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<br />DRAFT FOR REVIEW AND COMMENT ONLY <br /> <br />above. The sales price will be finalized at the time Developer begins construction <br />on the project following issuance of building permits. <br /> <br />C. Exterior finishes, including materials and landscaping and interior amenities <br />including appliances, carpeting, electrical and plumbing fixtures, hardware and <br />countertops, etc., for the Low Income Household units and the Moderate Income <br />Household units shall be consistent with the market rate units at the Project. <br /> <br />D. All of the Project's 45 units shall be exempt from the City Lower Income Housing <br />Fee. <br /> <br />E. City shall, with Developer's cooperation, assume the responsibility for marketing <br />the units for the Low Income Households and the Moderate Income Households. <br />Developer shall reimburse the City for the reasonable cost of processing <br />applications related to the units for the Low Income Households and the Moderate <br />Income Households. <br /> <br />F. The units for the Low Income Households and the Moderate Income Households <br />shall be marketed and sold consistent with the Pleasanton Homeowners <br />Assistance Program which includes restricted sale prices for future sales, a first- <br />time home buyer requirement, use ofthe City preference system, a public lottery, <br />and deed restrictions recorded against each such unit in the form attached as <br />Exhibit A hereto. <br /> <br />G. The City may utilize its Lower Income Housing Fund to provide second <br />mortgages to qualified Low and Moderate Income Households. <br /> <br />H. This Agreement is not intended to be recorded against the Property. <br /> <br />II. Of the 45 residential units, five units shall be Affordable By Design Units consistent with <br />"Plan I" as outlined in Attachment A. The Affordable By Design Units shall be provided <br />and marketed as follows, but shall not otherwise be subject to the restrictions and <br />qualifications ofthe Pleasanton Homeowners Assistance Program: <br /> <br />A. The Developer shall use commercially reasonable efforts to market and sell the <br />Affordable By Design Units to households with the following preferences; <br />provided, however, that such obligations shall not extend beyond 30 days from <br />the commencement of sales for the applicable Affordable by Design Unit: <br /> <br />. First Preference - Households where at least one household member has resided <br />in the City of Pleasanton for at least two years prior to execution of a purchase <br />agreement. <br /> <br />. Second Preference - Households where at least one household member has <br />worked in the City of Pleasanton for at least two years prior to the execution of <br />a purchase agreement. <br /> <br />Page 2 <br />