the extent necessary to maintain or improve the affordability or condition of the Property and/or the Project.
38. NONLIABILITY OF OFFICIALS, EMPLOYEES, AND AGENTS. No member, official, officer, director, employee, agent, or independent contractor of the CITY shall be personally liable to DEVELOPER or third party beneficiaries for any obligation created under the terms of this Regulatory Agreement.
39. INDEMNITY AND WAIVER. Notwithstanding the insurance coverage required herein and to the fullest extent allowed by law, DEVELOPER shall defend, indemnify and save and hold the CITY, its members, officials, officers, directors, employees, agents, and independent contractors (collectively “Indemnitees”), harmless against any losses, damages, liabilities, claims, demands, judgments, actions, court costs, and legal or other expenses (including attorneys’ fees) which Indemnitees may incur as a result of (1) DEVELOPER’s failure to perform any obligations as and when required by this Regulatory Agreement; (2) any failure of DEVELOPER’s representations or warranties to be true and complete in any material respect; or (3) any act or omission by DEVELOPER or any contractor, subcontractor, management agent, or supplier with respect to the Project or the Property, except to the extent that such losses are caused solely by the negligence or willful misconduct of Indemnitees. The duty of the DEVELOPER to indemnify includes the duty to defend Indemnitees in any court action, administrative action, or other proceeding brought by any third party arising from the Project or the Property. DEVELOPER’s duty to defend and indemnify Indemnitees shall survive
28 the term of this Regulatory Agreement, the reconveyance of the Deeds of Trust, and any release of part or all of the Property from the burdens of this Regulatory Agreement. The parties intend that this provision shall be broadly construed.
DEVELOPER hereby waives any claims, suits, or actions against the CITY on account of or arising from the Costa-Hawkins Rental Housing Act, California Civil Code Sections 1954.50 et seq. (“CHRHA”). Furthermore, the parties hereby acknowledge and agree that, without limitation, the Loan and any Project entitlements, permits, or approvals have conferred upon the DEVELOPER and/or the Project either a direct financial contribution or other form of assistance pursuant to Section 1954.52(b) of the CHRHA.
40. GOVERNING LAW AND VENUE. This Regulatory Agreement shall be interpreted under and be governed by the laws of the State of California, except for those provisions relating to choice of law and those provisions preempted by federal law. Any action arising out of this Regulatory Agreement shall be brought in Placer County, California, regardless of where else venue may lie.
41. CONFLICTS. In the event of any conflict among the Loan Documents, the most restrictive requirements shall apply. In addition, the Project may be subject to the terms of other governmental subsidy programs. This Regulatory Agreement and the agreements entered into by DEVELOPER pursuant to these subsidy programs independently regulate the Regulated Units in the Project. If any provision of another regulatory agreement is found in conflict or in contradiction with the terms of this Regulatory Agreement in relation to the Regulated Units, the most restrictive requirement, providing the greatest affordability to the most tenants for the longest term, shall apply to those Regulated Units, except as otherwise specified.
42. ATTORNEYS’ FEES AND COSTS. In the event that a legal or administrative action is brought to interpret or enforce the terms of this Regulatory Agreement, the prevailing party in such action shall be entitled to recover its reasonable litigation expenses, including but not limited to, court costs, expert witness fees, discovery expenses, and attorneys’ fees.
43. TIME. Time is of the essence in this Regulatory Agreement.
44. CONSENTS AND APPROVALS. Except as otherwise expressly provided in this Regulatory Agreement, any consent or approval required under the Regulatory Agreement shall not be unreasonably withheld or delayed.
45. NOTICES, DEMANDS, AND COMMUNICATIONS. Formal notices, demands, and communications between DEVELOPER and the CITY shall be given by registered or certified mail, return receipt requested, postage prepaid or delivered personally, to DEVELOPER and the CITY as follows, or at such other address as a party may designate by written notice to the other party:
CITY OF ROSEVILLE DEVELOPER
Economic Development Director
City of Roseville
311 Vernon Street
29 Roseville, CA 95678
with a copy to:
46. BINDING UPON SUCCESSORS. All provisions of this Regulatory Agreement shall be binding upon and inure to the benefit of the heirs, administrators, executors, successors in interest, transferees, and assigns of DEVELOPER and the CITY, and shall run with the land for the full term of this Regulatory Agreement, regardless of any assignment, payment, prepayment, expiration, extinguishment of the Loan or Notes, any reconveyance of the Deeds of Trust, or any conveyance or transfer of the Property. Any successor in interest to DEVELOPER and any purchaser or transferee of the Property shall be subject to all of the duties and obligations imposed on DEVELOPER under this Regulatory Agreement for the full term of this Regulatory Agreement. The term “DEVELOPER” as used in this Regulatory Agreement shall include all such assigns, successors-in-interest, and transferees.
47. RELATIONSHIP OF PARTIES. The relationship of DEVELOPER and the CITY for this Project during the term of this Regulatory Agreement shall not be construed as a joint venture, equity venture, or partnership. The CITY neither undertakes nor assumes any responsibility or duty to DEVELOPER or to any third party with respect to the operation of the Property or the actions of DEVELOPER. Except as the CITY may specify in writing, DEVELOPER shall have no authority to act as an agent of the CITY or to bind the CITY to any obligation.
48. WAIVER. Any waiver by the CITY of any obligation in this Regulatory Agreement must be in writing. No waiver shall be implied from any delay or failure by the CITY to take action on any breach or default of DEVELOPER or to pursue any remedy allowed under this Regulatory Agreement or applicable law. Any extension of time granted to DEVELOPER to perform any obligation under this Regulatory Agreement shall not operate as a waiver or release from any of its obligations under this Regulatory Agreement. Consent by the CITY to any act or omission by DEVELOPER shall not be construed as the consent to any other or subsequent act or omission or to waive the requirement for the CITY’s written consent to future waivers.
49. OTHER AGREEMENTS. DEVELOPER represents that it has not entered into any agreements that would restrict or compromise its ability to comply with the terms of this Regulatory Agreement. DEVELOPER shall not enter into any agreements that are inconsistent with the terms of this Regulatory Agreement without an express written waiver by the CITY.
50. AMENDMENTS AND MODIFICATIONS. Any amendments or modifications to this Regulatory Agreement must be in writing, and shall be effective only if executed by both DEVELOPER and the CITY, following receipt of all required approvals, and only with the consent of the Senior Lenders.
51. SEVERABILITY. Every provision of this Regulatory Agreement is intended to be severable. If any provision of this Regulatory Agreement is held invalid, illegal, or
30 unenforceable by a court of competent jurisdiction, the validity, legality, and enforceability of the remaining provisions shall not be affected or impaired.
SPECIAL PROVISIONS
52. ADMINISTRATIVE FEE. In the event of DEVELOPER’s breach or violation of any agreement, obligation or warranty under the Regulatory Agreement that is uncured within the cure periods provided herein, or in the event the Property is transferred in violation of paragraph 38 of this Regulatory Agreement, DEVELOPER shall pay annually, not later than April 15 of each year, a $10,000 fee (“Administrative Fee”). The CITY shall provide the DEVELOPER with notice and the right to cure, as set forth in above paragraph 32, any event which the CITY believes give rise to an obligation to pay the Administrative Fee. Such fee shall remain in effect during any period of breach or violation. The payment of such Administrative Fee shall be in addition to, and not to the exclusion of, the CITY’s other remedies contemplated in paragraph 33 of this Regulatory Agreement; provided however that this provision shall be subject to the nonrecourse provisions set forth in the Notes.
53. REFINANCING/RESYNDICATION REVIEW FEE. In the event that the Property and/or the Project is a tax credit project and is refinanced or resyndicated during the term of this Regulatory Agreement, DEVELOPER shall provide the CITY a prepayment in amount to be determined by the CITY, upon request by DEVELOPER, for CITY’s staff actual and documented costs in reviewing any refinancing or resyndication documentation submitted to the CITY for the CITY’s review and approval. Such prepayment shall be submitted by DEVELOPER prior to the CITY commencing any review and shall not exceed five thousand dollars ($5,000.00).
DEVELOPER shall not be entitled to receive a refund of any such fee in the event that DEVELOPER fails to complete such refinancing or resyndication.
54. TENANT MONITORING FEE. Commencing one (1) year after the date of the final Certificate of Occupancy for the Project and annually thereafter, DEVELOPER shall pay to the CITY, not later than March 31 of each year, a tenant monitoring fee equal to FORTY DOLLARS ($40) for each occupied, rent restricted, apartment unit within the Project. A penalty of ten percent (10%) per month shall be assessed against any fee not paid when due.
55. PARTICIPATION IN HOUSING CHOICE VOUCHER PROGRAM. DEVELOPER agrees to accept tenants who qualify under the Housing Choice Voucher (“HCV”) program administered by the Roseville Housing Authority (the “Authority”) or its successor.
56. CHECKLIST FOR REGULATED UNITS. DEVELOPER agrees that each prospective tenant, prior to rental of a Regulated Unit, shall be required to complete forms required by Exhibit C, or DEVELOPER's equivalent as approved in writing by the CITY.
[Signatures Next Page]
31 IN WITNESS WHEREOF, the City of Roseville, a municipal corporation, has authorized the execution of this Regulatory Agreement in duplicate by its City Manager and attested to by its City Clerk under the authority of Resolution No. , adopted by the Council of the City of Roseville on the day of , 2025, and DEVELOPER has caused this Regulatory Agreement to be executed.
CITY OF ROSEVILLE, a municipal corporation: ____________________________ __________, a ________________:
BY: BY:
DOMINICK CASEY NAME
City Manager Title
ATTEST: and
BY: BY:
CARMEN AVALOS NAME
City Clerk Title
APPROVED AS TO FORM:
BY:
MICHELLE SHEIDENBERGER
City Attorney
APPROVED AS TO SUBSTANCE:
BY:
MELISSA ANGUIANO
Economic Development Director
EXHIBIT A
LEGAL DESCRIPTION OF PROPERTY
The land described herein is situated in the State of California, County of Placer, City of Roseville, and is described as follows:
EXHIBIT B
UNIT CONFIGURATION AND INITIAL RENT RESTRICTIONS
Maximum Household Income ___% AMI
Bedroo
m size
Number
of Units
Gross
Rent
Less
TCAC
approved
CUAC*
Allowable
Contract
Rent
1 $ $ $
2 $ $ $
3 $ $ $
Bedroo
m size
Number
of Units
Gross
Rent
Less
TCAC
approved
CUAC*
Allowable
Contract
Rent
1 $ $ $
2 $ $ $
3 $ $ $
Bedroo
m size
Number
of Units
Gross
Rent
Less
TCAC
approved
CUAC*
Allowable
Contract
Rent
1 $ $ $
2 $ $ $
3 $ $ $
Bedroo
m size
Number
of Units
Gross
Rent
Less
TCAC
approved
CUAC*
Allowable
Contract
Rent
1 $ $ $
2 $ $ $
3 $ $ $
* California Utility Allowance Calculator (CUAC) is California’s energy consumption model for calculating utility allowance estimates. These estimates are approved by California’s Tax Credit Allocation Committee (TCAC) and are limited to new construction projects in the design phase.
EXHIBIT C
CHECKLIST FOR AFFORDABLE RENTAL UNITS
The following documentation must be present in the Tenant’s file (in a form approved by the Housing Manager) for an “affordable renter.”
Certification of Affordable Rental Unit Eligibility
Calculation of Tenant Eligibility Form
Record of Rental Increases
Written, third party verification of all income sources, including:
Employment
Self-employment (tax return and profit & loss statement for current year)
Unemployment
AFDC (Welfare) Benefits
Child Support
Alimony
Social Security Benefits
Supplemental Security Income (SSK)
VA or Military Benefits
Pensions and/or Annuities
Retirement Funds
Savings Accounts (Interest Income)
Checking Accounts
Government Grants
Trust Funds
Stocks & Bonds (Cash Value)
Life Insurance (Cash Value)
Name Complex
Title Date
CERTIFICATION OF AFFORDABLE RENTAL UNIT ELIGIBILITY
Re:
Apartment Complex
Apt. #
I/we have read and answered truthfully, fully frankly and personally each of the following questions for all persons who are to occupy the unit being applied for in the above apartment project. Listed below are the names of all persons who intend to reside in the unit:
1) Name of Members of
the Household
2) Relationship
to head of
Household
3) Age
4) Social
Security No.
5) Place of
Employment
CERTIFICATION OF AFFORDABLE RENTAL UNIT ELIGIBILITY (CONT.)
INCOME COMPUTATION
6) The total anticipated income calculated in accordance with this paragraph 6, of all persons (except children under the age of 18 years) listed above for the 12- month period beginning the date that I/we plan to move into a unit is $ .
Included in the total anticipated income listed above are:
a. All wages and salaries, overtime pay, commissions, fees and other compensation for personal services, before payroll deductions.
Excluded from such anticipated income are:
a. Casual, sporadic or irregular gifts;
b. Amounts which are specifically for or in reimbursement of medical expenses;
c. Lump sum additions to family assets, such as inheritances, insurance payments (including payments under health and accident insurance and worker’s compensation), capital gains and settlements for personal or property losses;
d. Amounts of educational scholarships paid directly to the student or the educational institution and amounts paid by the government to a veteran for use in meeting the costs of tuition, fees, books, and equipment. Any amounts of such scholarships or payments to veterans not used for the above purposes are to be included in income;
e. Hazardous duty pay to a family member in the Armed Forces who is away from home and exposed to hostile fire;
f. Relocation payments under Title II of the Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970;
g. Foster child care payments;
h. The value of coupon allotments for the purchase of food pursuant to the Food Stamp Act of 1977.
7) This certificate is made with the knowledge that it will be relied upon by the Owner to determine maximum income for eligibility to occupy the unit; and I/we declare that all information set forth herein is true, correct and complete and based upon information I/we deem reliable and that the statement of total anticipated income contained in paragraph 6 is reasonable and based upon such investigation as the undersigned deemed necessary.
8) I/We will assist the Owner in obtaining any information or documents required to verify the statement made herein, including either an income verification from my/our present employer(s) or copies of federal tax returns for the immediately preceding calendar year.
Applicant
[All persons listed in number 2 above, except children under the age of 18 must sign this form]
CALCULATION OF TENANT ELIGIBILITY FORM
(FORM COMPLETION BY APARTMENT OWNER OR AGENT)
NAME: UNIT #
SOURCE MONTHLY ANNUAL
Social Security $ $
Social Security $ $
Civil Service $ $
Pension $ $ Interest
$ $ Wages
$ $ Tips
$ $ Wages
$ $ Tips
$ $
Child Support $ $
Welfare $ $
Stocks/Bonds $ $
Other
Other
$ $
$ $
TOTAL INCOME $ $
Monthly base rent $
Move-in date
BY
TITLE
DATE
AFFORDABLE TENANT
RECORD OF RENTAL INCREASES
(FORM COMPLETION BY APARTMENT OWNER OR AGENT)
NAME APT. NO.
MOVE-IN DATE INITIAL BASE RENT $
ANNUAL INCOME $
DATE OF
INCREASE
CURRENT
RENT
ANNUAL
ADJUSTMENT
FACTORS
NEW RENT
$ X 1. = $
$ X 1. = $
$ X 1. = $
$ X 1. = $
$ X 1. = $
$ X 1. = $
$ X 1. = $
$ X 1. = $
$ X 1. = $
$ X 1. = $
$ X 1. = $
$ X 1. = $
$ X 1. = $
$ X 1. = $
$ X 1. = $
AFFORDABLE TENANT
RECORD OF RENTAL INCREASES (For Tax Credit Projects Only)
(FOR COMPLETION BY APARTMENT DEVELOPER OR AGENT)
NAME: APT. #
ACKNOWLEDGMENTS
State of California
County of
On before me, ,
(here insert name and title of the officer)
personally appeared , who proved to me on the
basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.
WITNESS my hand and official seal.
Signature
(Seal)
ACKNOWLEDGMENTS
State of California
County of
On before me, ,
(here insert name and title of the officer)
personally appeared , who proved to me on the
basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.
WITNESS my hand and official seal.
Signature
(Seal)
Attachment B
PROPOSER’S CERTIFICATION
I have carefully examined the Notice of Funding Availability (NOFA) and any other documents accompanying or made a part of this NOFA. The information contained in this proposal is true and correct to the best of my knowledge and is signed under penalty of perjury under the laws of the State of California. I further certify that I am duly authorized to submit this proposal on behalf of the firm as its authorized agent and that the firm is ready, willing, and able to perform if awarded the funding.
I further certify that this proposal is made without prior understanding, agreement, connection, discussion, or conspiracy with any other person, firm or corporation submitting a proposal for the same funding that this proposal is fair and made without outside control, collusion, fraud or illegal action; that no officer, employee or agent of the City is financially interested in said proposal; that no undue influence or pressure was used against or in concert with any officer, employee or agent of the City in connection with the award or terms of the contract that will be executed as a result of this NOFA; and that the undersigned executed this Proposer’s Certification with full knowledge and understanding of the matters therein contained and was duly authorized to do so.
NAME OF APPLICANT ENTITY
AUTHORIZED SIGNATORY
NAME & TITLE, TYPED OR PRINTED DATE
MAILING ADDRESS
TELEPHONE NUMBER EMAIL
EIN STATE OF INCORPORATION
Type of Organization:
Sole Proprietorship Corporation Non-Profit Organization Partnership Limited Liability Company
Attachment C
Commercial Corridors Maps