ORD 2309 - Laserfiche WebLink

units not yet sold. The City and Project Developer agree that a breach of the Regulatory Agreement by a purchaser of a home with a JADU Inclusionary Unit shall not constitute a default or breach by the Project Developer. The JADU Inclusionary Units may be rented in accordance with PMC Section 18.106.080.F. D. As required by PMC Section 18.106.070.E, the owner of a single-family home with a JADU Inclusionary Unit shall participate in the City's monitoring program to document the rent levels of the Junior Accessory Dwelling Units (JADUs) being rented. 2. The single-family homes with the JADU Inclusionary Units shall be constructed concurrently with the construction of the subject single-family market-rate units. 3. By providing the 48 JADU Inclusionary Units, the entire Project, as approved by City Council Resolution No. , is exempt from any obligation to pay the Affordable Housing Fee described in Pleasanton Municipal Code section 17.40.030. 4. Project Developer shall provide forty-eight (48) Junior Accessory Dwelling Units (JADUs), each of which will be attached to the corresponding primary unit. The JADUs are not required to be rented from the primary unit; however, if rented, they must be rented at no more than 80% of the City's published AMI rent levels. JADUs shall not be permitted to be sold separately in accordance with Pleasanton Municipal Code section 18.106.080.G. 5. All JADU Inclusionary Units shall remain affordable, if rented, in perpetuity. 6. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors, heirs, administrators and assigns, to the extent consistent with the foregoing provisions of this Agreement. 7. Project Developer shall provide written notice to the initial buyers of the single-family homes with the JADU Inclusionary Units that they are required to comply with the restrictive covenants recorded on the subject JADU Inclusionary Units. The initial buyers and subsequent buyers of the single-family homes with the JADU Inclusionary Units shall execute a JADU Regulatory Agreement. The restrictive covenants set forth therein shall remain in perpetuity as long as the initial buyer or any successor, heir or assign owns the single-family home with the JADU Inclusionary Unit. 8. Project Developer shall have the right to transfer and assign all or any portion of its rights, duties and obligations under this Agreement to any person or entity acquiring fee simple title to all or any portion of the Property. Project Developer shall be immediately released from its obligations under this Agreement upon such assignment so long as: (i) Project Developer was not in default of this Agreement at the time of conveyance, (ii) Project Developer provided to City prior written notice of such transfer, and (iii) the transferee executes and delivers to City a written assumption agreement in which: (1) the name and address of the transferee is set forth, and (2) the transferee expressly assumes the relevant obligations of Project Developer under this Agreement. Failure to deliver a written assumption agreement hereunder shall not negate, modify or otherwise affect the liability of any transferee pursuant to the provisions of this Agreement.