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negotiated by both parties; however, terms of the sale or lease shall <br />include: <br />(1) That for the entire term of the lease the land shall be used for <br />the purpose of constructing an apartment project of which <br />39 % of the total project units are affordable to persons at <br />6096 of the area median income for the Oakland PSMA and <br />1096 of the total project units are affordable to persons at <br />50°70 of the area median income for the Oakland PSMA. <br />(2) That ,the rent pursuant to the lease for the Site shall be set at <br />an amount that enables the project to be economically feasible <br />in view of the affordability requirements as specified above. <br />(3) That the term of the lease shall be for 50 years after which <br />all Site improvements will become property of the City. <br />(4) That the City shall have the authority and the sole discretion <br />to terminate the lease if Developer has not commenced <br />construction on the Site within eighteen (18) months <br />following the effective date of this agreement. <br />Agreement for Disposition and Development <br />of the Land for Private Development -December 1, 1992 .Page 3 <br />