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102-A. agreement between the Housing Trust of Santa Clara County .pdf ATTACHMENTA AFFORDABLEHOUSING AGREEMENTFORTHE CUPERTINOVALLCOREDEVELOPMENTPROJECT AREA This AffordableHousing Agreement(the"Agreement")isforpurposesoffunding affordablehousingprojectsandprogramstobedevelopedand/oradministeredby the HousingTrustof SantaClaraCounty,aCalifornianonprofitpublicbenefitcorporation (the"Trust"),andisenteredintoasofFebruary15,2011byandamong theTrust, the CityofCupertino,amunicipalcorporation(the"City")andtheCityofCupertino Redevelopment Agency,apublicbody,corporateandpolitic(the"Agency"),on the basisof thefollowing facts,understandingsandintentionsof theparties: RECITALS A.Pursuantto theCaliforniaCommunityRedevelopmentLaw(Healthand SafetyCodeSection33000etseq.;the"RedevelopmentLaw"), theCityCouncilofthe Cityhasadoptedandthe Agencyisresponsibleforimplementing theRedevelopment Plan(the"Redevelopment Plan")for theCupertinoVallcoRedevelopment Project Area (the"ProjectArea"). B.Toassistinimplementing theRedevelopment Plan,the Agencyhas adoptedafive(5)-yearimplementationplan(the"Implementation Plan")pursuantto Section33490of theRedevelopmentLaw. C.The Agencyand theCityarepartiestoa SettlementAgreement,datedas ofJanuary22,2002,relative toSantaClaraSuperiorCourtCaseNo.CV793260,under which the Agencyagreedtomeetcertainaffordablehousingobligationswhicharemore stringent thanotherwiserequiredundertheRedevelopmentLaw,attachedasExhibit A andincorporatedintothis Agreement(the"Settlement Agreement"). D.PursuanttoHealthand SafetyCodeSections33334.2and33334.3and theSettlementAgreement,the Agencyhastheobligation toestablishaLowand Moderate IncomeHousingFund(the"HousingFund")andtoexpendmoniesin the HousingFundforthepurposesofincreasing,improving,andpreserving the community'ssupplyofhousingavailableataffordablehousingcost tolowandmoderate incomehouseholds,lowerincomehouseholds,verylowincomehouseholds,and extremelylowincomehouseholds. E.PursuanttoHealthand SafetyCodeSection33125,the Agencyhas authority toexecutecontractsnecessaryorconvenienttotheexerciseofitspowers. F.PursuanttoHealthand SafetyCodeSection33220(e), theCityis authorized toenterinto this Agreement toassist the Agencyinperformingpowersand obligationsunder theRedevelopmentLaw. 1 394\\01\\941447.4 G.The tasks theTrusthasagreedtoundertakeunder this Agreement support theTrust'scorporatepurposesandmission. H.The Agencydesirestocontractwith theTrusttoprovideHousingFundsto theTrustforuseby theTrusttoincrease,improve,andpreserve thesupplyof affordablehousinginthe Project Areaorwithin the territorialjurisdictionof theCity, consistentwith theRedevelopment Plan, theRedevelopmentLaw,theSettlement Agreement,theImplementation Plan,and theHousing ElementoftheGeneralPlanof theCityofCupertino(the"Housing Element"). I.TheHousing Elementincludesanassessmentoftheexistingand projectedhousingneedsofthecommunity,including theCity'sregionalfairshare allocationoftheregionalhousingneed.ThehousingneedsassessmentintheHousing Elementineffectasofthedateof this Agreementindicatesaneedin theCityfor171 housingunitsaffordable toextremelylowincomehouseholds,148housingunits affordabletoverylowincomehouseholds,213housingunitsaffordable tolowerincome households,and185housingunitsaffordable tomoderateincomehouseholds,after accountingforunitsapprovedforconstruction. J.Thepartiesdesire thatthe AgencywillprovideHousingFundmonies to theTrustfortheTrusttoutilize tofinanceHousingFund-eligibleactivities toincrease, improve,andpreserve thesupplyofaffordablehousingwithin theProject Areaandthe territorialjurisdictionof theCity,consistentwith theRedevelopmentPlan,the RedevelopmentLaw,theImplementationPlan, theSettlement Agreementand the Housing Element,as theycurrentlyexistoras theymaybeamendedfrom timeto time. K.Thepartieshavesetforthin Exhibit Battached toandincorporatedin this Agreementby thisreference,alistofpotentialprojectsandprograms that theTrustmay undertakeutilizingfundsprovidedpursuantto this Agreement. Exhibit Binitsentiretyis referredtointhis Agreementas the"AffordableHousing Plan"andtheprojectsand programslistedinthe AffordableHousing Planfrom timeto timearereferredto individuallyasan"AffordableHousing Project"or"AffordableHousing Program",as applicable,andcollectivelyas the"AffordableHousing ProjectsandPrograms."The AffordableHousing Plansetforthin Exhibit Bissubject tomodificationasprovidedin Section2.2. L.TheAffordableHousing Projectsand Programsareconsistentwith the Redevelopment Plan,theSettlement Agreement,theHousing Elementand the ImplementationPlan.Implementationofthe AffordableHousing ProjectsandPrograms willbenefittheProjectAreaandwillassistintheeliminationofblightin the Project Area andtheprovisionofaffordablehousingin thecommunity.Theuseoffundsasprovided in this Agreementisauthorizedby theRedevelopmentLaw,andthe AgencyandCity Councilhavemadeallfindingsrequiredunder theRedevelopmentLawforsuchuse. M.Pursuantto StateCEQA GuidelinesSection15378(b)(4),approvalof the Agreementisnotaprojectsubjectto theCaliforniaEnvironmentalQuality Act(“CEQA”), 2 394\\01\\941447.4 becausethis Agreementconsistsof thecreationofagovernmentalfundingmechanism forvariousaffordablehousingprojectsandprograms,butdoesnotcommitfunds toany specificprojectorprogram,in thatenvironmentalreviewrequiredbyCEQAshallbe completedpriorto thecommencementofanyAffordableHousing Projector Affordable Housing ProgramlistedintheAffordableHousing PlancontainedinExhibit B. N.TheCitywillprovideon-goingmonitoringandprovideallrequired reportingrequirements totheStateofCalifornia. O.Byapprovingandenteringinto this Agreement,theAgencyhaspledgeda portionofthetaxincrementrevenuefrom the Project Areatofund theAffordable Housing Plan.Theobligationssetforthin this Agreementarecontractualobligations that,ifbreached,willsubjecttheparties todamagesorotherliabilitiesorremedies. NOW,THEREFORE,forgoodandvaluableconsideration, thereceiptand sufficiencyofwhichareacknowledged, theTrust, theCityandtheAgencyagreeas follows: ARTICLE1 AGENCY GRANT Section1.1Agency Grant.Subject tothetermsandconditionsof this Agreement,theAgencyherebygrants to theTrust,andtheTrustherebyacceptsfrom the Agency,agrant(the"Grant")inanannualamountnottoexceedtheamountsset forthinSections1.2(a)and(b)for theapplicablefiscalyear.TheTrustshallusethe Granttocompletethe AffordableHousing Planasfurtherprovidedin Article2. Section1.2GrantSource.Thesourcesofthe Grantfromthe Agency to the Trustconsistof: (a)All fundscurrentlyheldby the AgencyintheHousingFundandnot previouslyencumberedbybindingcontractforotheractivities,projects,orprograms,in theamount OneMillionDollars($1,000,000)forfiscalyear2010-11(the"Available Funds");and (b)All future taxincrementrevenueallocatedto,madeavailable to,or otherwisereceivedby the Agencyorany Successor, to theextentsuchtaxincrement revenue(1)isorwouldberequiredpursuantto theRedevelopmentPlan,the Settlement AgreementandtheRedevelopmentLawineffectasofthedateofthis AgreementtobedepositedintheHousingFund,and(2)isavailable totheAgencyor Successorafter the Agencyor Successormakesallnecessaryannualpayments required tobemadewithHousingFundmonieswithrespecttothenexistingdebt obligationsof the Agency,including,withoutlimitation,bondedindebtednessandwritten agreementswithotherpersonsorentities,ifany,inanamountnottoexceedTwo HundredFiftyThousandDollars($250,000)annuallyfor thenextfifteen(15)fiscalyears commencinginfiscalyear2011-12(the"PledgedFunds"). 3 394\\01\\941447.4 Asusedinthis Agreement,"taxincrementrevenue"meansandincludestaxes allocated to,ormadeavailable to,orotherwisereceivedby the Agencyora Successor pursuanttoHealthand SafetyCodeSection33670etseq.orotherprovisionofthe RedevelopmentLaw,orpursuanttoanyapplicableconstitutionalprovision,statute,or otherprovisionoflawnowexistingoradoptedinthefuture topay thedebtsand obligationsof the Agency. Asusedinthis Agreement,"Successor"includesanylawfulsuccessorofthe Agency,and/oranylawfulsuccessortoanypowersandrightsof the Agency,pursuant toanyapplicableconstitutionalprovision,statuteorotherprovisionoflawnowexisting oradoptedinthefuture. Section1.3Payment Procedure.The Agencyshallpay the AvailableFunds to theTrustwithinsixty(60)daysofthedateof thisAgreement.The Agencyshallpay the PledgedFunds to theTrustwithinsixty(60)daysafterreceiptofeachinstallmentof taxincrementrevenueinanamountequal to theportionofsuchtaxincrementrevenue constituting PledgedFunds.UntilneededtofundanAffordableHousing Projector AffordableHousing Program,theTrustshallinvestall Grantfundsreceivedfrom the Agencyinaninvestmentvehicleacceptabletoallparties,andshallapplyallinterest earned thereon toward thecostofthe AffordableHousing Projectsand Programs. Section1.4IndebtednessoftheAgency.Theobligationof the Agency topay the GrantfundsfromthesourcessetforthinSection1.2 to theTrustpursuanttothis Agreementshallconstituteanindebtednessofthe Agencyincurredincarryingout the Redevelopment Planandapledgeoftaxincrementrevenuereceivedby theAgencyor Successorfrom the Project Areatorepaysuchindebtednessundertheprovisionsof ArticleXVI, Section16of theConstitutionofthe StateofCalifornia, theRedevelopment Law,andtheRedevelopmentPlan,orunderanyapplicableconstitutionalprovision, statute,orotherprovisionoflawnowexistingoradoptedinthefuture. Section1.5Subordination.Thepartiesagree thattheobligationof the Agency tomakepaymentspursuanttothisAgreementissubordinate toanyobligation of the Agency toutilizeHousingFundmonies topaydebtserviceon taxincrement bonds,oranyotherloansoragreements,heretoforeorhereafterissuedandsecuredby apledgeofandalienupon taxincrementrevenuegeneratedby the Agencyin the Project AreaandrequiredbyRedevelopmentLawandSettlement Agreement tobe depositedin the Agency'sHousingFund. ARTICLE2 AFFORDABLEHOUSING PROJECTS ANDPROGRAMS Section2.1Useof GrantandTerm.TheTrustshalluse the Grantexclusively for thepurposesofincreasing,improving,andpreserving thecommunity'ssupplyof housingavailableataffordablehousingcost tolowandmoderateincomehouseholds, lowerincomehouseholds,verylowincomehouseholds,andextremelylowincome householdsinaccordancewith therequirementsof theRedevelopmentLaw, the 4 394\\01\\941447.4 Settlement Agreementandthe termsandconditionsofthis Agreement.TheTrustshall usethe GranttopayanycostswhichareeligibleHousingFundcostspursuantto HealthandSafetyCode Section33334.2etseq.,includingwithoutlimitationeligible costsof theAffordableHousing ProjectsandProgramsshownintheAffordable Housing Planandreasonablestaff,consultantandotheradministrativecostsin connectiontherewith(provided thatadministrativeexpenseswillnotexceedthree percent(3%)annuallyunlessmodifiedpursuanttoSection2.4). Inaddition,theTrust understandsandagrees thatthe Grantfundsshallnotpay formorethanfiftypercent (50%)ofthetotaldevelopmentcostsforany AffordableHousing Project.TheTrust shallexpend the Grant fundsandundertaketheAffordableHousingPlaninaccordance withallapplicablelawsandregulations,includingwithoutlimitation,lawsand regulationsrelatedtothepermissibleusesofHousingFundmonies,monitoringof housingassistedwithHousingFunds,statutorily-requiredfindingsby the Agency Board andCityCouncil,whereapplicable,prior toexpendituresofHousingFunds,paymentof prevailingwages(to theextentapplicable),non-discrimination,andallapplicable requirementsoftheRedevelopmentLaw, theHousing ElementandtheSettlement Agreement.TheTrust furtherunderstandsandagreesthateachAffordableHousing Projectfundedwith Grantproceedsmustbesubjecttoarestrictionregulatingcertainof theunitsin theprojecttoaffordablehousingcostforspecifiedincomelevels,inaform tobeprovidedandrecordedby theAgencyorits Successor,andeffective forforty-five (45)years forownershiphousingandfifty-five(55)years forrentalhousing.TheTrust shalluse the GrantfundsforthevariousAffordableHousing Projectsand Programsby notlater thantheearlierof(a)fifteen(15)yearsfromthedateofthisAgreement,which datemaybeextendedbywrittenagreementofall thepartiesinthesamemanneras providedformodificationof theAffordableHousing PlanassetforthinSection2.2;and (b) thedeadlineforeffectivenessof theRedevelopment Plan(the"PlanEffectiveness Deadline"),assetforthin theRedevelopment Plan(the"Term").Withinninety(90) th days following theCity'sfiscalyearend(June30)throughouttheTermof this Agreement,theTrustagrees toprovidethe Agencyand theCityannualreports regarding theamountof Grantfundsunusedtodate,interestearnedon Grantfunds during thatprecedingfiscalyearandinformationontheuseofthe Grantfunds todate withspecificdetailsasreasonablyrequestedby theCityasneededforanyreports requiredunder theRedevelopmentLawor the Settlement Agreement. Section2.2Consultation;Modificationof Improvement Plan.Thepartiesshall conferperiodically toestablishprioritiesand timingforfundingandcompletionofthe various AffordableHousing Projectsand Programs,toreview thescopeanddesignof each AffordableHousing ProjectandProgram,andtodetermineanymutually acceptablemodificationsinthecostestimatesandbudgetsforthevariousAffordable Housing ProjectsandPrograms.Thepartiesmaymodify the AffordableHousing Plan from timetotime: toprovide for theuseofadditionalfederal,stateandlocalfunds;to accountforunexpectedrevenues,whethergreaterorlesser;tomodify,add,ordelete anAffordableHousingProjectorProgramfromtheAffordableHousing Plan;tomodify thecostestimateforindividualAffordableHousing ProjectsandPrograms; tomaintain consistencywith theCity's General Plan,theRedevelopment PlanandtheSettlement Agreement;or totakeintoconsiderationunforeseencircumstances,includingwithout limitationcircumstances thatmaycome tolightasaresultofsubsequentenvironmental 5 394\\01\\941447.4 reviewrequiredbyCEQA,asfurtherdescribedinSection2.3.TheAffordableHousing Planmaybemodifiedby the ExecutiveDirectoronbehalfof theTrust, theCityManager onbehalfof theCityandthe ExecutiveDirectoronbehalfoftheAgency;provided, however,innoeventshall the total Granttobepaidby the Agency to theTrustexceed theMaximum GrantAmountwithoutaformalamendmentofthis Agreementapproved by theTrust'sboardofdirectors,theCityCounciland the Agency Board;and,provided further,however, thatanyadditionofanyAffordableHousing Projector Programtothe AffordableHousing Planshallbeconditionedupon themakingofallrequired RedevelopmentLawfindingsandCEQAfindingsby theCityCounciland the Agency Boardin theirpolicydiscretion. Section2.3CEQAReview. Prior to theapproval,useofGrantfunds,and commencementofconstructionofanyAffordableHousing Projector theimplementation ofany AffordableHousing Program(other thanpreliminaryfeasibilitywork thatis exemptfromtherequirementsofCEQA),allnecessaryenvironmentalreviewrequired byCEQAshallbecompleted. All AffordableHousing ProjectsandPrograms tobe fundedwith Grantfundsfromthe Agencypursuant tothis Agreementmustbe consistentwithCEQA.This Agreementinnowaylimits thediscretionofthe Planning Commission,theAgency,andCityCouncilincompletingenvironmentalreviewofthe AffordableHousing Projects. Section2.4PaymentofFees.TheCityshallprovideanyongoingmonitoring ofAffordableHousing ProjectsandtheTrust'sactivitiesunderthisAgreement, consultationsregarding theAffordableHousing PlanandProgramsunder this Agreement,andallreporting to theStateofCaliforniaasrequiredunder the RedevelopmentLawforaslongasrequiredundertheRedevelopmentLaw,orany successorprovisionsoflaw.TheTrustshallpay theCityanadministrationfeeof Twenty-FiveThousandDollars($25,000)foreachoffiscalyears2011-12and2012-13 tocover theseservices.TheTrustandtheCitymaymutuallyagreein thefutureto additionaladministrativefeesorotherpayments tobepaid to theTrustortotheCity, to theextentwarrantedatsuch times. Section2.5OngoingTrust Obligations.TheTrustshallberesponsiblefor ongoingadministrationoftheHousingFundscomprising the Grant.The Agency'sgrant andtheTrust'sacceptanceoftheGrantshallnotimplyanyownershiporresponsibility for theAffordableHousing Projectsand Programsby the Agencyor theCity. Section2.6Indemnity.TheTrustshallindemnify,defend,andhold the Agency, theCityand theirofficers,boardmembers,councilmembers,agents,and employees,harmlessagainstallclaims,demands,damages,losses,costs,expenses, includingwithoutlimitation,attorneys' feesandcostsoflitigation,orliabilitiesmade against themwhichariseoutof,orinconnectionwith the AffordableHousing Projects andPrograms;provided,however, that thisindemnityshallnotextend toanyclaim arisingsolelyfromtheAgency'sorCity'snegligenceor the Agency'sorCity'snegligent failure toperformitsobligationsunder thisAgreement. 6 394\\01\\941447.4 ARTICLE3 GENERALPROVISIONS Section3.1Notices,DemandsandCommunications.Formalnotices, demands,andcommunicationsamongthepartiesshallbesufficientlygivenif,andshall notbedeemedgivenunless,dispatchedbycertifiedmail,returnreceiptrequested,or deliveredbyanexpressdeliveryservicewithareceiptshowingdateofdelivery,orhand deliveredwithareceiptshowingdateofdelivery, to theprincipalofficesofthepartiesas follows: Agency:CityofCupertinoRedevelopment Agency 10300TorreAvenue Cupertino,CA95014 Attn: ExecutiveDirector City:CityofCupertino 10300TorreAvenue Cupertino,CA95014 Attn:CityManager Trust:HousingTrustof SantaClaraCounty 95 S.MarketSt,Suite610 SanJose,CA95113 Attn: ExecutiveDirector Suchwrittennotices,demandsandcommunicationsmaybesentinthesamemanner tosuchotheraddressesas theaffectedpartymayfromtime to timedesignatebymail asprovidedin thisSection.Deliveryshallbedeemed tohaveoccurredat the time indicatedon thereceiptfordeliveryorrefusalofdelivery. Section3.2Relationshipof Parties.Nothingcontainedinthis Agreement shallbeinterpretedorunderstoodbyanyoftheparties,orbyany thirdpersons,as creating therelationshipofemployerandemployee,principalandagent,limitedor generalpartnership,orjointventureamongthe Agency, theCityand theTrustorits agents,employeesorcontractors,andtheTrustshallatall timesbedeemedan independentcontractorandshallbewhollyresponsibleforthemannerinwhichitorits agents,orboth,performtheservicesrequiredofitby thetermsof this Agreement.The Trusthasandretainstheright toexercise fullcontrolofemployment,direction, compensation,anddischargeofallpersonsassistingin theperformanceofservices under the Agreement.TheTrustshallbesolelyresponsibleforallmattersrelating to paymentofitsemployees,includingcompliancewith SocialSecurity,withholding,and allotherlawsandregulationsgoverningsuchmatters,andshallbesolelyresponsible foritsownactsand thoseofitsagentsandemployees. Section3.3NoClaims.Nothingcontainedinthis Agreementshallcreateor justifyanyclaimagainst the Agencyor theCitybyanyperson thattheTrustmayhave 7 394\\01\\941447.4 employedorwithwhomtheTrustmayhavecontractedwithrespect tothe Affordable Housing Projects. Section3.4Non-LiabilityofOfficials.Nomember,official,employeeoragent of the AgencyortheCityshallbepersonallyliabletotheTrustoranysuccessorin interest,in theeventofanydefaultorbreachby the AgencyorCity foranyamount whichmaybecomedue totheTrustorsuccessororonanyobligationunderthe terms of thisAgreement. Section3.5ActionsoftheParties . Exceptasotherwiseprovidedin this Agreement,whenever this Agreementcallsfororpermitsaparty'sapproval,consent,or waiver, thewrittenapproval,consent,orwaiveroftheAgency's ExecutiveDirector, the City'sCityManagerand theTrust's ExecutiveDirector(or theirrespectivedesignees) shallconstitute theapproval,consent,orwaiveroftheAgency,CityandtheTrust, respectively,withoutfurtherauthorizationrequiredfromthegoverningboardofthe party;provided,however, thatthepersonvestedwithsuchauthoritymayseeksuch furtheradviceorauthorizationfromtheapplicablegoverningboardwhenshe/hedeems itappropriate. Section3.6Nondiscrimination. (a)In PerformanceofAgreement.TheTrustanditscontractors, subcontractors,agents,andemployeesshallnot,becauseoftherace,color,creed, religion,sex,sexualorientation,maritalstatus,nationalorigin,ancestry,familialstatus, sourceofincome,age,ordisabilityofanyperson,refusetohireoremploy theperson, orrefuse toselectthepersonfora trainingprogramleading toemployment,orbaror discharge thepersonfromemploymentorfroma trainingprogramleading to employment,ordiscriminateagainst thepersonincompensationorin terms,conditions orprivilegesofemploymentwithrespect toperformanceofthis Agreement. (b)WithRespect toUseof the AffordableHousing Projects.TheTrust covenantsbyandforitselfanditssuccessorsandassigns thatthereshallbeno discriminationagainstorsegregationofapersonorofagroupofpersonsonaccountof race,color,creed,religion,sex,sexualorientation,maritalstatus,nationalorigin, ancestry,familialstatus,sourceofincome,age,ordisabilityin thesale,lease,sublease, transfer,use,occupancy, tenureorenjoymentofthe AffordableHousing Projectsand programs. Section3.7DiscretionRetained.TheCity'sexecutionofthis Agreementinno waylimits thediscretionoftheCityin thepermitandapprovalprocessinconnection withdevelopmentofany AffordableHousing Project.Inaddition,the Agencyretainsthe right toceaseprovidingfunding to theTrustfromthesourceidentifiedinSection1.2(b) of thisAgreementupon thirty(30)dayswrittennoticeto theotherpartiesandprovided theTrustshallnotberequired toreturnanyfundspreviouslypaid to theTrustunderthis Agreement,except totheextentrequiredbycourtorder. 8 394\\01\\941447.4 Section3.8NoThird Party Beneficiaries.Nopersonorentityotherthan the Agency, theCity, theTrustand theirpermittedsuccessorsandassigns,shallhaveany rightofactionunderthis Agreement. Section3.9StateLaw.This Agreement,andtherightsandobligationsofthe partieshereto,shallbeconstruedandenforcedinaccordancewith thelawsof the State ofCalifornia. Section3.10Records.TheTrustshallmaintaincompleteandaccurate financialaccounts,documentsandrecordswithrespectto theperformanceofits obligationsunder thisAgreement,andshallmakesameavailableto the Agency'sor City'sauthorizedagents forcopyingandauditinguponreasonablepriornotice.Such accounts,documentsandrecordsshallberetainedby theTrustfor ten(10)years followingcompletionofanyapplicableAffordableHousing Project. Section3.11InspectionofDocuments.During theregularofficehoursand uponreasonablepriornotice, theCityandthe Agency,by theirdulyauthorized representatives,shallhave theright toinspectandmakecopiesofanybooks,records orreportsoftheTrustpertainingto thisAgreement. Section3.12Additional Acts.Thepartieseachagreetotakesuchotherand additionalactionsandexecuteanddeliversuchotherandadditionaldocumentsasmay bereasonablyrequestedby theotherparty forpurposesofconsummatingthe transactionscontemplatedinthis Agreement. Section3.13LitigationRegardingAgreement Validity.Intheeventlitigationis initiatedattacking thevalidityofthis Agreement,eachpartyshallingoodfaithdefend andseektoupholdthe Agreement. Section3.14Validityof Agreement.Ifanyprovisionsof this Agreement,or the applicationthereoftoanyperson,party, transaction,orcircumstance,isheldinvalid, the remainderof thisAgreement,or theapplicationofsuchprovision tootherpersons, parties, transactions,orcircumstances,shallnotbeaffected thereby. Section3.15Entire Agreement;ModificationandAmendment.This Agreement containsallof theagreementsandunderstandingsofthepartiespertaining tothe subjectmattercontainedhereinandsupersedesallpriororcontemporaneous agreements,representationsandunderstandingsof theparties.Exceptasotherwise providedinSection2.2, this Agreementcannotbeamendedormodifiedexceptby writtenagreementof theparties. .Ifanypartybreachesanyothermaterial Section3.16DefaultsandRemedies provisionof thisAgreement,oneoftheotherpartiesshallfirstnotify thebreachingparty andtheotherpartyinwritingofthepurportedbreachorfailure,giving thebreaching party thirty(30)daysfromreceiptofsuchnotice tocureor,ifcurecannotbe accomplishedwithin thirty(30)days, tocommencetocuresuchbreach,failure,oract. In theevent thebreachingpartydoesnotthensocurewithinsuchthirty(30)days,orif thebreachorfailureisofsuchanaturethatitcannotbecuredwithin thirty(30)days, 9 394\\01\\941447.4 thebreachingparty fails tocommencetocurewithinsuch thirty(30)daysandthereafter diligentlycompletesuchcurewithinareasonable timethereafterbutinnoeventlater thanonehundred twenty(120)days, thenthenon-breachingpartiesshallbeafforded alloftheirrightsatlaworinequity,by takingalloranyofthefollowingremedies:(a) terminatinginwritingthis Agreement(provided,however, thattheindemnification provisionsof thisAgreementshallsurvivesuch termination);(b)returnofunusedor improperlyused Grantfunds;and(c)prosecutinganactionfordamagesorspecific performance. Section3.17BindingUpon Successors.This Agreementshallbebindingupon andinuretothebenefitoftheheirs,administrators,executors,successorsininterest andassignsofeachof thepartiestothis Agreement,whetherbyagreementor operationoflaw,andincluding,withoutlimitation,any Successor tothe Agency. Any referenceinthis Agreement toaspecificallynamedpartyshallbedeemedtoapply to anysuccessor,heir,administrator,executororassignofsuchpartywhohasacquired aninterestincompliancewith thetermsofthis Agreement,orunderlaw. Section3.18TimeOfThe Essence.Timeisoftheessenceintheperformance ofalldutiesandobligationsunderthis Agreement. 10 394\\01\\941447.4 INWITNESSWHEREOF, this Agreementhasbeenexecutedasofthedatesetforthin theopeningparagraphofthis Agreement. CITY OFCUPERTINOREDEVELOPMENT AGECNY Approvedas toForm ______________________________________________________________ AgencyCounsel_____________,Chairperson CITY OFCUPERTINO Approvedas toForm ______________________________________________________________ City Attorney_____________,CityManager HOUSINGTRUSTOFSANTACLARA COUNTY ____________________________________ _____________,ExecutiveDirector 11 394\\01\\941447.4 EXHIBIT A A-1 394\\01\\941447.4 A-2 394\\01\\941447.4 A-3 394\\01\\941447.4 A-4 394\\01\\941447.4 A-5 394\\01\\941447.4 A-6 394\\01\\941447.4 A-7 394\\01\\941447.4 A-8 394\\01\\941447.4 A-9 394\\01\\941447.4 A-10 394\\01\\941447.4 EXHIBIT B AFFORDABLEHOUSING PLAN I.AffordableHousing ProjectsandPrograms. A.Typesof Projects ·DeveloperLoansfordevelopmentofaffordablerentalhousing ·FirstTimeHomebuyer ProgramconsistentwithRedevelopmentLaw– includingdownpaymentassistance,equityshareorclosingcostloans ·TransitionalHousing toassistwithhomelessprevention ·HousingRehabilitationconsistentwithRedevelopmentLaw B.RequiredIncomeLevels PursuanttocurrentRedevelopmentLawandtheSettlementAgreement,the HousingFundmoniesprovided totheTrustunderthis Agreementmustbe spentinthefollowingpercentagesontheidentifiedincomelevels,which percentagesmaybemodifiedfrom timeto timeastheCity'sRegional HousingNeedsAllocationsaremodified: ·24%on ExtremelyLow IncomeUnits ·21%onVeryLow IncomeUnits ·30%onLow IncomeUnits ·16%onModerate,Low, VeryLowor ExtremelyLow IncomeUnits B-1 394\\01\\941447.4