Inclusionary Housing Agreement 06/2015 DOCUMENT: 22986593 Pages: 15
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City of Campbell r rr ping ry��ALCOMENDRAS RDE # 006
Community Development Department SANTA CLARA COUNTY RECORDER 6/15/2015
70 N. First Street. :" r .31415rded at the request of 2:05 PM
Campbell, CA 95008 Recording Service
Attn: Planning Division CITY CLERK'S OFFICE
No fee for recording pursuant to (Space above for Recorder's Use)
Government Code Section 27383
INCLUSIONARY HOUSING AGREEMENT
(Master Developer—Inclusionary For Sale Unit—On-Site
Western Pacific Housing, Inc. dba D.R. Horton, America's Builder, 5050 Hopyard Road suite 180,
Pleasanton CA)
This INCLUSIONARY HOUSING AGREEMENT ("Agreement") is entered into as of this
day of 'cc&.ln2 2015, by and between the CITY OF CAMPBELL, a municipal
corporation (the "City"), and Western Pacific Housing, a Delaware corporation, dba D.R. Horton
America's Builder(the "Developer"), with reference to the following facts:
A. The City has adopted an Inclusionary Housing Ordinance, Campbell Municipal Code, Title
21, Zoning Code, Chapter 21.24 (the "Ordinance")which requires that fifteen percent(15%) of all new
residential units developed in the City be affordable to very low income, lower income and moderate
income households and allows, under specified circumstances, the developer to elect alternative means
of compliance. The Ordinance is administered by the City's Community Development Department.
B. Developer is the owner of certain real property in the City of Campbell, California
described in EXHIBIT A attached hereto and incorporated herein by this reference (the "Property").
C. For the purposes of this Agreement, Developer currently intends to construct a total of
eighteen (18) residential units known as the Cottage Place Development (hereinafter referred to as the
"Master Development") on the Property, and has been approved for a Tentative Subdivision Map (File
ti
No. PLN2013-00007 and a Planned Development Permit (File No. PLN20 1 4-00237) for the Property.
Pursuant to the Ordinance, Developer is required to execute this Agreement as a condition of the First
Approval of the Master Development by the City.
D. Developer intends to meet the inclusionary housing requirements of the Ordinance by
constructing, or causing to be constructed, three (3) on-site single family ownership for-sale housing
units as further described in Sections 3 through 6 below (the "Inclusionary Units") and selling them to
moderate and low income households at affordable purchase prices as described in Sections 7 through
9 below.
E. This Agreement is executed in conjunction with the First Approval for a total of fifteen
(15) market rate housing units in the Master Development (the "Market Rate Units") and for three (3)
Inclusionary Units in the Master Development.
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Inclusionary Housing Agreement—Cottage Place
F. Developer is required by the Ordinance to enter into a regulatory agreement as required and
with the content specified by the Ordinance, on terms acceptable to the City Manager or his designee.
This Agreement is an inclusionary housing regulatory agreement pursuant to Section 21.24.030 and
21.24.060 of the Ordinance, and shall be executed and recorded against the Property prior to the
recordation of the parcel map or the final map in the case of subdivision of the Property, or prior to
issuance of building permits for the Property in the case of all other land use permits.
NOW, THEREFORE, it is mutually agreed by and between the undersigned parties as follows:
Section 1. Defmitions. In addition to those terms defined in the Recitals to this Agreement,
the following terms have the following meanings in this Agreement:
(a) "Affordable" means average monthly housing payments during the first
calendar year of a household's occupancy, including property taxes, homeowners insurance,
homeowner's association dues, if any, mortgage loan principle and interest, an allowance for property
maintenance and repairs established by the City based on the initial cost and size of the home, and a
reasonable allowance for utilities,which do not exceed the following:
(1)For Low Income Households: one-twelfth(l/12th) of thirty percent(30%) of
seventy percent(70%) of the area median income.
(2) For Moderate Income Households: one-twelfth (1/12th) of thirty-five (35%)
percent of one hundred ten percent(110%) of the area median income.
Adjustments for household sized based on the number of bedrooms in the unit shall be made in
accordance with the requirements of the Ordinance. Amounts utilized for utility allowances and other
monthly housing cost factors, including assumed mortgage interest rates, loan insurance fees,
maintenance and repair allowances, homeowners association dues, if any, shall be as provided by the
City.
(b) "Approval"means any planned unit development or planned community
development approval, subdivision approval, use permit, building permit or combined development
permit for a residential development.
(c) "Area median income"(AMI)means area median income for Santa Clara
County as published pursuant to California Code of Regulations,Title 25, Section 6932(or its successor
provision).
(d) "Eligible Buyer" means a Moderate Income Household or Low Income
Household who has been determined by the City to be income eligible to purchase an Inclusionary Unit
pursuant to this Agreement.
(e) "First Approval" means the first Approval to occur with respect to the
Master Development.
(f) "Homebuyer/City Deed of Trust" means the deed of trust, in the form
provided by the City, executed by each buyer of an Inclusionary Unit at the time of purchase of the
Inclusionary Unit, that secures the buyer's performance under the Resale Agreement and the
Homebuyer/City Note.
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Inclusionary Housing Agreement—Cottage Place
(g) "Homebuyer/City Note" means the promissory note, in the form
provided by the City, executed by each buyer of an Inclusionary Unit at the time of purchase of the
Inclusionary Unit.
(h) "Household Income" means the combined adjusted gross income for all
adult persons living in a unit, as calculated for the purpose of the Section 8 Program under the United
States Housing Act of 1937, as amended, or its successor.
(i) "Inclusionary Unit Property" means the legal parcel(s) of land on which
the Inclusionary Units will be constructed, together with any Inclusionary Units and appurtenant
improvements constructed on such land.
(j) "Low Income Household" means household whose household income
does not exceed the lower income limits applicable to Santa Clara County,as published and periodically
updated by the California Department of Housing and Community Development pursuant to Section
50079.5 of the California Health and Safety Code.
(k) "Low Income Inclusionary Unit"means an inclusionary unit reserved for
occupancy by Low Income Households at an Affordable sales price.
(1) "Maximum Initial Sales Price"means the purchase price for inclusionary
Units that are Affordable to Moderate and/or Low Income Households, determined by the City for each
income level pursuant to the Ordinance.
(m) "Median Income" means the median household income in Santa Clara
County published periodically by the State of California pursuant to California Code of Regulations,
Title 25, Section 6932 (or successor provisions).
(n) "Moderate Income Household" means a household, with a Household
Income which does not exceed one hundred twenty percent(120%) of the Area Median Income(AMI),
adjusted for actual household size.
(o) "Moderate Income Inclusionary Unit" means an inclusionary unit
reserved for occupancy by Moderate Income Households at an Affordable sales price.
(p) "Resale Restriction"means a Buyer's Occupancy and Resale Restriction
Agreement, in the form provided by the City, to be executed by each buyer of an Inclusionary Unit and
recorded against the Inclusionary Unit at the time of purchase by the buyer.
Section 2. Satisfaction of Inclusionary Housing Obligation and Conditions of
Approval. The Inclusionary Housing conditions of the First Approval and the requirements of the
Ordinance shall be satisfied with respect to the Property if the Developer constructs or causes to be
constructed the Inclusionary Units meeting the requirements of Sections 3 through 5 below, in
compliance with the schedule set forth in Section 6 below and the Inclusionary Units are sold to
homebuyers in compliance with Sections 7 through 9 below. An amendment to this Agreement will be
required to receive final subdivision map or other City approval for additional housing units on the
Property above the requested total of fifteen(15)Market Rate Units identified by Developer in the First
Approval application, to make any changes to the Inclusionary Units as they are described in Section 3
through 5 of this Agreement, or to otherwise change the terms of this Agreement.
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Inclusionary Housing Agreement—Cottage Place
Section 3. Number of Inclusionary Units. As a condition to the satisfaction of
Developer's inclusionary housing requirements for the Master Development,Developer shall construct,
or cause to be constructed two (2) Moderate Income Inclusionary Units and one (1) Low Income
Inclusionary Units, as shown and described in the attached EXHIBIT B.
Section 4. Location of Inclusionary Units. The Inclusionary Units shall be
constructed on the Property in the location(s) shown and described in the attached EXHIBIT B. The
Inclusionary Units shall be dispersed on the Property, intermingled with the Market Rate Units in a
manner acceptable to and approved by the City. The legal parcel(s) of land on which the Inclusionary
Units will be constructed, together with any Inclusionary Units and appurtenant improvements
constructed on such land,is referred to herein as the "Inclusionary Unit Property."
Section 5. Appearance, Size and Bedroom Count. The Inclusionary Units shall be
detached single family dispersed throughout the Property, as shown and described in the attached
EXHIBIT B. The Inclusionary Units shall be of the same general design and exterior appearance as the
Market Rate Units, of comparable quality of construction and with the same average number of
bedrooms per unit as the Market Rate Units. Interior features of Inclusionary Units shall be durable, of
good quality, and consistent with contemporary standards for new housing.The Inclusionary Units shall
include units with the number of bedrooms and with the square footage indicated in EXHIBIT B to this
Agreement.
Section 6. Schedule for Developing Inclusionary Units.Developer shall provide the
Inclusionary Units pursuant to the following schedule:
(a) Prior to recordation of the parcel map or final map in the case of
subdivision of the Property or prior to issuance of building permits for the Property in the case of all
other land use permits,this Agreement shall be duly executed by the City and the Developer and recorded
against the Property.
(b) Upon satisfaction of all other requirements for issuance of building
permits,building permits may be released by the City of all of the Inclusionary Units.
(c) Concurrently with or following release by the City of building permits
for one hundred percent (100%) of the Inclusionary Units, and upon satisfaction of all other building
permit conditions for the Market Rate Units, the City shall release building permits for one hundred
percent(100%) of the Market Rate Units.
(d) No certificate of occupancy shall be released by the City for any Market
Rate Units until certificates of occupancy have been released by the City for one hundred percent(100%)
of the Inclusionary Units.
Section 7. Sale by Developer to Eligible Buyers. The Developer shall sell the
Inclusionary Units to Eligible Buyers (Low and Moderate Income Households), at Affordable purchase
prices as established by the City of Campbell as described in Section 8 below. The City or its designee
shall verify buyer income eligibility based on information submitted by Developer. No later than one
hundred eighty(180)days preceding the anticipated date of issuance of a certificate of occupancy for an
Inclusionary Unit, the Developer shall provide the City with written notice of the availability of the of
the Inclusionary Unit which is for sale, including the type (detached or attached), size (square footage
and number of bedrooms), location, and required income level of the unit,with specific reference to this
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Inclusionary Housing Agreement—Cottage Place
Agreement by date and name of the Developer who executed the Agreement and location of the Property
described in EXHIBIT A of this Agreement. The Developer shall be responsible for determining the
qualifications of potential purchasers and request such purchasers to provide evidence of qualification
for first mortgage financing. Developer shall market and sell the Inclusionary Units to only Eligible
Buyers. Selected applicants shall be responsible for obtaining their own financing for the Inclusionary
Units.Purchase contracts between Developer and Eligible Buyers shall include requirements that buyers
execute documents for the benefit of the City described in Section 9 below. Developer shall conduct all
additional screening and selection of applicants.Prior to consummation of the sale an Inclusionary Unit,
Developer shall provide the City with all documentation of the prospective buyer's eligibility for
verification.The City shall either confirm or deny the eligibility within seven(7)business days of receipt
of the documentation. If the City fails to deny the eligibility within the allotted seven(7)business days,
the sale may be consummated. If the City denies the eligibility, City shall provide the written basis
therefor and any corrective actions that may be taken in order to confirm eligibility, if any, and the sale
shall not be consummated. Developer shall comply with applicable fair housing laws in the marketing
and sale of the Inclusionary Units.
Section 8. Affordable Purchase Prices.Pursuant to Section 21.24.040 and 21.24.060
of the Ordinance, the Inclusionary Units shall be sold to Eligible Buyers at Affordable prices that do not
exceed Maximum Initial Sales Prices established by the City of Campbell for Low or Moderate Income
Households. Maximum Initial Sales Prices for the Inclusionary Units, in effect for the first twelve (12)
months following the date of this Agreement(and subject to change thereafter)are shown in EXIIIBIT C
attached hereto and incorporated herein. Developer shall notify the City thirty (30) days prior to offering
an Inclusionary Unit for sale to allow the City adequate time to calculate and notify the Developer of the
Maximum Initial Sales Prices currently applicable to such units.Developer acknowledges and agrees that
Maximum Initial Sales Prices are determined based on current income levels in Santa Clara County,
changes to which are published annually by the State of California, Department of Housing and
Community Development, and other housing cost factors required to be considered under the Ordinance.
Developer agrees that the Maximum Initial Sales Prices of the Inclusionary units shall be calculated by the
City in its reasonable exercise of discretion in interpreting the requirements of the Ordinance. The
Maximum Initial Sales Price established for each Inclusionary Unit by the City shall be the absolute
maximum price that the Developer or any other person may charge for the Inclusionary Unit or may receive
as compensation for the Inclusionary Unit. The Developer or other seller may not charge or receive any
additional amount for an Inclusionary Unit regardless of whether the additional amount is (a)for options,
upgrades or additional improvements to the unit, (b) paid through escrow or outside of escrow, (c) paid
prior to, after or as part of the purchase escrow or(d)paid in cash or in kind. The sale of the Inclusionary
Units shall remain restricted for the period set forth in section 21.24.060 of the Ordinance.
Section 9. Homebuyer Documents and Security Instruments. Prior to the sale of
each Inclusionary Unit,Developer shall ensure that:
(a) The Eligible Buyer and the City execute a Resale Restriction. The Resale
Restriction shall be recorded against the Inclusionary Unit Property at close of escrow on the Sale to the
Eligible Buyer.The Resale Restriction shall be recorded junior only to the lien of the deed of trust securing
the Eligible Buyer's first mortgage loan,unless otherwise approved in writing by the City.
(b) The Eligible Buyer signs a Homebuyer/City Note that obligates the
Eligible Buyer to pay the City any excess sales proceeds or excess rents received by the Eligible Buyer if
the Eligible Buyer fails to comply with the Resale Restriction on rental or resale of the Inclusionary Unit.
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Inclusionary Housing Agreement—Cottage Place
(c) The Eligible Buyer signs a Homebuyer/City Deed of Trust to secure
performance of the Eligible Buyer's covenants under the Resale Restriction and payment of the amounts
due under the Homebuyer/City Note if the Eligible Buyer fails to comply with the terms of the Resale
Restriction. The Homebuyer/City Deed of Trust shall be recorded against the Inclusionary Unit,
subordinate only to the Resale Restriction and the lien for the first mortgage loan obtained by the
homebuyer to fmance the purchase of the Inclusionary Unit (and second mortgage loan if such loan is
provided by a public agency which requires such subordination).
Section 10. City Approval of Documents. The following documents,to be approved
in writing by the City, shall be used in connection with the development and sale of the Inclusionary
Units.Approval of the following documents by the City shall be required prior to the issuance of building
permits for the Inclusionary Units.
(a) A schedule of Maximum Initial Sales Prices for the Inclusionary Units,
subject to annual adjustment to reflect published changes in Median Income levels and other housing
cost factors (to be prepared by the City, following Developer's request).
(b) Form of Purchase and Sale Agreements for sale of the Inclusionary
Units, which shall be Developer's standard form with an affordable housing addendum which has been
previously approved by the City with this Agreement (with any material modifications to such form to
be submitted to the City).
(c) Form of Resale Restriction, Homebuyer/City promissory note, and
Homebuyer/City Deed of trust(to be prepared by the City, following Developer's request).
(d) The preliminary Department of Real Estate public report for the Master
Development, including the Inclusionary Units, if any (to be obtained by the Developer and submitted
to the City).
Section 11. Compliance Reports, Inspections,Monitoring. Following completion of
construction of any of the Inclusionary Units, a Compliance Report verifying compliance by Developer
with the terms of this Agreement, and certified as correct by the Developer under penalty of perjury,
shall be submitted monthly to the City on the first(1St) calendar day of each month, commencing thirty
(30)days following the date of issuance of a final certificate of occupancy for the first Inclusionary Unit
to be completed and continuing until all Inclusionary units have been sold to Eligible Buyers. Within
five (5) days following the sale of any Inclusionary Unit by the Developer to a Homebuyer, Developer
shall forward to the City copies of the buyer's and seller's settlement statement and all closing
documents (except for those documents and information which Developer is prohibited by applicable
law from disclosing), including Resale Restriction, Homebuyer/City Promissory Note, and
Homebuyer/City Deed of Trust executed in connection with the sale. Developer shall retain all records
related to compliance with obligations under this Agreement and the Ordinance for a period not less than
two (2)years from the date of sale of all units in the Master Development, and make them available to
City employees or others designated by the City for inspection and copying on five (5) business days'
written notice.
Section 12. Release of Property From Agreement. The covenants and conditions
herein contained shall apply to and bind, during their respective periods of fee ownership, Developer
and its heirs, executors, administrators, successors, transferees, and assignees having or acquiring any
right,title or interest in or to any part of the Property and shall run with and burden such portions of the
Pg. 6 of 10
Inclusionary Housing Agreement—Cottage Place
Property until terminated in accordance with this Section 12. Until portions of the Property are released
from the burdens of this Agreement pursuant to this Section 12, the owners of fee title to the Property
shall expressly make the conditions and covenants contained in this Agreement a part of any deed or
other instrument conveying any interest in such property. Upon issuance of final certificates of
occupancy for one hundred percent (100%) of the Inclusionary Units, the Property, except for the
Inclusionary Unit Property,shall be released from the burdens of this Agreement.As Inclusionary Units
are sold to Eligible Buyers in compliance with this Agreement, and Resale Restrictions and
Homebuyer/City Deeds of Trust are recorded against the Inclusionary Units, the portions of the
Inclusionary Unit Property sold to Eligible Buyers shall be released from the burdens of this Agreement.
Section 13. Default and Remedies. Failure of the Developer to cure any default in
the Developer's obligations under the terms of this Agreement within thirty(30) days after the delivery
of a notice of default from the City will constitute a default under this Agreement and a failure to satisfy
the conditions of Approval with respect to the Property and the requirements of the Ordinance and, in
addition to remedies for breach of this Agreement,the City may exercise any and all remedies available
to it under the Subdivision Map Act,the Ordinance,or otherwise,with respect to the Developer's failure
to satisfy the conditions of approval and the requirements of the Ordinance,including but not limited to:
(a) withholding, conditioning, suspending or revoking any permit, license,
subdivision approval or map, or other entitlement for the Master Development, including without
limitation final inspections for occupancy and/or certificates of occupancy;
(b) instituting against the Developer, or other parties, a civil action for
declaratory relief, injunction or any other equitable relief, or relief at law, including without limitation
an action to rescind a transaction and/or to require repayment of any funds received in connection with
such a violation;
(c) where one or more persons have received financial benefit as a result of
violation of this Agreement or of any requirement imposed under the Ordinance, the City may assess,
and institute legal action to recover as necessary,a penalty in any amount up to and including the amount
of fmancial benefit received, in addition to recovery of the benefit received;
(d) prosecuting a misdemeanor against any person who has sold a residential
unit at a price exceeding the maximum allowed under this Agreement or to a household not qualified
under this Agreement, or who has otherwise violated the Ordinance, or any other agreement,restriction
or requirement authorized or imposed under the Ordinance; or
(e) any other means authorized under the Campbell Municipal Code.
Section 14. Remedies Cumulative.No right,power,or remedy given to the City by the terms
of this Agreement or the Ordinance is intended to be exclusive of any other right,power, or remedy; and
each and every such right, power, or remedy shall be cumulative and in addition to every other right,
power, or remedy given to the City by the terms of any such document,the Ordinance, or by any statute
or otherwise against Developer and any other person.Neither the failure nor any delay on the part of the
City to exercise any such rights and remedies shall operate as a waiver thereof, nor shall any single or
partial exercise by the City of any such right or remedy preclude any other or further exercise of such
right or remedy, or any other right or remedy.
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Inclusionary Housing Agreement—Cottage Place
Section 15. Appointment of Other Agencies. At its sole discretion, the City may designate,
appoint or contract with any other public agency, for-profit or non-profit organization to perform some
or all of the City's obligations under this Agreement.
Section 16. Hold Harmless.Developer will indemnify and hold harmless(without limit as to
amount) City and its elected officials, officers, employees and agents in their official capacity
(hereinafter collectively referred to as "Indemnitees"),and any of them,from and against all loss,all risk
of loss and all damage (including expense) sustained or incurred because of or by reason of any and all
claims, demands, suits, actions,judgments and executions for damages of any and every kind and by
whomever and whenever made or obtained,allegedly caused by,arising out of or relating in any manner
to the Master Development, the Inclusionary Units, or Developer's performance or non-performance
under this Agreement, and shall protect and defend Indemnitees, and any of them with respect thereto,
except to the extent arising from the sole negligence or willful misconduct of the City.
Section 17. Insurance Requirements. Until the sale of Inclusionary Units to Eligible Buyers
in compliance with this Agreement Developer and its successors and assigns acquiring title to the
Property shall obtain,at their expense,comprehensive general liability insurance for development of the
Inclusionary Units, naming indemnities as additional named insureds with aggregate limits of not less
than Two Million Dollars ($2,000,000), for bodily injury and death and property damage, including
coverages for contractual liability and products and completed operations, purchased by Developer or
its successors or assigns from an insurance company duly licensed to engage in the business of issuing
such insurance in the State,with a current Best's Key Rating of not less than A-V, such insurance to be
evidenced by an endorsement which so provides and delivered to the City prior to the issuance of any
building permit for the Inclusionary Units.
Section 18. Notices. All notices required pursuant to this Agreement shall be in writing and
may be given by personal delivery or by registered or certified mail,return receipt requested,to the party
to receive such notice at the addressed set forth below:
TO THE CITY: TO THE DEVELOPER:
City of Campbell Western Pacific Housing,
Attn: Planning Division Attn: Dean K. Mills
70 N.First Street 5050 Hopyard Rd, suite 180
Campbell, CA 95008 Pleasanton, CA 94588
Any party may change the address to which notices are to be sent by notifying the other parties of the
new address, in the manner set forth above.
Section 19. Integrated Agreement. This Agreement constitutes the entire Agreement
between the parties and no modification hereof shall be binding unless reduced to writing and signed by
the parties hereto.
Section 20. Duration and Amendment of Agreement.The term of this Agreement shall begin
on the Effective Date set forth above, and shall terminate when all Inclusionary Units have received
Certificates of Occupancy and escrow has closed on all Inclusionary Units, thereby transferring title to
City-approved buyers. Notwithstanding the foregoing, upon (i) the sale of an Inclusionary Unit in
accordance with the terms of this Agreement and (ii) the recordation of the Homebuyer/City Deed of
Trust securing City's promissory note,if applicable(collectively,the"Regulatory Documents"),against
such Inclusionary Unit, Developer shall have no further obligations or liabilities with respect to
Pg. 8of10
Inclusionary Housing Agreement—Cottage Place
compliance with this Agreement for such Inclusionary Unit,including but not limited to,monitoring the
compliance with this Agreement or the Regulatory Documents of the buyer of an Inclusionary Unit or
any successor, and responsibility for compliance with the Regulatory Documents as to that Inclusionary
Unit shall thereafter be the burden of the then owner. Sale of all Inclusionary Units in accordance with
the terms and conditions herein, shall be deemed full and final satisfaction of Developer's obligations to
provide affordable housing for the Master Development. The City and Developer agree that a breach of
the Regulatory Documents,or either of them, shall not constitute a default or breach by Developer. This
Agreement, and any section, subsection, or covenant contained herein, may be amended only upon the
written consent of the City Manager or designee who shall have authority to approve or disapprove
amendments on behalf of the City.
Section 21. No Claims.Nothing contained in this Agreement shall create or justify any claim
against the City by any person that Developer may have employed or with whom Developer may have
contracted relative to the purchase of materials, supplies or equipment, or the furnishing or the
performance of any work or services with respect to the Property or the construction of the Master
Development.
Section 22. Applicable Law. This Agreement shall be governed by California law.
Section 23. Waivers. Any waiver by the City of any obligation or condition in this
Agreement must be in writing.No waiver will 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 Agreement or
applicable law. Any extension of time granted to Developer to perform any obligation under this
Agreement shall not operate as a waiver or release from any of its obligations under this Agreement.
Consent by the City to any act or omission by Developer shall not be construed to be a consent to any
other or subsequent act or omission or to waive the requirements for the City's written consent to future
waivers.
Section 24. Title of Parts and Sections. Any titles of the sections or subsections of this
Agreement are inserted for convenience of reference only and shall be disregarded in interpreting any
part of the Agreement's provisions.
Section 25. Multiple Originals; Counterpart. This Agreement may be executed in multiple
originals, each of which is deemed to be an original, and may be signed in counterparts.
Section 26. Recording of Agreement. The Developer shall cause this Agreement to be
recorded against the Property, in the Official Records of the County of Santa Clara.
Section 27. Severability. In the event any limitation, condition, restriction, covenant, or
provision contained in this Agreement is to be held invalid, void or unenforceable by any court of
competent jurisdiction, the remaining portions of this Agreement shall nevertheless, be and remain in
full force and effect.
Section 28. Exhibits. The following exhibits are attached to this Agreement:
Exhibit A Legal Description of the Property
Exhibit B Location of Inclusionary Units
Exhibit C Income Level, Size and Bedroom Count of Inclusionary Units
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Inclusionary Housing Agreement—Cottage Place
Exhibit C Maximum Initial Sales Prices for Inclusionary Units and Maximum
Income Level of Homebuyers
IN WITNESS WHEREOF,the parties hereto have caused this Agreement to be executed as of the
day and year first above written.
DEVELOPER: CITY:
Western Pacific Housing Inc., City of Ca bell
A Delaware corporation 'cip Corporation
Dean K.Mills By: Pa 1 Kermoyan
Its: Vice President Its: Community Development
Director
Pg. 10 of 10
Inclusionary Housing Agreement—Cottage Place
TE OF CALIFORNIA
CO TY OF SANTA CLARA
On before me,
(here insert name) (here insert title of office)
personally appeare. ,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 ' /her/their authorized capacity(ies), and that by his/her/their signature(s) on the
instrument the person(s),or the entity upo behalf of which the persons(s)acted,executed the instrument.
I certify under PENALTY OF PERJURY under t i laws of the State of California that the foregoing
paragraph is true and correct.
WITNESS my hand and official seal v
Signature: (seal)
STATE OF CALIFORNIA
COUNTY OF SANTA CLARA
On before me, ,
(here insert name) (here insert title of office)
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 persons(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)
CALIFORNIA ALL-PURPOSE CERTIFICATE OF ACKNOWLEDGEMENT
A notary public or other officer completing this
certificate verifies only the identity of the individual
who signed the document to which this certificate is
attached, and not the truthfulness, accuracy, or
validity of that document.
State of California
County of �I an/Led
On 22 2 0/. before me, }{M 1L &JI(ItThS1 ! (notary public)
personally appeared bu,tr) K . V4 us
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 law of the State of California
that the foregoing paragraph is true and correct.
WITNESS myhand and official seal. BA
�• Commission
ion # 198 980565
Notary Public-California
z Alameda County
My Comm. Expires Jun 2, 2016 C
Signature \QV u—r'J�(�/ A/Jc (seal)
EXHIBIT A
LEGAL DESCRIPTION OF THE PROPERTY
That certain real property in the City of Campbell, County of Santa Clara, State of California,
described as follows:
Lots 1 through 18, inclusive and Lot A and Lot B of that certain TRACT 10238—Cottage Place,"
which map was filed for record in the Office of the Recorder of the County of Santa Clara,
California, on March 27, 2015 in Book 881 of Maps, Pages 47 through 49, inclusive.
SUNNYSIDE TRACT BLOCK I -
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9 10 12 13 14 15 16 d 18
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Li BRAXTON TERRACE
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KENNEDY AVENUE
LOT PLAN SQ FT BED/BATH AFFORDABILITY ADDRESS
1 1A 1,955 3 BD/3.5 BA MODERATE 45 KENNEDYAVENUE
17 1B 1,947 3 BD/3.5 BA MODERATE 83 BRAXTON TERRACE
11 1A 1,931 3 BD/3.5 BA LOW 65 BRAXTON TERRACE , rn
(Fix
INCLUSIONARY HOUSING EXHIBIT N
45-85 KENNEDY AVENUE W
CAMPBELL,CALIFORNIA DATE:
SCALE::1"=3030' RY]2,2015
EXHIBIT C
u ,
COTTAGE PLACE
MAXIMUM INITIAL INCOME LEVEL OF HOMEBUYER S
Valid until HUD releases 2015 income levels
Maximum Initial Income*
4-person 5-person 6-person
Low Income $84,900 $91,650 $98,450
Moderate Income $126,600 $136,750 $146,850
*Based on HCED State Income Limits 2014
The purpose of Inclusionary Housing is to provide affordable housing to households with limited
incomes. The household size is based on presumed occupancy levels of one person in a studio
apartment, two persons in a one bedroom unit, three persons in a two bedroom unit and one
additional person for each additional bedroom thereafter.
MAXIMUM INITIAL SALES PRICES FOR INCLUSIONARY UNITS
The sales price is subject to change based on the interest rate at time of purchase,and the adopted
homeowner's association dues.The homeowner association will adopt the association budgets reviewed
by the California Bureau of Real Estate for both development phase 1 and the development phase 2
(build-out) and each phases' dues will be determined by the BRE reviewed budgets.
•
Restrictions on For Sale (attached) Townhomes
3 Bedroom (assuming a 4-person household)
Affordability Level 3-Bdr. Unit
Low Income $180,695
Moderate Income $456,657
Restrictions on For Sale (detached) Single-Family Homes
3 Bedroom (assuming a 4-person household)
Affordability Level 3-Bdr. Unit
Moderate Income $477,188