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Home My WebLink AboutAGENDA REPORT 2017 0301 CCSA REG ITEM 09A ITEM 9.A. CITY OF MOORPARK,CALIFORNIA City Council Meeting of ,3-1-o?oil ACTION: MOORPARK CITY COUNCIL BY: '-y} . AGENDA REPORT TO: Honorable City Council FROM: Jessica Sandifer, Program Manag DATE: February 22, 2017 (CC Meeting of 4,/1/17) SUBJECT: Consider Affordable Housing Agreement Between City of Moorpark and Essex Moorpark Owner, L.P. for Apartment Complex Located on Casey Road BACKGROUND On March 1, 2017, the City Council will be holding a Public Hearing to consider a Development Agreement with Essex Moorpark Owner, L.P. (Developer) for a 200 unit apartment complex to be located on Casey Road. A requirement of the Development Agreement (DA) is that the Developer restrict 50 units out of the 200 units for very-low, low, and moderate income households. The attached Affordable Housing Agreement (AHA) has been prepared to fulfill the Affordable Housing requirement for the project. The AHA will be an attachment to the recorded Development Agreement and will also be recorded upon execution by the Developer. DISCUSSION Typically the DA is approved and staff then works with the Developer on drafting the Affordable Housing Agreement, for approval by the City Council. In this transaction, the Developer wanted to negotiate all required agreements for the project at once, so that they can be approved concurrently, allowing the Developer to begin their project quickly. As mentioned, the AHA includes provisions that the developer restrict 50 units for affordable housing. The income levels that the units are restricted to are as follows: 16 units to very-low income, 24 units to low-income, and ten units to moderate income. Various other provisions, consistent with other similar agreements have also been incorporated into the AHA such as payment of specified fees, schedule for providing the units, affordable rent calculations and utility allowance calculations. The City Council should note that the Developer intends to apply for tax-exempt bonds and tax credits to finance the project. As a part of this financing, they will be creating an 184 Honorable City Council March 1, 2017 Page 2 air rights subdivision that separates forty (40) of the affordable units (the low and very- low income units referenced above) so that they can be placed in ownership of a separate owner. In addition, in order to be successful in securing the funding, the bonds and tax credits require that 20% of the project needs be restricted for use by persons with income levels at 50% or less (very-low income). The Developer has requested language in the AHA that would allow the developer to restrict the twenty-four low income units to very-low income, which would mean that during the bond and tax credit periods, the project would have forty (40) very-low income units. In addition, the Developer has agreed that during the bond and tax credit period, the ten (10) moderate income units would then be restricted to low income. There would be no moderate income units in the project during the bond/tax credit compliance period. Since moderate income rent calculations are fairly close to market rental rates, staff is not as concerned with not having moderate income units because there is not the demand for them in the community as there are for very-low and low income units. One particular requirement of the bonds and tax credits that the Council should also be aware of is a restriction that essentially amounts to rent control. Section 42 of the Internal Revenue Code (IRC) applies to tax-exempt financing for affordable housing. This Section of the IRC places restrictions on evicting tenants from the project when their income exceeds the qualifying income for the unit they are living in. Essentially, tenants that live in the forty (40) very-low income units would be allowed to remain in the units, until their incomes exceed 140% of the very-low qualifying income level. The rent for the over-income unit can only be changed if the tenants' income exceeds the 140% threshold and there is a new, unrestricted unit that a new very-low income qualified tenant moves into. Because the forty units will be contained in an air rights subdivision in separate ownership from the remaining units, there will be no new unrestricted units for a very-low income tenant to move into, so there will be no tenants that are evicted from this project for having income over the very-low income threshold. This rule will be in effect as long as the tax credit covenants remain in effect, which will be 55 years. This rule will NOT apply to the ten moderate income units, which will convert to low income during the bond period. These ten units will be subject to standard affordable housing rules and procedures required in the AHA. Language has been included in the AHA that at the expiration of the bond and tax credit compliance periods, the unit counts will convert to those originally approved by the DA and the AHA, and all standard AHA provisions will then apply to the units. FISCAL IMPACT There is no fiscal impact for the preparation of the AHA. The Developer has paid a deposit to assist with Attorney's fees and staff costs to prepare the AHA. 185 Honorable City Council March 1, 2017 Page 3 STAFF RECOMMENDATION Approve the Affordable Housing Agreement, subject to final language approval by the City Manager and City Attorney; authorize the Mayor to execute said Affordable Housing Agreement; and direct the City Clerk to cause said Affordable Housing Agreement to be recorded in the Office of the Recorder of the County of Ventura. Attachment I: Affordable Housing Agreement 186 ATTACHMENT 1 Recording Requested By: CITY OF MOORPARK 799 Moorpark Avenue Moorpark, California 93021 Attention: City Clerk OFFICIAL BUSINESS Document entitled to free recording per Government Code Sections 6103 and 27383 SPACE ABOVE THIS LINE FOR RECORDER'S USE AFFORDABLE HOUSING AGREEMENT by and between CITY OF MOORPARK and ESSEX MOORPARK OWNER, L.P. Dated as of , 2017 187 12853-0018\2043447v3.doc f AFFORDABLE HOUSING AGREEMENT THIS AFFORDABLE HOUSING AGREEMENT (this "Agreement") is to be effective as of , 2017, regardless of the date of actual execution hereof, and is by and between the CITY OF MOORPARK, a municipal corporation ("City"), ESSEX MOORPARK OWNER, L.P., a California limited partnership ("Owner"). RECITALS A. The City and Owner have entered into a Development Agreement dated , recorded as Instrument No. in the Official Records of the County of Ventura on (the "Development Agreement") pursuant to which Owner will construct a residential development consisting of 200 apartments on approximately 10.57 acres (the "Property"), described more specifically on Exhibit No. 1 attached hereto and incorporated herein by reference, which is located within the City of Moorpark. B. General Plan Amendment No. 2004-05 ("GPA 2004-05") Residential Planned Development Permit No. 2012-02 ("RPD"), and Zone Change No. 2004-04 ("ZC") provide for the development of the Property in such manner and the construction of certain off-site improvements in connection therewith (the "Project"). The GPA, ZC, RPD and Mitigation Monitoring Program, as amended, are collectively referred to as the "Project Approvals". C. The RPD requires that the apartments described on Exhibit No. 2 attached hereto (located as described on such exhibit) be affordable and available to households with income that does not exceed specified levels, as described on Exhibit No. 2, for the Term (as defined in Article 1 below) of this Agreement. D. The Development Agreement requires that Owner and Affordable Housing Owner maintain each and every one of the Affordable Units at all times in the same manner as the market rate units, including, but not limited to the quality and maintenance of flooring, window coverings, appliances, heating and air conditioning systems, storage space and type, and the number and location of required parking spaces. E. The Development Agreement requires that this Affordable Housing Agreement be executed by Owner and delivered to City for recording, and that this Affordable Housing Agreement not be subordinate to any liens (except for property taxes and assessments not yet due). F. As permitted by the Development Agreement, Owner may apply for approval of an air rights subdivision such that the Affordable Units may be conveyed to and separately owned by a single entity affiliated with Owner (as described in the Development Agreement) and used solely as affordable rental units in accordance with this Agreement. Such affiliated entity is referred to herein as the "Affordable Housing Owner". -2- 188 12853-001812043447v3.doc NOW, THEREFORE, in consideration of the mutual covenants and undertakings set forth herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the City and Owner hereby agree as follows: ARTICLE 1 DEFINITIONS AND INTERPRETATION 1.1 Definitions. Capitalized terms used herein shall have the following meanings.. "Affordable Housing In Lieu Fee" shall mean the annual fee paid to the City in exchange for the Owner and Affordable Housing Owner not being obligated to provide four (4) additional Affordable Low Income Units in addition to the 50 Affordable Units required by this Agreement. "Affordable Housing Owner" shall mean the single entity to which the sixteen (16) Very Low Income Units and twenty-four (24) Low Income Units are conveyed if tax exempt bond financing and low income housing tax credits are used with respect to the Project described in Section 2.1 below; however, until Owner conveys such Affordable Units to Affordable Housing Owner, and if Owner never conveys the Affordable Units to Affordable Housing Owner, and to the extent of its ownership of the ten (10) Units described in Section 2.1 and Exhibit No. 2, Owner shall be the "Affordable Housing Owner" as well as the "Owner". "Affordable Rent" shall mean the rent described in Section 2.9, subject to Section 2.10. "Affordable Units" shall mean the rent-restricted dwelling units for Low Income Households, Very Low Income Households and Moderate Income Households described in this Affordable Housing Agreement. "Agreement" shall mean this Affordable Housing Agreement. "City" shall mean the City of Moorpark, California, a municipal corporation. "County" shall mean Ventura County. "County Median Income" shall mean the Median Income adjusted by actual household size as published annually by the Department of Housing and Community Development (HCD) of the State of California for the County, which Median Income levels shall be adjusted concurrently with publication of adjustment of the same by HCD (or if HCD discontinues such publication, then such reasonable replacement publication as may be selected by City in good faith). "Density Bonus" shall mean the density bonus granted by the City to Owner in connection with the Project pursuant to the Project Approvals, which requires the Developer to construct the Project, and also requires that at least twenty percent (20%) (i.e., 40 units) of the total dwelling units in the Project be rented at an Affordable Rent to Very Low Income households (i.e., 50% of County Median income) and Low Income -3- 18 9 12853-0018\2043447v3.d oc households (Le., 80% of County Median Income) and an additional five percent (5%) (i.e. 10 Units) of the total dwelling units in the Project be rented at an Affordable Rent to Moderate Income households (i.e. 120% of County Median income). "Development Agreement" shall mean that certain Development Agreement dated , 2017, recorded substantially concurrently herewith in the Official Records of the County of Ventura. "HCD" shall mean the Department of Housing and Community Development (HCD) of the State of California. "Initial Rent-Up" shall mean the period between the issuance of a certificate of occupancy for the first residential unit in the Project and "Stabilization" (as defined below). "Low Income" or "Lower Income" shall mean a household income that does not exceed eighty percent (80%) of the County Median Income, adjusted for household size appropriate to the Unit. The household income amount for Lower Income households shall be based on the amount most recently published by HCD as the Household Income Limits for Ventura County ("HCD Income Limits") or such successor information in the event the referenced published information is no longer available. "Low Income Household" or "Lower Income Household" or "Low Income Tenant" means individuals or households qualified on the basis of a "certification of tenant eligibility" as certified by such individual or household, who have a gross income which does not exceed Low Income, adjusted for household size. "Low Income Units" means Units rented to Low Income Households. "Moderate Income" shall mean a household income that does not exceed one hundred twenty percent (120%) of the County Median Income, adjusted for household size appropriate to the Unit. The household income amount for Moderate Income households for any year shall be based on the amount most recently published by HCD as the Household Income Limits for Ventura County ("HCD Income Limits") or such successor information in the event the referenced published information is no longer available. "Moderate Income Household" means individuals or households qualified on the basis of a "certification of tenant eligibility" as certified by such individual or household, who have a gross income which does not exceed Moderate Income, adjusted for household size. "Moderate Income Units" means Units rented to Moderate Income Households. "Owner" shall mean Essex Moorpark Owner, L.P., and any permitted assignee of its rights, powers and responsibilities, or any successor in interest to any portion of or interest in the Project or Property. _ 19 0 12853-0018\2043447v3.doc "Project" is the residential development described in RPD 2012-02 consisting of up to 200 apartments located on the Property, together with structures, improvements, equipment, fixtures, and other personal property owned by Owner or Affordable Housing Owner and located on or used in connection with all such improvements and all functionally related and subordinate facilities, and all improvements required by the Project Approvals. "Project Approvals" is defined in Recital B above. "Property" shall mean that real property in the City of Moorpark, California described on Exhibit No. 1. "Stabilization" shall mean the time at which the Project achieves ninety percent (90%) occupancy for ninety (90) consecutive days. "Term" shall mean from the date of recordation of this Agreement until the later of: (i) the date that the Property is no longer zoned for any residential use and cannot be used for any residential use or purpose as a "non-conforming use" and has no residential occupancy; or (ii) fifty-five (55) years after the recordation of this Agreement. "Units" shall mean residential dwelling units. "Utility Allowance" shall mean the utility allowance set forth in the chart attached to this Agreement as Exhibit No. 2 and referred to in Section 2.9. "Very Low Income" shall mean household income that does not exceed fifty percent (50%) of the County Median Income, adjusted for household size appropriate to the Unit. The household income amount for Very Low Income households shall be based on the amount most recently published by HCD as the Household Income Limits for Ventura County ("HCD Income Limits") or such successor information in the event the referenced published information is no longer available. "Very Low Income Household" means individuals or households qualified on the basis of a "certification of tenanteligibility" as certified by such individual or household, who have a gross income which does not exceed Very Low Income, adjusted for household size. "Very Low Income Units" means Units rented to Very Low Income Households. 1.2 Rules of Construction. 1.2.1 The singular form of any word used herein, including the terms defined herein shall include the plural and vice versa. The use herein of a word of any gender shall include correlative words of all genders. 1.2.2 The words "hereof," "herein," "hereunder," and words of similar import shall refer to this Agreement as a whole. -5- 191 12853-0018\2043447v3.doc 1.2.3 All of the terms and provisions hereof shall be construed to effectuate the purposes set forth in this Agreement and to sustain the validity hereof. 1.2.4 Headings or titles of the several articles and sections hereof and the table of contents appended to copies hereof shall be solely for convenience of reference and shall not affect the meaning, construction, or effect of the provisions hereof. 1.2.5 In the event the Development Agreement and this Agreement conflict, the provision more beneficial to the City, as determined by the City Manager, shall govern. ARTICLE 2 AFFORDABLE HOUSING IMPLEMENTATION AND RENTAL RESTRICTION PLAN AND USE OF PROPERTY 2.1 Purpose of Restrictions. A. The provisions of this Agreement are intended to impose affordability restrictions and household income restrictions on the - Affordable Units in the Project, specifically there shall be sixteen (16) Very Low Income Units, twenty-four (24) Low Income Units, and ten (10) Moderate Income Units, all as more particularly set forth on Exhibit No. 2. B. However, Owner may obtain Federal low income housing tax credits and tax-exempt bonds (collectively, "Affordable Housing Financing") to finance the Project, which will require that forty (40) of the Affordable Units be restricted for rent to Very Low Income Households during the periods set forth in the Internal Revenue Code, as the same may be modified by law applicable,to the low income housing tax credits (the "Compliance Period and Extend Use Period") and applicable to the tax exempt bonds (the "Qualified Project Period"). At the end of whichever is the last to expire of the Compliance Period and Extended Use Period and the Qualified Project Period, Owner shall rent the ten (10) Moderate Income Units to Low Income Households consistent with the requirements of this Agreement. Upon the the last to expire of the Compliance Period and Extended Use Period and the Qualified Project Period, the provisions of this Agreement shall be applicable and the number of Very Low Income Units, Low Income Units, and Moderate Income Units shall be consistent with Section 2.1.A. above and Exhibit No. 2. At the time the Project is no longer required to comply with Affordable Housing Financing, the City, Owner and Affordable Housing Owner shall in good faith, and consistent with applicable law and this Agreement, prepare a plan to transition the Affordable 192 -6- 12853-0018\2043447v3.d oc Units so that the number of Very Low Income Units, Low Income Units, and Moderate Income Units in the Project is as required by Section 2.1A above and Exhibit No. 2 and that there are Very Low Income Households, Low Income Households, and Moderate Income Households occupying the Affordable Units consistent with Section 2.1.A. above and Exhibit No. 2 in the shortest possible time. 2.2 Agreement to be Recorded; Priority. Owner and Affordable Housing Owner represent, warrant, and covenant that they will cause this Agreement to be recorded in the Office of the County Recorder of Ventura County, California, and that this Agreement shall be senior in priority to any lien, encumbrance or other matter of record except as expressly approved in writing by City. The Owner or Affordable Housing Owner shall pay all fees and charges in connection with any such recordation. 2.3 Use of the Property. Owner represents, warrants, and covenants to develop and operate the Project and Property as a multifamily residential rental property and uses incidental thereto and for no other purposes. Owner and Affordable Housing Owner agree that the Affordable Units shall have the same or better amenities (in type, quality and number) as the market-rate units in the Project (as determined by the Community Development Director) and shall be located as described on the site plan attached to Exhibit No. 2. Such amenities for the Affordable Units shall include, without limitation, air conditioning/heating, plumbing and electrical fixtures, garbage disposal, flooring, cabinets, counter tops, trim, built-in dishwasher, clothes washer and dryer, sinks, bathtub, solar or solar stub out, water heater, built-in oven, microwave, stove, bathroom fan (the most quiet model), garage door openers, doors and door hardware, and floor and window coverings (all to the same extent provided for the market rate units). Owner and Affordable Housing Owner shall promptly notify City in writing upon any relocation of an Affordable Unit under this Agreement (meaning change in the designated/intended household income level, not an actual change in the fixed locations of the Affordable Units, which constitute a separate subdivided parcel, and are fixed as shown at the end of Exhibit No. 2), and each such notice shall include the basis for such relocation and the location of such relocated Affordable Unit(s); however, the ten (10) Moderate Income Units to be owned by the Owner of the market-rate Units shall be randomly dispersed among its Units in the portion of the Project owned by the Owner consistent with Exhibit No. 2. Owner and Affordable Housing Owner further agree not to convert the Project or any part thereof to any type of common interest development, for-sale condominiums, community apartments, planned development, stock cooperative, hotel, motel, or any type of congregate care or assisted living facility (but the foregoing shall not prohibit the air rights subdivision and conveyance described in Recital F above). Owner and Affordable Housing Owner agree that they shall not knowingly permit any of the Units in the Project to be used on a transient basis and shall not rent any Unit for a period of less than thirty (30) days. At no time shall any of the Affordable Units be rented to an employee, agent, officer, contractor of any owner of any portion of the Property or Project or of any company affiliated with any such owner, or to any such affiliated company. -7- 19 3 12853-0018\2043447v3.doc 2.4 INTENTIONALLY OMITTED 2.5 Rules. In addition to the conditions and restrictions to be contained in leases or rental agreements as provided in this Agreement, ongoing operation of the Project will be subject to reasonable house rules, policies and regulations issued from time to time by Owner and Affordable Housing Owner and approved by City which approval shall not be unreasonably withheld, conditioned, or delayed ("Rules"). Owner and Affordable Housing Owner shall submit such Rules to City during the Initial Rent-Up for the City's approval, which will not be withheld, conditioned or delayed. Annually, Owner and Affordable Housing Owner shall submit any amendments, modifications or changes to such Rules to the City at least forty-five (45) days prior to their proposed effective date and all of such amendments, modifications and changes shall be subject to the City's prior written consent, which will not be withheld, conditioned or delayed. If City does not consent, City shall specify the reasons in writing so that Affordable Housing Owner can revise the amendment(s), modification(s) or change(s) and re- submit them for City approval, which will not be withheld, conditioned or delayed. In addition, Owner and Affordable Housing Owner shall submit to the City on an annual basis a certification that the Rules previously submitted to City, as amended, remain in effect (with a copy of the Rules and any amendments). If applicable, this Agreement shall be consistent with any Extended Use Agreement entered into between Owner or any affiliate of Owner and the California Tax Credit Allocation Committee. 2.6 Single Owner. Except for the ten (10) Moderate Income Units (which will be Low Income Units until the last to end of the Compliance Period and Extended Use Period and the Qualified Project Period, as set forth in Section 2.1.B. above, and will be owned by the owner of the market-rate Units), all of the Affordable Units shall be and remain owned by the Affordable Housing Owner (an affiliate of the Owner of the market- rate Units). Such ten (10) Units (Moderate, or Low Income until the last to end of the Compliance Period and Extended Use Period or the Qualified Project Period) may be owned by Owner but shall be subject to this Agreement. No Affordable Unit may be sold separately. 2.7 Affordable Units Generally. 2.7.1 Allocation/Dispersal of Affordable Units. As set forth on Exhibit No. 2, the Affordable Units shall be randomly dispersed throughout the Project, and as described in Section 2.3 above, Owner and Affordable Housing Owner shall promptly notify City in writing of any change in the designated income level of any Affordable Unit. 2.7.2 Accessible Compliant Units. Four (4) of the nineteen (19) one- bedroom one-bath affordable Low and Very Low Income units shall be compliant with all laws regarding disabled persons (including, without limitation, the Americans with Disabilities Act) and shall be reserved for and occupied by persons eligible for such accommodations, to the extent there is a qualified accessible Low or Very Low Income person ready to occupy such unit. Owner and Affordable Housing Owner shall maintain a waiting list for the affordable accessible-compliant units, shall promptly deliver a copy -8- 19 4 12853-0018\2043447v3.doc thereof to City and shall thereafter deliver a copy of the revised list to City whenever the list changes. Should there be a qualified Low or Very Low Income prospective tenant desiring to rent such a unit but all such units are rented, Owner and Affordable Housing Owner shall add such prospective tenant to the waiting list for the affordable accessible- compliant units. At the earliest possible time a Low or Very Low Income non-accessible compliant affordable unit becomes available, the non-accessible Low or Very Low Income tenant who occupies the affordable accessible compliant unit shall be relocated to another affordable unit in order to allow the qualified disabled household to occupy the accessible compliant unit. Owner and Affordable Housing Owner shall include a provision in the non-accessible compliant affordable lease for any accessible-compliant affordable unit that the non-accessible Low or Very Low Income tenant agrees to be relocated, at Owner's or Affordable Housing Owner's cost, as soon as a non-accessible compliant unit becomes available. While any of the four (4) affordable accessible- compliant units are not being leased to disabled persons (due to unavailability of such persons to lease), the applicable Affordable Unit shall be leased in accordance with this Agreement. At all times, Affordable Housing Owner shall keep City informed in writing of the income level applicable to each accessible compliant unit. The fixed locations of the Affordable Units shall be as shown on the site plan attached to Exhibit No. 2. The accessible compliant units shall be consistent with accessibility design criteria established by the State of California, and Owner and Affordable Housing Owner shall promptly make any changes to such units required by new laws or changes in laws. Reasonable accommodation shall be made, as may be requested by specific Low or Very Low Income disabled tenants in such units, to provide features such as smoke alarms with flashing lights, for instance, if requested by hearing impaired Low or Very Low Income tenants in an accessible compliant unit. 2.7.3 Affordable Housing In Lieu Fee. 2.7.3.1 In addition to the Affordable Units herein described, Owner and Affordable Housing Owner shall pay (and be jointly and severally liable for) a single annual in lieu fee for having irrevocably elected not to provide four (4) additional Low Income units (the "Affordable Housing In Lieu Fee"). The modification of affordability levels for Affordable Housing Financing purposes (as described in Section 2.1, 2.12 and Exhibit No. 2), shall not affect the foregoing. 2.7.3.2 The Affordable Housing In Lieu fee shall initially be Forty Seven Thousand Five Hundred and No/100 Dollars ($47,500.00) if paid on or before January 1, 2019. If the initial payment is not paid by January 1, 2019, it shall increase by two percent (2%) each year above the prior year amount. Similarly, all subsequent annual payments shall increase by two percent (2%) of the previous year's payment. Payments shall be made on March 10 of the first calendar year in which one or more residential unit in the Project has theretofore been occupied, and on or before -9- 195 12853-0018\2043447v3.doc March 10 of each subsequent calendar year. If March 10 falls on a Saturday, Sunday, or City Holiday, then payment shall be due on the City's next business day. A late payment charge (constituting liquidated damages) equal to ten percent (10%) of the payment due shall be added to payments received three (3) days or more after the due date as stated herein or when a deficient check has been given for payment, and the parties hereby stipulate and agree that it would be very difficult and impractical to determine the damages suffered by City, as a public entity, due to late payments. Payments received more than ten (10) days after the due date shall, in addition to the ten percent (10%) late charge, accrue interest at a rate of twelve percent (12%) from the due date through and including the date the payment is received by the City. In the event of a sale, transfer, assignment of any type or any portion of the Project or Property by Owner or Affordable Housing Owner to any other entity not owned in whole or in part by Owner, the fee amount referenced above shall be increased based on the new value of the Property as if it had been reassessed by the Ventura County Assessor and not exempt from the payment of new property taxes. The calculation shall provide the City 0.095% (equivalent to $950.00 per $1 million of assessed value) of the assessed value or such higher percentage of the total new property taxes if the City portion has been increased by action of the State of California or by a statewide initiative or referendum. (For example, if the sale results in a value of $50,000,000.00 then the annual fee to the City would be $50,000,000.00 X .00095 = $47,500.00, or if the City portion of the property taxes has been increased by the State of California on a statewide initiative or referendum then the amount would increase).In the event the payment to the City under this calculation would be less than the Initial Affordable Housing. In-lieu Fee Amount, inclusive of any 2% adjustments applied as of the date of sale, transfer or assignment, then such adjusted Initial In-lieu Fee Amount shall continue until such time as the calculation in this paragraph would yield a higher annual fee. 2.7.4 Preference Policies. To the extent permitted by applicable state and federal law, priority shall be granted to eligible City of Moorpark residents. A waiting list for the Affordable Units shall be maintained from which vacancies shall be filled. The waiting list shall be established through a fair process for the selection of the next eligible households to fill the vacancies allowing for priority for City of Moorpark residents to the extent permitted by applicable state and federal law. Details of this process shall be submitted in writing to the City for review and approval prior to the issuance of the first building permit for this project. Additionally, Affordable Housing Owner shall submit to City an annual report, no later than January 30 of each calendar year for the pervious calendar year, describing the vacancies filled from households on the list, total vacancies filled and the number of households on the list. 2.7.5 Occupancy Reporting. As specified in Section 2.12, Owner and Affordable Housing Owner will advise City on a quarterly basis in writing of the number of Affordable Units occupied by Very Low, Low and Moderate Income Tenants by delivery of a certificate in the form specified by the City, which is attached hereto as Exhibit No. 3, which shall include a statement as to whether or not the tenant was a City of Moorpark resident who on the waiting list and was given priority. Any reporting -10- 196 12853-0018\2043447v3.doc schedule less frequent than quarterly must be expressly approved in writing by the City Manager. 2.7.6 Unit Classification. An Affordable Unit occupied by a Very Low Income Tenant, a Low Income Tenant, or a Moderate Income Tenant shall be deemed, upon termination of occupancy by such tenant (whether voluntarily or involuntarily), to be continuously occupied by a Very Low Income Tenant, a Low Income Tenant, or a Moderate Income Tenant, as applicable, until re-occupied other than for a temporary period (not to exceed 60 days), at which time the classification of the Unit shall be redetermined (provided that upon such reclassification, Affordable Housing Owner must remain in compliance with this Agreement). Owner and Affordable Housing Owner shall use commercially reasonable efforts to prevent such temporary periods from exceeding sixty (60) days. Owner and Affordable Housing Owner will also obtain and maintain on file such Certifications of Tenant Eligibility in the form of Exhibit No. 3 attached hereto, for each Very Low, Low and Moderate Income Tenant. Owner and Affordable Housing Owner shall make a good faith effort to verify that the income declared by an applicant in an income certification is accurate by reviewing any one or more of the following documents, which shall be provided by the applicant: (a) A pay stub for the most recent pay period; (b) An income tax return for the most recent tax year; (c) An income verification form from the applicant's current employer; (d) An income verification form from the Social Security Administration and/or the California Department of Social Services if the applicant receives assistance from either of those agencies; or (e) If the applicant is unemployed and has no tax return, another form of independent verification is needed. In addition to the above-referenced income certification, eligible Very Low and Low Income applicants for the ADA compliant units shall submit a letter from a physician or other document acceptable to the City, Owner and Affordable Housing Owner which confirms the accessibility needs of the applicant. 2.7.7 Lease Provisions. The Owner and the Affordable Housing Owner shall include provisions in all signed leases or rental agreements for all Affordable Units which authorize the Owner or Affordable Housing Owner, as applicable, to immediately terminate the tenancy of any tenant occupying an Affordable Unit where one or more of such tenants have misrepresented any fact material to the qualification of such an individual or household as a Very Low, Low or Moderate Income Tenant and/or for qualification for occupancy of an Affordable Unit, and Affordable Housing Owner and Owner shall reasonably enforce such termination rights (i.e., Affordable Housing Owner or Owner, as applicable, shall exercise them and not waive them). Each lease or rental agreement for an Affordable Unit shall also provide that the tenants of such Affordable Unit shall be subject to annual certification or recertification of income, as required by -11- 197 12853-0018\2043447v3.d oc the City, and shall be subject to rental increases in accordance with Section 2.10 of this Agreement. 2.7.8 Management Diligence. Owner and Affordable Housing Owner shall use commercially reasonable efforts not to allow any rent-ready Affordable Unit to remain vacant. 2.7.9 Administration by City; Administrative Fee. City shall appoint a staff person to oversee the implementation of this Agreement, and shall notify Owner and Affordable Housing Owner in writing of the name and phone number of such staff person and any replacements. On or before the first day of February of each year during the Term of this Agreement, commencing after the first residential occupancy of the Project, Affordable Housing Owner and Owner shall pay to the City for the administration of this Agreement (and be jointly and severally liable for) an annual fee equal to twenty-five thousand dollars ($25,000.00), subject to adjustment annually by the larger of(a) or (b) below: (a) The percentage increase in the Consumer Price Index during the prior year, which shall be determined by using the Consumer Price Index by the U. S. Department of Labor,,Bureau of Labor Statistics, for all urban consumers, all items, for the Los Angeles/Riverside/Orange County metropolitan area. The calculation shall be made by copying such CPI for the month of October to the CPI for the previous October. (b) The annual percentage amount paid to City by the Local Agency Investment Fund (LAIF), calculated as follows: The sum of the quarterly effective yield amounts paid by LAIF for the City's Pooled Money Investment Account for the most recent four (4) calendar quarters divided by four (4). In the event the CPI or LAIF is discontinued or revised, such successor index with which they are replaced shall be used to achieve substantially the same result, or it there is no successor index, then another index shall be used to achieve substantially the same result. 2.7.10 Lease Provisions. The provisions relating to certification and recertification of income in the form of lease or rental agreement used by the Owner or the Affordable Housing Owner for the lease or rental of the Affordable Units shall be subject to review and approval by the City, the approval of which shall not be unreasonably withheld, conditioned, or delayed. If the lease or rental agreement provisions specified in this Section are not approved or disapproved within thirty (30) days after submittal to City, they shall be deemed approved. 2.8 Rent-Up Periods and Occupancy Procedures. 2.8.1 For initial rent-up only, for each ten (10) units rented in the Project (i.e., both Affordable Units and other units), at least two (2) must be Affordable Units which comply with this Agreement. -12- 198 12853-0018\2043447v3.doc 2.8.2 During the Initial Rent-Up, the Very Low Income Units occupied by Very Low Income households, plus those Units held available for occupancy by such tenants, shall be equal to or exceed sixteen (16) units (subject to Section 2.1 above). 2.8.3 During the Initial Rent-Up, the Low Income Units occupied by Low Income households, plus those Units held available for occupancy by such tenants, shall be equal to or exceed twenty-four (24) units (subject to Section 2.1 above). 2.8.4 During the Initial Rent-Up, the Moderate Income Units occupied by Moderate Income households, plus those Units held available for occupancy by such tenants, shall be equal to or exceed ten (10) units (subject to Section 2.1 above). 2.8.5 In connection with the Initial Lease-Up of the Project, Owner and Affordable Housing Owner will adopt outreach programs to locate qualified tenants for the Project and shall establish such procedures for occupancy, rental, and rent grievances as may be reasonably required by the City. Not later than ten (10) days prior to the commencement of marketing, Owner and Affordable Housing Owner shall prepare and submit to the City for reasonable approval a marketing and outreach program which shall contain, among other things, the following: how a potential tenant would apply to rent a Unit in the Project, including where to apply, applicable income limits and rent levels; support documentation needed such as pay stubs, tax returns, or confirmation of disability, if applicable, a description of procedures Owner and Affordable Housing Owner will follow to publicize vacancies in the Project, including notice in newspapers of general circulation, including at least one Spanish-language newspaper and mailing notices of vacancies to or contacting by telephone potential tenants on the waiting list maintained by Owner and Affordable Housing Owner. Notices shall also be given to organizations in Ventura County which provide referrals or other services to persons with disabilities. 2.8.6 In the event that any Affordable Unit is rendered unfit for occupancy (including by damage or destruction), then until the Affordable Unit is repaired/reconstructed (so that it is available for leasing in compliance with this Agreement), Owner or Affordable Housing Owner, as applicable, shall pay the City a single fee of $10 (which shall increase by $2 every five (5) years) per day until the Affordable Unit is placed back in service except that such fee shall not be payable for so long as Owner or Affordable Housing Owner is diligently attempting to repair or re-build the Affordable Unit in question, as shown by reasonable evidence provided to City. 2.9 Affordable Rent. 2.9.1 Monthly rent charged to Very Low Income households shall be no greater than thirty percent (30%) of fifty percent (50%) of County Median Income, adjusted for family size appropriate for the Unit, less the Utility Allowance. "Family size appropriate to the Unit", as shown on Exhibit No. 2 is defined in Section 50052.5(h) of the California Health and Safety Code to be 2 persons for a 1 bedroom unit, 3 persons for a 2 bedroom unit and 4 persons for a 3 bedroom unit. -13- 199 12853-0018\2043447v3.doc 2.9.2 Monthly rent charged to Low Income Tenants shall be no greater than thirty percent (30%) of sixty percent (60%) of County Median Income, adjusted for family size appropriate for the Unit, less the Utility Allowance. "Family size appropriate to the Unit", as shown on Exhibit No. 2 is defined in Section 50052.5(h) of the California Health and Safety Code to be 2 persons for a 1 bedroom unit, 3 persons for a 2 bedroom unit and 4 persons for a 3 bedroom unit. 2.9.3 Monthly rent charged to Moderate Income Tenants shall be no greater than thirty percent (30%) of one hundred and ten (110%) of County Median Income, adjusted for family size appropriate for the Unit, Less the Utility Allowance. "Family size appropriate to the Unit", as shown on Exhibit No. 2 is defined in Section 50052.5(h) of the California Health and Safety Code to be 2 persons for a 1 bedroom unit, 3 persons for a 2 bedroom unit and 4 persons for a 3 bedroom unit. 2.9.4 Utility Allowances will be adjusted annually using the most current "Allowances for Tenant Furnished Utilities and Other Services" (form HUD-52667) based on Apartment/Walk Up unit type as posted and updated annually by the Area Housing Authority of the County of Ventura based on the following appliances/utilities to be provided to the units: Natural Gas — Heating, cooking, water heating Water, Sewer, Trash, Other Electric allowance (for lights and other electric uses) 2.10 Alternative Affordable Rent Calculations. If the requirements or practices of the California Tax Credit Allocation Committee (CTAC), the California Debt Limit Allocation Committee (CDLAC), any lender as Bond owner, or other entity or entities similarly associated with anticipated financing of the construction of this project, or future prudent refinancing of this project, utilizes definitions, sources of information, etc., other than those which have been herein defined and utilized in calculating Affordable Rent, then the procedure or input which produces the lowest affordable rent, will prevail. 2.11 Income Recertification; Rent Increases. 2.11.1 Owner and Affordable Housing Owner shall cause the income of each Tenant of an Affordable Unit to be re-certified on an annual basis on the anniversary date of each such tenant's initial rental date. This recertification shall be submitted in writing to the City within thirty (30) days of such action. 2.11.2 Rents for the Affordable Units may be increased only once per calendar year, concurrently with or subsequent to any increase in the County Median Income when and as determined by HCD. The rents charged for the Affordable Units following such an increase, or upon a vacancy and new occupancy by a Very Low, Low or Moderate Income Tenant, as the case may be, shall not exceed the allowable rent calculated in compliance with Sections 2.9, 2.12.1, 2.12.2, and 2.12.3 below. -14- 200 12853-0018\2043447v3.doc 2.12 Increased Income of Occupying Households. Only after the last to expire of the Compliance Period and Extended Use Period or the Qualified Project Period with respect to the Very Low Income Units and the Low Income Units rented to Very Low Income Households, and at all times for the ten (10) Moderate Income Units regardless of whether they are rented to Moderate Income Households or rented to Low Income Households, the following shall apply: 2.12.1 If, upon income recertification, the Owner or Affordable Housing Owner, or both, as applicable, determines that the household income of a Very Low Income Tenant has increased above the maximum allowable household income level of a Very Low Income Tenant, but remains equal to or below that of a Low Income household, then, except as provided below in this Section 2.12, the Owner or Affordable Housing Owner, or both, as applicable, shall not be required to evict the Tenant and the monthly rent charged to such Tenant shall be not greater than one-twelfth (1/12) of thirty percent (30%) of sixty percent (60%) of the County Median Income for the size household appropriate to the unit (less the utility allowance), upon sixty (60) days written notice to the occupants thereof. In that event, the next available unit that was previously a Low Income Unit must be rented to (or held vacant and available for immediate occupancy by) a Very Low Income household. 2.12.2 If, upon income recertification, the Owner or Affordable Housing Owner, or both, as applicable, determines that the household income of a Very Low or Low Income Tenant has increased above the maximum allowable household income of a Low Income Tenant, to not more than Moderate Income, which is one hundred and twenty percent (120%) of median income, then the Owner or Affordable Housing Owner, or both, as applicable, shall not be required to evict the Tenant and the monthly rent charged to such Tenant shall be no more than one twelfth (1/12) of thirty percent (30%) of one hundred ten percent (110%) of the County Median Income for the size household appropriate to the unit, less the utility allowance. In this event, the next available unit that was previously a Moderate Income unit must be rented to or held vacant and available for immediate occupancy by a Very Low or Low Income household, as the case may be, at an affordable rent (1/12 of 30% of 50% of Median Income, in the case of a Very Low Income unit, or 1/12 of 30% of 60% of Median Income, in the case of a Low Income unit, both of which are net of the utility allowance). 2.12.3 If, upon income re-certification, the Owner or Affordable Housing Owner, or both, as applicable, determines that the income of a tenant occupying one of the Affordable Units has increased and now exceeds that of a Moderate Income household, the Tenant is no longer eligible to rent the unit, and the Owner or Affordable Housing Owner, or both, as applicable, shall not increase the rent but shall provide written notice to the Tenant to vacate the unit within six (6) months. If an appropriate unit is available to substitute for said unit, and the "substitute unit" has not been one of the Affordable Units, provided that said substitute unit is of the same configuration and size as the unit currently occupied by the now ineligible Tenant, the Affordable Housing Owner may request authorization from the City Manager or his/her designee to substitute the like unit for the Affordable Unit, and cause the rent on the substitute unit to be at the same level of affordability as the unit that was occupied by the formerly -15- 201 12853-0018\2043447v3.doc eligible Tenant, and the City Manager shall use good faith efforts to respond within thirty (30) days. Notwithstanding the foregoing, any such Tenant shall have the right to request a recertification of income (not later than sixty (60) days prior to the date they are supposed to vacate). If the recertification shows that income is not greater than the maximum allowable household income level due to a documented voluntary reduction of income, then the notice to vacate shall be withdrawn. Until the last to end of the Compliance Period and Extended Use Period or the Qualified Project Period, the foregoing provisions shall not apply to the units rented to Very Low Income Households, but shall continue to apply to the ten (10) Moderate Units that are to be rented to Low Income Tenants during such period (and owned by the entity which also owns the market rate Units). Until the last to end of the Compliance Period and Extended Use Period or the Qualified Project Period, Owner and Affordable Housing Owner shall comply with laws and regulations, and any separate/additional recorded restrictions or "Regulatory Agreement" required by the Affordable Housing Financing. Owner and Affordable Housing Owner shall promptly deliver to City copies of all Affordable Housing Financing regulatory agreements or similar agreements restricting Units in the Project, and shall notify City and all affected tenants in writing of the expiration of the Bond Period at least one (1) calendar year (but not more than fourteen (14) months) prior to expiration of the Compliance Period and Extended Use Period or Qualified Project Period, whichever expires later, of any effect on the affordability level of their Affordable Units. Additionally, Owner and Affordable Housing Owner shall notify City in writing of any re-syndication or extension of tax credit financing and any defeasance or refinancing of bond financing as soon as they become reasonably likely. 2.13 Specific Enforcement of Affordability Restrictions. 2.13.1 Owner and Affordable Housing Owner hereby agree that specific enforcement of Owner's and Affordable Housing Owner's agreements to comply with the allowable rent and occupancy restrictions of this Agreement is one of the reasons for the City's issuing the Project Approvals and entering into the Development Agreement. 2.13.2 Owner and Affordable Housing Owner further agree that, in the event of any breach of such requirements, potential monetary damages to City, as well as prospective Very Low, Low and Moderate Income Tenants, would be difficult, if not impossible, to evaluate and quantify. 2.13.3 Therefore, in addition to any other relief or damages to which the City may be entitled as a consequence of the breach hereof, Owner and Affordable Housing Owner agree to the imposition of the remedy of specific performance against it in the case of any event of default by Affordable Housing Owner in complying with the -16- 202 12853-0018\2043447v3.doc allowable rent, occupancy restrictions or any other provision of this Agreement. Nothing herein shall impair City's rights to liquidated damages under Section 6.4 below. 2.14 [INTENTIONALLY OMITTED] 2.15 Reporting Requirements. 2.15.1 From the commencement of construction until the end of the first quarter or the end of the calendar quarter in which construction of the Project was completed, whichever occurs later, Owner and Affordable Housing Owner shall prepare and submit to the City, on a quarterly basis, written reports, setting forth the rental activity for the previous month, and the current total number of Affordable Units occupied by tenants. 2.15.2 Commencing with the first full calendar quarter after the last period covered by monthly reports pursuant to Section 2.15.1, Owner and Affordable Housing Owner shall prepare and submit to the City, on a quarterly basis, not later than the 15th day of each calendar quarter, a Certificate of Continuing Program Compliance in a form substantially similar to Exhibit No. 4 attached hereto, stating: (a) the number and percentage of Affordable Units in the Project which were occupied by Very Low, Low and Moderate Income Tenants, or held vacant and available for occupancy by such Tenants during said period; and (b) that to the knowledge of the Affordable Housing Owner, no default has occurred under the provisions of this Agreement; and (c) such other information as may be requested in writing by the City Manager. 2.15.3 Owner and Affordable Housing Owner shall prepare and submit to the City, on an annual basis, a report in form and substance reasonably satisfactory to the City, not later than March 31st of each year for the preceding calendar year, summarizing the vacancy rate of the Affordable Units in the Project on a month-to- month basis for such calendar year. 2.15.4 Owner and Affordable Housing Owner shall also deliver to City from time to time any other information about the Affordable Units and the rental thereof as may be reasonably requested in writing by City within ten (10) days after any such written request. ARTICLE 3 OPERATIONS 3.1 [INTENTIONALLY OMITTED] 3.2 Management Agent. 3.2.1 The Project shall at all times be managed by the Owner or the Affordable Housing Owner or a single third-party management agent with demonstrated ability to operate, and experience in operating, residential housing including restricted affordable housing, in a manner that will provide decent, safe and sanitary residential facilities to occupants thereof, including experience in complying with reporting requirements and occupancy restrictions similar to those imposed upon the Project by -17- 203 12853-0018\2043447v3.doc the terms of this Agreement. (There may only be one manager for the entire Project at any one time.) 3.2.2 The Owner or the Affordable Housing Owner, directly or through an affiliate, may be the "manager" of the Project. The Owner and the Affordable Housing Owner may retain on-site personnel and other consultants and service providers to assist Owner and the Affordable Housing Owner to operate the Project effectively and in compliance with the provisions of this Agreement and state and federal law. 3.2.3 In the event that Owner or Affordable Housing Owner seeks to appoint a replacement management entity to manage the Project, they shall advise the City of the identity of any such qualified management agent not later than thirty (30) days prior to the effective date of such appointment. The Owner and the Affordable Housing Owner shall also submit such additional information about the background, experience and financial condition of any proposed management agent as is reasonably requested by the City. 3.2.4 Upon the City's written request, the Owner and the Affordable Housing Owner shall cooperate with the City in an annual review of the management practices and status of Project. The purpose of each annual review will be to enable the City to determine if the Project is being operated and managed in accordance with the requirements and standards of this Agreement. 3.3 Day-to-Day Management Responsibility. The following procedure shall be followed to ensure effective day-to-day operation of the Project and cooperation among the City, the Owner, the Affordable Housing Owner and the management agent: 3.3.1 Day-to-day operation of the Project will be under the direct supervision of an on-site management agent, or a resident manager who will report to the management agent. 3.3.2 There will be regular meetings as necessary between the Owner, the Affordable Housing Owner and the management agent for the purpose of reviewing policies, procedures, resident relations and budget control. 3.3.3 Owner shall notify the City in writing of the direct phone number and email address of the management agent (so that City may contact the management agent directly), and shall cause the management agent or its personnel to be available on a twenty-four hour a day basis to respond to City inquiries. 3.4 Staffing Arrangements. Owner and Affordable Housing Owner shall provide for adequate on-site staffing of management personnel to manage the Project in a prudent and businesslike manner. In addition, Owner and Affordable Housing Owner shall provide such security services as may be necessary or appropriate for the Project. All hiring of on-site personnel shall conform to applicable equal opportunity guidelines, without regard to race, religion, color, national origin or sex. All hiring materials will indicate that the Project is an "Equal Opportunity Employer." Employment grievances, terminations and promotions will be conducted according to personnel policies and -18- 204 12853-0018\2043447v3.doc procedures which conform with equal opportunity laws. All personnel employed at the Project will receive training specific to Owner's policies and procedures. 3.5 City Ability to Modify. If the Project is not timely completed in accordance with the Schedule of Performance in the Development Agreement, the City may modify the development standards and to change the General Plan designation and zoning of the Property, and Owner and Affordable Housing Owner hereby waive any rights they might otherwise have to seek judicial review of such City actions to change the development standards, General Plan designation and zoning to those development standards and density of permitted development to that in existence prior to the approval of General Plan Amendment No. 2004-05 ("GPA 2004-05") and Zone Change No. 2004-04 ("ZC 2004-04"). 3.6 Annual Community Services Fee. Upon the issuance of a Zoning Clearance by the City for occupancy of the first unit of the Project, and on each anniversary thereof, Owner and Affordable Housing Owner shall pay to City a single community services fee of Eight Thousand Dollars ($8,000.00) increased by two percent (2%) on each anniversary of the Operative Date (as defined in Section 18 of the Development Agreement). ARTICLE 4 MAINTENANCE 4.1 Maintenance, Repair, Alterations. Owner and Affordable Housing Owner shall maintain and preserve the Project and the Property in good condition and repair and in a prudent and businesslike manner. If any portion of the Project is damaged, restoration of the damaged improvements shall be made by Owner and Affordable Housing Owner to a condition as good as existed prior to the damage. Owner and Affordable Housing Owner shall complete promptly and in a good and workmanlike manner any improvements which may now or hereafter be constructed as part of the Project and pay when due all claims for labor performed and material furnished therefor. Owner and Affordable Housing Owner shall comply with all laws, ordinances, rules, regulations, covenants, conditions, restrictions, and orders of any governmental authority now or hereafter affecting the conduct or operation of the Project and of their businesses on the Project or any part thereof or requiring any alteration or improvement to be made thereon. Owner and Affordable Housing Owner shall maintain grounds, sidewalks, roads, parking, and landscaped areas in the Project (and on any adjacent areas owned by either of them) in good and neat order and repair. Owner and Affordable Housing Owner hereby agrees that City may conduct from time to time through representatives of its own choice who are properly identified as agents of the City, upon reasonable written notice and subject to reasonable security and safety procedures and rights of tenants in possession, on-site inspections and observation of such records of Owner and Affordable Housing Owner relating to the Project and the Property as City reasonably deems to be necessary or appropriate in order to monitor Owner's compliance with the provisions of this Agreement. Owner and the Affordable Housing Owner shall assure that each Affordable Unit receives the same level of maintenance and repair and upgrades or improvements as all other units in the Project. -19- 205 12853-001812043447v3.doc The Owner and the Affordable Housing Owner shall conduct an ongoing maintenance program, which shall include the following: a. Scheduled preventative maintenance and repair of installed equipment in accordance with manufacturers' recommendations. b. Routine repairs to kitchen appliances, electrical, plumbing and heating equipment. c. Preventative annual apartment inspections to regularly and consistently ascertain the condition of each apartment unit. d. Preventative regular inspections of common areas and equipment as well as regular schedules (daily, weekly, monthly, quarterly, etc.) for maintaining the same. This will include maintenance of exterior areas to keep grounds free of graffiti, litter, trash and paper. Parking areas will be maintained in good repair and free from dirt and litter. Common areas such as hallways and laundry rooms will be swept and cleaned regularly and kept free of trash and other debris. Garbage removal will be provided through arrangements with a contractor, consistent with applicable City ordinances. The trash areas will be swept regularly and scrubbed with disinfectant when necessary. Extermination services will be contracted with to provide pest control consistent with high quality apartment management practices. e. Contract with a landscape firm to maintain the landscaped areas in an attractive and healthy condition. f. Interior painting and carpet cleaning or replacement in individual apartment units shall be based on need, substantiated by the annual physical inspection, or as occupancy changes, or as the Owner and Affordable Housing Owner or their management agent may otherwise deem necessary. g. Owner and Affordable Housing Owner will employ a maintenance work order procedure in the Project to adequately document requests for work and promptness within which the work has been completed. 4.2 Disclaimer. Nothing in this Agreement shall make City responsible for making or completing capital repairs or replacements to the Project or the Property or require City to expend funds to make or complete the same. ARTICLE 5 TERM 5.1 Term of Agreement. This Agreement shall remain in full force and effect for the Term. ARTICLE 6 DEFAULT AND REMEDIES 6.1 An Event of Default. Each of the following shall constitute an "Event of Default" by the Owner hereunder: -20- 2 0 6 12853-0018\2043447v3.d oc 6.1.1 Failure by the Owner or Affordable Housing Owner to duly perform, comply with and observe the conditions of Project approval, conditions, terms, or covenants of the Development Agreement or this Agreement, if such failure remains uncured thirty (30) days after written notice of such failure from the City in the manner provided herein or, with respect to a default that cannot be cured within thirty (30) days, if the Owner or Affordable Housing Owner fails to commence such cure within such thirty (30) day period or thereafter fails to diligently and continuously proceed with such cure to completion. In no event shall the City be precluded from exercising remedies if an Event of Default is not cured within ninety (90) days after the first notice of default is given or such longer period as may be agreed upon by both parties in writing. If a different period or notice requirement is specified under any other section of this Agreement, then the specific provision shall control. 6.1.2 Failure by Owner and the Affordable Housing Owner to cure any default under Section 2.15 within fifteen (15) business days after written notice of such default by City. 6.1.3 Any representation or warranty contained in this Agreement or in any application, financial statement,-certificate, or report submitted to the City by Owner or Affordable Housing Owner proves to have been incorrect in any material respect when made, if such failure remains uncured thirty (30) days after written notice of such failure from City to Owner in the manner provided herein or, with respect to a default that cannot be cured within thirty (30) days, if the Owner and the Affordable Housing Owner fail to commence such cure within such thirty (30) day period or thereafter fail to diligently and continuously proceed with such cure to completion. 6.1.4 A court having jurisdiction shall have made or rendered a decree or order (a) adjudging Owner or Affordable Housing Owner to be bankrupt or insolvent; (b) approving as properly filed a petition seeking reorganization of Owner or Affordable Housing Owner or seeking any arrangement on behalf of the Owner under the bankruptcy law or any other applicable debtor's relief law or statute of the United States or of any state or other jurisdiction which is not dismissed within sixty (60) days after filing; (c) appointing a receiver, trustee, liquidator, or assignee for the benefit of creditors of the Owner or Affordable Housing Owner in bankruptcy or insolvency or for any of its properties which (or who) is not discharged within sixty (60) days after its appointment; or (d) directing the winding up or liquidation of the Owner or Affordable Housing Owner, providing, however, that any such decree or order described in any of the foregoing subsections shall have continued unstayed or undischarged for a period of ninety (90) days. 6.1.5 The Owner or Affordable Housing Owner shall have assigned its assets for the benefit of its creditors or suffered a sequestration or attachment or execution on any substantial part of its property, unless the property so assigned, sequestered, attached, or executed upon shall have been returned or released within ninety (90) days after such event (unless a lesser time period is permitted for cure hereunder) or prior to sale pursuant to such sequestration, attachment, or execution. If the Owner or Affordable Housing Owner is diligently working to obtain a return or -21- 207 12853-001812043447v3.doc release of the property and the City's interest hereunder is not imminently threatened in the City's reasonable business judgment, then the City shall not declare a default under this subsection. 6.1.6 The Owner or Affordable Housing Owner shall have voluntarily suspended its business for a period of thirty (30) consecutive days or dissolved and a subsequent owner has not assumed the obligations of Owner or Affordable Housing Owner (if applicable) in accordance with this Agreement. 6.1.7 Should any default be declared by any lender under any loan document or deed of trust relating to any loan made in connection with the Project or Property, which loan is secured by a deed of trust or other instrument of record, and is not cured within the applicable cure period, if any, granted in the applicable loan documents. 6.2 Liens. 6.2.1 This Agreement shall be senior in priority to any lien or encumbrance on the Property (other than the Development Agreement) and all liens and encumbrances shall be subordinate and subject to this Agreement, regardless of actual date of recordation. The City shall consider in good faith, reasonable modifications of this Agreement typically required by secured lenders and commonly known as "mortgagee protection" provisions; however, in no event shall any such modification shorten the term of this Agreement or contain or require any subordination of provisions of this Agreement. 6.2.2 Owner and Affordable Housing Owner shall pay and promptly discharge when due, at their cost and expense, all liens, encumbrances and charges upon their respective interests in the Project or the Property, or any part thereof or interest therein (except the lien of any mortgage, deed of trust or other recorded instrument securing any construction or permanent financing for the Project, which shall, in any event, be junior and subordinate to this Agreement), provided that the existence of any mechanic's, laborer's, materialman's, supplier's, or vendor's lien or right thereto shall not constitute a violation of this Section if payment is not yet due under the contract which is the foundation thereof and if such contract does not postpone payment for more than forty-five (45) days after the performance thereof. Owner and Affordable Housing Owner shall have the right to contest in good faith the validity of any such lien, encumbrance or charge, provided that within ten (10) days after service of a stop notice or ninety (90) days after recording of a mechanic's lien, Owner or Affordable Housing Owner shall deposit with City a bond or other security reasonably satisfactory to City in such amounts as City shall reasonably require, but no more than the amount required to release the lien under California law and provided further that Owner or Affordable Housing Owner shall thereafter diligently proceed to cause such, lien, encumbrance or charge to be removed and discharged, and shall, in any event, cause such lien, encumbrance or charge to be removed or discharged not later than sixty (60) days prior to any foreclosure sale. If Owner or Affordable Housing Owner shall fail either to remove and discharge any such lien, encumbrance or charge or to -22- 2 0 8 12853-0018\2043447v3.doc deposit security in accordance with the preceding sentence, if applicable, then, in addition to any other right or remedy of City, City may, but shall not be obligated to, discharge the same, without inquiring into the validity of such lien, encumbrance or charge nor into the existence of any defense or offset thereto, either by paying the amount claimed to be due, or by procuring the discharge of such lien, encumbrance or charge by depositing in a court a bond or the amount or otherwise giving security for such claim, in such manner as is or may be prescribed by law. Owner and Affordable Housing Owner shall, immediately upon written demand thereof by City, pay to City an amount equal to all costs and expenses incurred by City in connection with the exercise by City of the foregoing right to discharge any such lien, encumbrance or charge. To the extent not paid, all costs and expenses paid by the City shall be a lien on the Property pursuant to Civil Code Section 2881. 6.3 Costs of Enforcement. If any Event of Default occurs, and is continuing, City may employ an attorney or attorneys to protect its rights hereunder. Subject to California Civil Code Section 1717, the non-prevailing party promises to pay to the prevailing party, on demand, the fees and expenses of such attorneys and all other costs of enforcing the obligations secured hereby including without limitation, recording fees, receiver's fees and expenses, and all other expenses of whatever kind or nature, incurred by the prevailing party in connection with the enforcement of this Agreement, whether or not such enforcement includes the filing of a lawsuit. 6.4 Enforcement of this Agreement; Remedies. Upon the occurrence of any Event of Default by Owner or Affordable Housing Owner, City shall be entitled to enforce performance of any obligation of Owner or Affordable Housing Owner arising under this Agreement and to exercise all rights and powers under this Agreement or any law now or hereafter in force. Additionally, without limiting any of City's other rights or remedies, upon any leasing of a particular Affordable Unit in violation of this Agreement, then Affordable Housing Owner shall pay the City a single fee of $10 (which shall increase by $2 every five (5) years) per day until the violation has been cured (it being understood that if the Affordable Unit is unavailable due to material damage or destruction, Section 2.8.6 above shall govern). Additionally, City shall be entitled to recover from Affordable Housing Owner and Owner, in addition to enforcement costs and any other damages to which City may be entitled, all rent charged by Owner in excess of the rental amounts permitted under this Agreement, with interest thereon from the date paid to Affordable Housing Owner until the date paid by Affordable Housing Owner to City at the lesser of eight percent (8%) per annum or the maximum rate permitted by law. Affordable Housing Owner and Owner stipulate, acknowledge and agree that the amounts described herein are reasonable estimates of the minimum damages incurred by the City and public as a result of violation(s), and that actual damage would be impractical or impossible to determine with accuracy. No remedy herein conferred upon or reserved to City is intended to be exclusive of any other remedy herein or by law provided or permitted, but each shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing at law or in equity or by statute. Every power or remedy given by this Agreement to the City may be exercised, concurrently or independently, from time to time and as often as may be deemed expedient by the City, and the City may pursue inconsistent remedies. The -23- 2 0 9 12853-0018\2043447v3.doc City shall have the right to mandamus or other suit, action or proceeding at law or in equity to require the Owner and the Affordable Housing Owner to perform its obligations and covenants under this Agreement or to enjoin acts or things which may be unlawful or in violation of the provisions hereof. ARTICLE 7 GENERAL PROVISIONS 7.1 Notices. All notices, certificates or other communications required or permitted hereunder shall be in writing and shall be delivered by certified mail, postage prepaid, or by reputable overnight messenger service, addressed as follows: If to the City: City of Moorpark 799 Moorpark Avenue Moorpark, CA 93021 Attention: City Manager If to the Owner or the Affordable Housing Owner: ESSEX MOORPARK OWNER, L.P. Attention: John D. Eudy 1100 Park Place, Suite 200 San Mateo, CA 94403 With required copies to: ESSEX PORTFOLIO, L.P. Attention:'Jordan Ritter 1100 Park Place, Suite 200 San Mateo, CA 94403 and ESSEX MOORPARK OWNER, L.P. Attention: Bob Linder 17541 Derian Avenue, Suite 110 Irvine, CA 92614 Either party may change its address for notices by a written notice given in accordance with this Section. Notices shall be deemed given on the date of actual delivery or refusal to accept delivery as shown on the return receipt (if sent by certified mail), or one (1) business day after delivery to the messenger service (if sent by overnight messenger). 7.2 Relationship of Parties. Nothing contained in this Agreement shall be interpreted or understood by any of the parties, or by any third persons, as creating the relationship of employer and employee, principal and agent, limited or general partnership, or joint venture between the City and the Owner or the City and the -24- 210 12853-0018\2043447v3.doc Affordable Housing Owner, or the City and any agents, employees or contractors of the Owner or Affordable Housing Owner, and the Owner and the Affordable Housing Owner shall each at all times be deemed an independent contractor and shall be wholly responsible for the manner in which it or its agents, or both, perform the services required of it by the terms of this Agreement for the operation of the Project. The Owner and the Affordable Housing Owner have and hereby retain the right to exercise full control of employment, direction, compensation and discharge of all persons assisting in the performance of services hereunder. In regards to the on-site operation of the Project, the Owner and the Affordable Housing Owner shall be solely responsible for all matters relating to payment of its employees, including compliance with Social Security, withholding and all other laws and regulations governing such matters. The Owner and the Affordable Housing Owner each agrees to be solely responsible for its own acts and those of its agents and employees. 7.3 No Claims. Nothing contained in this Agreement shall create or justify any claim against the City by any person the Owner or the Affordable Housing Owner may have employed or with whom the Owner or the Affordable Housing Owner 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 operation of the Project or the Property. 7.4 [INTENTIONALLY OMITTED] 7.5 Limitation of Liability. 7.5.1 No member, official, employee, agent or attorney of the City shall be personally liable to the Owner, or any successor in interest, or the Affordable Housing Owner, or any successor in interest, in the event of any default or breach by the City or for any amount which may become from the City or successor or on any City obligation under the terms of this Agreement. No member, official, employee, attorney, partner or consultant of the Owner or the Affordable Housing Owner shall be personally liable to City in the event of any default or breach by Owner or for any amount which may become due to City or its successor, or on any obligations under the terms of this Agreement or Development Agreement. 7.5.2 Notwithstanding any other provision or obligation to the contrary contained in this Agreement, (i) the liability of Owner and Affordable Housing Owner under this Agreement to any person or entity, including, but not limited to, City and its successors and assigns, is limited to their interests in the Project and the Property, and such persons and entities shall look exclusively thereto, or to such other security as may from time to time be given for the payment of obligations arising out of this Agreement or any other agreement securing the obligations of Owner or Affordable Housing Owner, under this Agreement, (ii) from and after the date of this Agreement, no deficiency or other personal judgment, nor any order or decree of specific performance (other than pertaining to this Agreement), shall be rendered against Owner or Affordable Housing Owner, or their assets (other than their interests in the Project, and this Agreement), in any action or proceeding arising out of this Agreement. -25- 211 12853-0018\2043447v3.doc 7.6 Force Maieure. Whenever a party required to perform an act under this Agreement by a certain time, said time shall be deemed extended so as to take into account events of force majeure. As used herein "force majeure" shall mean a delay in performance hereunder due to acts of God, fire, earthquake, flood, extreme weather conditions, explosions, war, invasion, insurrection, riot, mob violence, sabotage, acts of terrorism, vandalism, malicious mischief, inability to procure or general shortage of labor, equipment, facilities, materials or supplies in the open market, failure of transportation, strikes, lockouts, actions of labor unions, third party litigation, condemnation, requisition, governmental restrictions including, without limitation, inability or delay in obtaining government consents or permits, laws or orders of governmental, civil, military or naval authorities, or any other cause, whether similar or dissimilar to the foregoing, not within the party's control, other than lack of or inability to procure monies to fulfill its commitments or obligations under this Agreement. 7.7 Indemnification of City. Except with respect to claims that arise solely from negligence, fraud or willful misconduct by the City or its officers, employees or agents, Owner and the Affordable Housing Owner shall defend, indemnify and hold City harmless from and against any and all claims, losses, damages, liabilities, costs and expenses arising directly or indirectly from, or relating directly or indirectly to: (i) any failure by Owner or Affordable Housing Owner to comply with the terms of this Agreement; (ii) the construction, maintenance, alteration or operation of the Project; (iii) any negligence or willful misconduct by Owner, Affordable Housing Owner or any of their employees, agents, contractors, licensees, invitees or tenants on the Project or the Property. 7.8 Rights and Remedies Cumulative. Except as otherwise expressly stated in this Agreement, the rights and remedies of the parties are cumulative, and the exercise or failure to exercise one or more of such rights or remedies by either party shall not preclude the exercise by it, at the same time or different times, of any right or remedy for the same default or any other default by the other party. No waiver of any default or breach hereunder shall be implied from any omission to take action on account of such default if such default persists or is repeated, and no express waiver shall affect any default other than the default specified in the waiver, and such wavier shall be operative only for the time and to the extent therein stated. Waivers of any covenant, term, or condition contained herein shall not be construed as a waiver of any subsequent breach of the same covenant, term or condition. The consent or approval by the City to or of any act by the Owner or Affordable Housing Owner requiring further consent or approval shall not be deemed to waive or render unnecessary the consent or approval to or of any subsequent similar act. The exercise of any right, power, or remedy shall in no event constitute a cure or a waiver of any default under this Agreement, nor shall it invalidate any act done pursuant to notice of default, or prejudice the City in the exercise of any right, power, or remedy hereunder. 7.9 Enforcement; Waiver. The City may take whatever action at law or in equity as may be necessary or desirable to enforce performance and observance of any obligation, agreement or covenant of the Owner or Affordable Housing Owner under this Agreement. No delay or omission to exercise any right or power accruing upon any -26- 212 12853-001812043447v3.doc default shall impair any such right or power or shall be construed to be a waiver of such right or power, but any such right or power may be exercised from time to time and as often as City may deem expedient. In order to entitle the City to exercise any remedy reserved to it in this.Agreement, it shall not be necessary to give any notice, other than such notice as may be herein expressly required or required by law to be given. 7.10 Severability. If any term, provision, covenant or condition of this Agreement is held in a final disposition by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions shall continue in full force and effect unless the rights and obligations of the parties have been materially altered or abridged by such invalidation, voiding or unenforceability. 7.11 Legal Actions. In the event any legal action is commenced to interpret or to enforce the terms of this Agreement or to collect damages as a result of any breach thereof, the party prevailing in any such action shall be entitled to recover against the party not prevailing all reasonable attorneys' fees and costs incurred in such action (including, without limitation, all reasonable legal fees incurred in any appeal or in any action to enforce any resulting judgment). 7.12 Binding Upon Successors; Assignment by City. This Agreement, and the exhibits attached hereto, shall run with the land and be binding upon and inure to the benefit of the successors and assigns of each of the parties, and successors in interest to the Project or any portion thereof or interest therein. Any reference in this Agreement to Owner or Affordable Housing Owner shall be deemed to apply to any successor or assign or successor-in-interest of such party who has acquired any portion of or interest in the Project. Without limiting the foregoing, City may assign this Agreement to the Area Housing Authority of the County of Ventura or any other housing authority created by City or in which City is a member. 7.13 Binding Effect; Successors and Assigns. Owner and Affordable Housing Owner each covenant and agree for itself, and its successors and assigns and every successor in interest to any portion of or interest in the Project that it and its successors, assigns and successors in interest shall comply with all of the terms, provisions, easements, conditions, covenants, restrictions, liens, and servitudes set forth in this Agreement. This Agreement is intended to bind the Project and Property "run with the land". 7.14 Transfers. Owner shall provide the City with prompt notice of any conveyance of Affordable Units to the Affordable Housing Owner, with a copy of the applicable deed. Owner shall provide the City with at least thirty (30) days' prior written notice of any sale or transfer of the Project or the Property or any portion thereof. The Affordable Units shall at all times remain owned by a single entity. Written notice shall be given to the City of any transfer, but no consent of the City shall be required for any transfer of Affordable Units to an entity of which the Essex Portfolio, L.P. or any affiliate thereof, directly or indirectly, owns or controls the entity to which the transfer will be made, provided that the City is given a copy of the Assignment and Assumption -27- 213 12853-001812043447v3.d o c Agreement and organizational documents that prove the entity is such an affiliate of Essex Portfolio, L.P. 7.15 Time of the Essence. In all matters under this Agreement, time is of the essence. 7.16 Complete Understanding of the Parties. The Project Approvals and this Agreement constitute the entire understanding and agreement of the parties with respect to the matters described herein and therein. 7.17 Construction and Interpretation of Agreement. The parties hereto acknowledge and agree that this Agreement has been prepared jointly by the parties and has been the subject of arm's length and careful negotiation over a considerable period of time, that each party has reviewed this Agreement with legal counsel, and that each party has the requisite experience and sophistication to understand, interpret and agree to the particular language of the provisions of this Agreement. Accordingly, in the event of an ambiguity in or dispute regarding the interpretation of this Agreement, notwithstanding Civil Code Section 1654, this Agreement shall not be interpreted or construed against the party preparing it, and instead other rules of interpretation and construction shall be utilized. 7.18 Controlling Law; Venue. This Agreement shall be deemed to be entered into in California and shall be controlled and interpreted by the internal laws of California, without regard to conflict of law provisions, except to the extent federal law applies. Venue for any action brought under this Agreement will be in the Superior Court for the County of Ventura, California or in the United States District Court for the Central District of California: Owner and Affordable Housing Owner each hereby accepts for itself and in respect to its property, generally and unconditionally, the non-exclusive jurisdiction of the foregoing courts. Owner and Affordable Housing Owner each irrevocably consents to the service of process in any action or proceeding by the mailing of copies thereof by registered or certified mail, postage prepaid, to Owner and Affordable Housing Owner at its address for notices pursuant to this Agreement. Nothing contained herein shall affect the right of the City to serve process in any other manner permitted by law. 7.19 Hazardous Materials. 7.19.1 Definitions. The following special definitions shall apply for the purposes of this Section: (a) "Hazardous Materials" shall mean: (1) any "hazardous substance" as defined in Section 101(14) of CERCLA (42 U.S.C. Section 9601(14)) or Section 25281(d) or 25316 of the California Health and Safety Code at such time; -28- 214 12853-0018\2043447v3.doc (2) any "hazardous water," "infectious waste" or "hazardous material" as defined in Section 25117, 25117.5 or 25501(j) of the California Health and Safety Code at such time; (3) any other waste, substance or material designated or regulated in any way as "toxic" or "hazardous" in the RCRA (42 U.S.C. Section 6901 et seq.), CERCLA Federal Water Pollution Control Act (33 U.S.C. Section 1521 et seq.), Safe Drinking Water Act (42 U.S.C. Section 3000 (f) et seq.), Clean Air Act (42 U.S.C. Section 7401 et seq.), California Health and Safety Code (Section 25100 et seq., Section 3900 et seq.), or California Water Code (Section 1300 et seq.) at such time; and (4) Any additional wastes, substances or material which at such time are classified, considered or regulated as hazardous or toxic under any other present or future environmental or other similar laws relating to the Project or the Property. (b) "Hazardous Materials Laws" means all federal, state, and local laws, ordinances, regulations, orders and directives pertaining to Hazardous - Materials, in, on or under the Project, the Property of any portion thereof. 7.19.2 Certain Hazardous Materials Covenants and Agreements. The Owner and Affordable Housing Owner hereby agree that: (a) Neither shall knowingly permit the Project, the Property or any portion thereof to be a site for the use, generation, treatment, manufacture, storage, disposal or transportation of Hazardous Materials or otherwise knowingly permit the presence of Hazardous Materials in, on or under the Project or the Property. For the purposes of this Section only, the term "Hazardous Materials" shall not include: (1) construction materials, gardening materials, household products, office supply products, or janitorial supply products customarily used in the construction, ownership, operation, maintenance, or management of residential developments or associated buildings and grounds, or typically used in residential activities, in a manner typical of other residential developments which are comparable to the Project; or (2) certain substances which may contain chemicals listed by the State of California pursuant to Health and Safety Code Section 25249.8 et seq., which substances are commonly used by a significant portion of the population living within the region of the Project, including (without limitation) alcoholic beverages, aspirin, tobacco products, and saccharine. (b) Each shall keep and maintain its interest in Project and the Property and each portion thereof in compliance with, and shall not cause or permit its interest in the Project, the Property or any portion thereof to be in violation of, any Hazardous Materials Laws. (c) Upon receiving actual knowledge of the same, the Owner or Affordable Housing Owner shall immediately advise the City in writing of: (1) any and all enforcement, cleanup, removal or other governmental or regulatory actions instituted, _29_ 215 12853-0018\2043447v3.doc completed or threatened against the Owner or the Project or the Property pursuant to any applicable Hazardous Materials Laws; (2) any and all claims made or threatened by any third party against the Owner or Affordable Housing Owner or the Project or the Property relating to damage, contribution, cost recovery, compensation, loss or injury resulting from any Hazardous Materials (the matters set forth in the foregoing clause (1) and this clause (2) are hereinafter referred to as "Hazardous Materials Claims"); (3) the presence of any Hazardous Materials in, on or under the Project or the Property; or (4) the Owner's or the Affordable Housing Owner's discovery of any occurrence or condition on any real property adjoining or in the vicinity of the Project classified as "borderzone property" under the provisions of California Health and Safety Code, Section 25220 et seq., or any regulation adopted in accordance therewith, or to be otherwise subject to any restrictions on the ownership, occupancy, transferability or use of the Project or the Property under any Hazardous Materials Laws. 7.19.3 Indemnity. Owner and Affordable Housing Owner hereby agree to indemnify, protect, hold harmless and defend (by counsel reasonably approved by the City) the City, and its City Council members, officers, employees, contractors, agents and attorneys from and against any and all claims, losses, damages, liabilities, fines, penalties, .charges, administrative and judicial proceedings and orders, judgments, remedial action requirements, enforcement actions of any kind, and all costs and expenses incurred in connection therewith, including, but not limited to, reasonable attorneys' fees and expenses(collectively, a "Loss"), arising directly or indirectly, in whole or in part, out of (1) the failure of the Owner or the Affordable Housing Owner, as applicable, or any other person or entity occupying or present on their respective interest in the Project or Property, to comply with any Hazardous Materials Law relating in any way whatsoever to the handling, treatment, presence, removal, storage, decontamination, cleanup, transportation or disposal of Hazardous Materials into, on, under or from the Project or the Property; (2) the presence in, on or under its interest in the Project or the Property of any Hazardous Materials or any releases or discharges of any Hazardous Materials into, on, under or from its interest in the Project or the Property; or (3) any activity carried on or undertaken on its interest in the Project or the Property during its ownership thereof, whether by the Owner or the Affordable Housing Owner or any employees, agents, contractors or subcontractors, or any third persons at any time occupying or present on the Project or the Property, in connection with the handling, treatment, 'removal, storage, decontamination, cleanup, transport or disposal of any Hazardous Materials at any time located or present on or under the Project or the Property. The foregoing indemnity shall further apply to any residual contamination on or under the Project or the Property, or affecting any natural resources, and to any contamination of any property or natural resources arising in connection with the generation, use, handling, treatment, storage, transport or disposal of any such Hazardous Materials on, under, or from the Project or the Property, and irrespective of whether any of such activities were or will be undertaken in accordance with Hazardous Materials Laws. However, the foregoing indemnity shall not extend to the portion of any Loss arising from the gross negligence, fraud or willful misconduct of the City or anyone for whose actions the City is legally liable. This Section shall survive termination of this Agreement. -30- 216 12853-0018\2043447v3.doc 7.19.4 No Limitation. Owner and Affordable Housing Owner hereby acknowledge and agree that their duties, obligations and liabilities under this Agreement are in no way limited or otherwise affected by any information the City may have concerning the Project or the Property and/or the presence within the Project or the Property of any Hazardous Materials, whether the City obtained such information from Owner or Affordable Housing Owner or from its own investigations. 7.20 Insurance Requirements. 7.20.1 Required Coverage. Owner and Affordable Housing Owner shall maintain and keep in force, at their sole cost and expense, the following insurance for their respective interests in the Project, provided, however, that a Contractor's liability policy may be used during construction provided it complies with all terms and conditions of this Section: (a) Comprehensive general liability insurance with limits not less than two million dollars ($2,000,000) for each occurrence, combined single limit for bodily injury and property damage, including coverages for contractual liability, personal injury, broad form property damage, products and completed operations. Beginning on the fifth anniversary date of the recordation of this Agreement, and thereafter every five (5) years, the policy limits shall be increased by ten percent (10%) of the then-current limit. (b) Comprehensive automobile liability insurance with limits not less than $2,000,000 for each occurrence, combined single limit for bodily injury and property damage, including coverages for owned, non-owned and hired vehicles. Beginning on the fifth anniversary date of the recordation of this Agreement, and thereafter every five (5) years, the policy limits shall be increased by ten percent (10%) of the then-current limit. (c) Worker's compensation insurance, fidelity bonds and/or such other insurance coverage which is ordinarily and customarily maintained on like kind and sized apartment projects within the City. (d) A policy or policies of insurance against loss or damage to the Project resulting from fire, windstorm, hail, lightning, vandalism, malicious mischief, and such other perils ordinarily included in extended coverage casualty insurance policies. In addition, if Owner or Affordable Housing Owner carries coverage voluntarily for additional causes (such as earthquake, riot, civil commotion or other), such coverage shall be treated in all respects as the policy or policies required to be kept under this paragraph (d) for so long as it continues to voluntarily carry such coverage. All insurance hereunder, except earthquake insurance, shall be maintained in an amount not less than one hundred percent (100%) of the Full Insurable Value of the Project as defined below (such value to include amounts spent for construction of the Project, architectural and engineering fees, and inspection and supervision). "Full Insurable Value of the Project" shall mean the actual replacement cost excluding the cost of excavation, foundation and footings below the ground level of the Project. To ascertain -31- 217 12853-0018\2043447v3.doc the amount of coverage required, Owner and Affordable Housing Owner shall cause the Full Insurable Value to be determined from time to time, but in no event less often than once each five (5) years, by appraisal by the insurer or by any appraiser mutually acceptable to City, Owner and Affordable Housing Owner; except that no such appraisals shall be required if the policy is written on a "replacement cost" basis. 7.20.2 General Requirements. The insurance required by this Section shall be provided under an occurrence form, and Owner and Affordable Housing Owner shall maintain such coverage continuously so long as this Agreement is in force. Should any of the required insurance be provided under a form of coverage that includes an annual aggregate limit or provides that claims investigation or legal defense costs be included in such annual aggregate limit, such annual aggregate limit shall be one and one-half times the occurrence limits specified above. All policies shall be with an insurance carrier licensed and admitted to do business in California and rated in Best's Insurance Guide, or any successor thereto (or if there be none, an organization having a national reputation) as having a "Best's Rating" of "A" and a "Financial Size Category" of at least "VII" or if such ratings are not then in effect, the equivalent thereof. 7.20.3 Additional Insured. The City shall be named as an additional insured on the general liability insurance covering the Project and the Property with an endorsement form as approved by the City Manager or his/her designee. Comprehensive general liability policies shall also be endorsed to name as additional insureds the City, and its City Council members, officers, agents and employees. All policies shall be endorsed to provide thirty (30) days prior written notice of cancellation, reduction in coverage, or intent not to renew to the address established for notices to the City pursuant to Section 7.1 of this Agreement. 7.20.4 Certificates of Insurance. Upon the City's request at any time during the Term of this Agreement, Owner and Affordable Housing Owner shall provide certificates of insurance, in form and with insurers reasonably acceptable to the City, evidencing compliance with the requirements of this Section, and shall provide complete copies of such insurance policies, including a separate endorsement approved by the City Manager or his/her designee, as indicated in Section 7.20.3, naming the City as an additional insured. 7.21 Burden and Benefit. City and Owner and Affordable Housing Owner hereby declare their understanding and intent of the burden of the covenants set forth herein touching and concerning the Project and the Property. 7.22 Amendments. Changes and modifications to this Agreement shall be made only upon the written mutual consent of the Parties. However, no changes shall be made to this Agreement which would adversely affect any bonds issued under this Project without the written consent of all appropriate parties with respect to any bond issuance. -32- 218 12853-0018\2043447v3.doc 7.23 No Third Party Beneficiaries. This Agreement shall not benefit or be enforceable by any person, or firm, or corporation, public or private, except the City, Owner, Affordable Housing Owner and their respective successors and assigns. 7.24 Counterparts. This Agreement may be executed in counterparts, which together will be one agreement. 7.25 Assessment Districts; Covenant and Waivers. Owner and Affordable Housing Owner agree to cast affirmative ballots for the increase of any assessment for existing assessment districts for the maintenance of parking and median landscaping, street lighting and parks conferring special benefits, and for the formation of any new assessment district for such purposes, in order to supplement then-existing assessments upon properties within the Project. Owner and Affordable Housing Owner hereby waive any right they or either of them may have to contest or protest such assessments or any assessment increases. In the event that any such assessment district has insufficient funds for its purposes, then Owner and Affordable Housing Owner shall pay the funds that the assessment district requires to the assessment district within five (5) business days after written demand from the assessment district from time to time. ARTICLE 8 INCORPORATION OF CERTAIN DEVELOPMENT AGREEMENT PROVISIONS The term of the Development Agreement is for seven (7) years, while the term of this Agreement is much longer (as described in the definition of "Term" in Section 1.1 above). The following provisions of the Development Agreement are hereby incorporated herein to clarify that they survive the expiration of the Development Agreement (but, except for Sections 8.1, 8.4 and 8.7, such provisions will not survive any earlier termination of the Development Agreement due to a default by the "Developer" thereunder) and continue until the expiration (or earlier termination) of this Agreement, it being understood that all of the rights and benefits of Owner and Affordable Housing Owner under the following (except for obligations thereunder arising prior to termination and Sections 8.1, 8.4 and 8.7) shall terminate upon any early termination of the Development Agreement due to a default by Owner or Affordable Housing Owner thereunder. 8.1 No Other Separate Conveyance of Affordable Units. After the initial conveyance by Owner to Affordable Housing Owner of Affordable Units, Owner and the Affordable Housing Owner and their successors in interest shall not convey their respective portions of the Property separately, but shall only convey them concurrently and to the same purchaser, only to a purchaser reasonably approved in writing by City (which will consider the reputation and experience of the purchaser in owning and operating affordable rental units). As a condition to the initial conveyance by Owner to Affordable Housing Owner of Affordable Units, Owner and Affordable Housing Owner shall execute, acknowledge and record (i) a separate agreement (i.e., a covenant and agreement to hold property as one parcel) imposing the foregoing restriction on the Property, which shall be subject to the written approval of City, and (ii) "conditions, -33- 219 12853-0018\2043447v3d oc covenants and restrictions" for the Project ("CC&R's"), which shall also be subject to the written approval of City. Such separate agreement and CC&R's shall be senior to any and all deeds of trust and other liens (except property taxes and assessments not yet due). 8.2 Development of the Property. The following provisions shall govern the subdivision, development and use of the Property. 8.2.1 Permitted Uses. The permitted and conditionally permitted uses of the Property shall be limited to those that are allowed by the Project Approvals and the Development Agreement. 8.2.2 Development Standards. All design and development standards, including but not limited to density or intensity of use and maximum height and size of buildings, that shall be applicable to the Property are set forth in the Project Approvals and the Development Agreement. 8.2.3 Building Standards. All construction on the Property shall adhere to all City building codes in effect at the time the plan check or permit is approved per Title 15 of the Moorpark Municipal Code and to any federal or state building requirements that are then in effect (collectively "the Building Codes"). 8.2.4 Reservations and Dedications. All reservations and dedications of land for public purposes that are applicable to the Property are set forth in the Project Approvals and the Development Agreement. 8.3 Densities Allowed for Development. Owner and Affordable Housing Owner agree that densities vested and incentives and concessions received in the Project Approvals include all densities available as density bonuses and all incentives and concessions to which Developer is entitled under the Moorpark Municipal Code, Government Code Sections 65915 through 65917.5 or both; neither Owner nor Affordable Housing Owner shall be entitled to further density bonuses or incentives or concessions and further agrees that its execution of and compliance with this Agreement is in consideration for the density bonus obtained through the Project Approvals that is greater than would otherwise be available. Residential Planned Development Permit No. 2012-02, including the special conditions that incorporate and include all of the requirements set forth in this Agreement are part of the Project conditions of approval and not merely contractual in nature. 8.4 Assessment Districts. Prior to issuance of a Zoning Clearance for the first building permit or the approval of any final map for the Project: (a) Owner and Affordable Housing Owner shall pay the City a single Five Thousand Dollar ($5,000) Assessment District Formation Fee; and (b) either two Assessment Districts (one fully funded and a second "back-up" district) or one Assessment District containing two zones (one zone to be fully funded and the other to be a back up zone), as determined by the City at the City's discretion, shall be formed that includes the Property. The first District out of the two Districts or the first zone of the one District, whichever is -34- 220 12853-0018\2043447v3.doc applicable, shall be for the purposes of funding future costs for the maintenance landscaping and irrigation of the landscaped area above the retaining wall along the southern perimeter of the Property and the maintenance of the storm water quality basin and drainage improvements, including basin landscaping and irrigation. The second District or second zone of the District, whichever is applicable, shall be for the maintenance of parkway landscaping on Casey Road and Walnut Canyon Road and Project slopes adjacent to the Walnut Canyon School, the maintenance of the storm water basin access drive and the emergency access drive. It shall be the intent of the City to approve the required assessment each year, but to only levy that portion of the assessment necessary to recover any past City costs or any anticipated City costs for the that fiscal year. The City shall administer the annual renewal of the Assessment District or Districts, and any costs related to such administration shall be charged to the fund established for such Assessment District revenues and expenses. Owner and Affordable Housing Owner agree to cast affirmative ballots for the establishment of both Assessment Districts, or both zones of the one District, as applicable, and for annual increases in the assessments thereunder, for the purposes specified in this subsection. Owner and Affordable Housing Owner hereby waive any right they may have to contest _ or protest any such assessments or assessment increases. In the event that any such Assessment District has insufficient funds for its purposes, then Owner or Affordable Housing Owner shall pay the funds required to the Assessment District within five (5) business days after written demand from the Assessment District from time to time. Owner and Affordable Housing Owner also agree to add this language to any Regulatory Agreement as part of the sale of any bonds issued by the City for the Project. 8.5 Fee Protest Waiver. Owner and Affordable Housing Owner agree that any fees and payments pursuant to the Development Agreement, this Agreement and for RPD 2012-02 shall be made without reservation, and Developer expressly waives the right to payment of any such fees under protest pursuant to California Government Code Section 66020 and statutes amendatory or supplementary thereto. 8.6 Required Tenant and Guest Parking. Owner and Affordable Housing Owner agree to provide a total of at least 2.00 parking spaces per unit on site. Two parking spaces shall be designated and reserved for each of the 2-bedroom and 3- bedroom units, and one space shall be designated and reserved for each of the 1- bedroom units, with the remainder of the spaces available for guest parking. At least one of the parking spaces designated and reserved for each of the units shall be in a garage or covered carport. There shall be no extra charges for required parking for any units (whether or not they are Affordable Units). Owner and Affordable Housing Owner shall only be required to provide ninety-four (94) guest parking spaces. 8.7 City Ability to Modify. Owner and Affordable Housing Owner acknowledge the City's ability to modify the development standards and to change the General Plan designation and zoning of the Property upon the termination or expiration of the Development Agreement (if the Project has not been built), and Developer hereby waives any rights they might otherwise have to seek judicial review of such City actions to change the development standards, General Plan designation and zoning to those -35- 221 12853-0018\2043447v3.doc development standards and density of permitted development to that in existence prior to the approval of General Plan Amendment No. 2004-05 ("GPA 2004-05") and Zone Change No. 2004-04 ("ZC 2004-04"). 8.8 Indemnity. Owner and Affordable Housing Owner will defend, indemnify and hold City harmless from and against any and all claims, liabilities, losses, damages, costs and expenses arising from any activity by Owner or Affordable Housing Owner or the contractors of either of them. 8.9 Storm Water/Flood Detention Basin. City agrees that Owner and Affordable Housing Owner may use the storm water/flood detention basin located on the City Property and depicted on Exhibit No. 5 for storm water/retention purposes for the Project, and City shall execute and deliver a revocable license agreement to Owner and Affordable Housing Owner to that effect; however, City may elect by written notice to Owner and Affordable Housing Owner to relocate said detention basin and any service road and secondary access road located on the City Property at any time, and Owner and Affordable Housing Owner shall reimburse or pay City for the costs of such relocation within ten (10) business days after written demand from City from time to time describing such costs. Owner and Affordable Housing Owner shall promptly provide a bond acceptable to City in the amount of such costs, as projected in good faith by City, to ensure payment of the costs, and every two (2) years the amount of the bond shall be increased (by amendment or by a replacement bond) by the percentage increase over the applicable two year period in the Caltrans Highway Bid Price Index for Selected California Construction Items, as determined in good faith by the City Manager. WHEREFORE, the parties have executed this Agreement as of the date first- above written. CITY: CITY OF MOORPARK By: Print Name: Title: -36- 2 2 2 12853-0018\2043447v3.d o c OWNER: ESSEX MOORPARK OWNER, L.P., a California limited partnership By: Essex Moorpark GP, L.P., a California limited partnership, its general partner By: Essex Management Corporation, a California corporation, its general partner By: Print Name: _ Title: -37- 2 2 3 12853-0018\2043447v3.d oc 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 Ventura ) On , before me, (insert name and title of the officer) Notary Public, 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 person(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) -38- 2 2 4 12853-0018\2043447v3.doc 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 Ventura ) On , before me, (insert name and title of the officer) Notary Public, 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 person(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) -39- 225 12853-0018\2043447v3.doc EXHIBIT NO. 1 TO AFFORDABLE HOUSING AGREEMENT LEGAL DESCRIPTION THE LAND REFERRED TO IS SITUATED IN THE STATE OF CALIFORNIA, COUNTY OF VENTURA, AND IS DESCRIBED AS FOLLOWS: ALL of Parcel 213 of in that certain Lot Line Adjustment No. 2005-04 in the City of Moorpark, County of Ventura, State of California, recorded July 21, 2005 as Document No. 20050721-0178764 or official records in the Office of the County Recorder of said County, being a portion of Lot "T', Tract No. "L", Rancho Simi, as per map filed in Book 5, Page 5 of Miscellaneous Records (Maps) in the Office of said County Recorder and a portion of Lot 4, Tract No. 3 as per Map entitled "Map of M.L. Wicks Subdivision of Part of Tract U and Addition to Moorpark, in the Rancho Simi, Ventura county, California" in said City, County and State as shown on Map filed in Book 5, Page 37 of said Miscellaneous Records (maps). TOGETHER WITH that portion of Parcel IA of in that certain Lot Line Adjustment No. 200503 in the City of Moorpark, County of Ventura, State of California, recorded May 3, 2005 as Document No. 20050503-0108315 or official records in the Office of the County Recorder of said County, being a portion of Lot "T", Tract No. "L", Rancho Simi as per map filed in Book 5 Page 5 of Miscellaneous Records (Maps) in the Office of said County Recorder, lying northerly of the following described line; BEGINNING at a point in east line of Parcel IA of said Lot Line Adjustment No. 2005-03, distant thereon North 292.97 feet from the southeasterly corner thereof; 1st Thence, departing said east line South 89°38'32"West 752.05 feet; 2nd Thence, South 27°20'34West 36.75 feet; 3rd Thence, South 89°03'54'West 293.78 feet to a point in the west line of said Parcel 1A. 226 12853-0018\2043447v3d oc EXHIBIT NO. 2 TO AFFORDABLE HOUSING AGREEMENT TYPE OF UNIT, NUMBER OF UNITS, HOUSEHOLD SIZE ADJUSTMENT AND UTILITY ALLOWANCE; LOCATIONS OF AFFORDABLE UNITS Very Low Income Type of Unit Number of Units Household Size Utility Adjustment Allowance 1-br 8 2 persons $156 2-br/2 bath 7 3 persons $175 3-br 1 4 persons $199 Total 16 Low Income Type of Unit Number of Units Household Size Utility Adjustment Allowance 1-br 11 2 persons $156 2-br/2 bath 12 3 persons $175 3-br 1 4 persons $199 Total 24 Moderate Income (but must instead be Low Income when tax credit and/or tax exempt bond laws apply to the Project) Type of Unit Number of Units Household Size Utility Adjustment Allowance 1-br 0 2 persons $156 2-br/2 bath 5 3 persons $175 3-br 5 4 persons $199 Total 10 The above Adjustment for Household Size is intended to provide a single rental rate applicable to eligible tenants for each type of unit, and, therefore, is applied regardless of actual household size. The Affordable Housing Owner may not charge additional rent based on a larger actual household size. Illustration: For example, the maximum rent for a Very Low Income Household renting a 2-bedroom unit would be calculated as follows: 30% x 50% x the Ventura County median income for a household of three divided by 12, less the utility allowance. 227 12853-0018\2043447v3.doc Illustration: For example, the maximum rent for a Low Income Household renting a 2-bedroom unit would be calculated as follows: 30% x 60% x the Ventura County median income for a household of three divided by 12, less the utility allowance. Illustration: For example, the maximum rent for a Moderate Income Household renting a 2-bedroom unit would be calculated as follows: 30% x 110% x the Ventura County median income for a household of three divided by 12, less the utility allowance. Utility Allowances will be adjusted annually using the most current "Allowances for Tenant Furnished Utilities and Other Services" (form HUD-52667) based on Apartment/Walk Up unit type as posted and updated annually by the Area Housing Authority of the County of Ventura based on the following appliances/utilities to be provided to the units: Natural Gas— Heating, cooking, water heating Water, Sewer, Trash, Other Electric allowance (for lights and other electric uses) Locations of Affordable Units (Including Handicapped-Compliant Units) The Affordable Units (including handicapped-compliant units) shall be located as shown on the site plan attached hereto. 228 12853-0018\2043447v3.doc y 4 BELOW MARKET RATE UNITS 11-50) •" V UNIT PLAN'ME O UNIT NO. BLDG.NO. FLOOR LEVEL INCOME LEVEL ` (( ( �_O• (Bedroom Count,Bathroom Count) Ir ` 8312,21 1ST FLOOR MODERATE r ® ` 83(2+2) IST FLOOR MODERATE 1 Al(1.1) 3RD FLOOR LOW _ A311+1) 3RD FLOOR LOW . _--�� ® •l, ,3� "Q .* 8212+2) IST FLOOR LOW �;� q 3 8212.21 IST FLOOR Low �.� A111.11 2N0 FLOOR LOW /' I`F Q R4 ��' BI(2,2) 2ND FLOOR LOW r 7 1 2 `--♦ 91(2+2) 25+FLOOR LOW • G`I 'E ,' 1 A211+11 3RD FLOOR LOW �� q 1 1 ,1 r 4 1 A3 I1+11 3RD FLOOR Law DI * 1 8112+2) 3RD FLOOR LOW 1 1 � p 1 8112+2) 2ND FLOOR LOW � /;q- I I iF 1 81 12+21 2ND FLOOR MODERATE I -- 1�■ „�1"'Sn 1 B2(2.2) 2ND FLOOR MODERATE nA vs�r i ,y 1 B2(2.2) 2ND FLOOR MODERATE IB 'I 1 d _ —�ur 1 Al(1.1) 3RD FLOOR LOW I 111015 I'.� :- I-1 \` I 8212+2) 1ST FLOOR LOW nL-f I ,KF• ,B�;; i 6, \ 1 82(2+2) 1ST FLOOR LOW 2 B3(2•2) 1ST FLOOR LOW IIS 9 $ Vii. 2 3l(2.2) 2ND FLOOR LOW I �!� 1312 v :I. � e r �I �e, 2 A2(1.1) 3RD FLOOR Low MI®r 2 92(2.2) 2ND FLOOR LOW I �� i �(T3 2 82)2+2) 2ND FLOOR LOW 1 A'�5 2 A211+1) 3RD FLOOR LOW I ��c: �� — 2 CE(3+2) 1ST FLOOR MODERATE 3 G / NI ,9] 2 8112.2) 2ND FLOOR VERY LOw I I.I! 1 I`11 k I 16+ 15 tory r_ 1 B21x+21 2ND FLOOR VERY LOW C3 13+2) 2ND FLOOR MODERATE I �� •- 30 AZ)1.11 3RD 11000. LOW I I ' ,v 17 14 31 Al U•q 1St FLOOR Low ..-r,"' 1.1" I. _ 32 82)2+2 IST FLOOR VERY LOW _*'� —�a�—'�'��, 33 Cl(3+2) IST FLOOR MODERATE `g' .*� "� R 34 A2(1.1) 2ND FLOOR LOW ,�_ Fuuraev� I 2ND FLOOR MODERATE 111 1 • �` ' 35 11 111 11 I l 36 Cl(+21 A3(1.1) ..�..�..�.. • �...�.. �.._ I 9 37 Bl(2+2) 3RD FLOOR VERY LOW 1ST FLOOR VERY LOW l�l� .moi P 41 38 C1(3*2) 1ST FLOOR MODERATE �.•� R M�•..IA, '�also,, 4' — 39 81(2+2) 2ND FLOOR VERY LOW •• III 40 82(2+2) 2ND FLOOR VERY LOW / - �..—•� �I 'I 1 41 Cl(3+2) 2ND FLOOR LOW - _ _ 42 A2(1.1) 3RD FLOOR VERY LOW • se / y*`��=" II l9` 1R - 43 A3(1+1) 3RD FLOOR VERY LOW • 23 24 N Al(1+11 IST Fl00R VERY IOW nay 45 AI 11.11 IST FLOOR AM'IOW 21 9 46 8212.21 IST FLOOR VERY LOW •/• "�tr� til 20221 �F�' Aria ® II'�f dT A211.11 2ND FLOOR VERY IOW % 1� I 1`4 =� .1 _ ,--�.� C C 'I �� 4B 0113+2) 2ND FLOOR VERY LOW • R. Ila`:" Ick i 49 A311.1) 3RD FLOOR VERY LOW ^•. /• • --,NA......, 1 -T"'"'''— �y _, R 4 50 A3 1.11 3RD FLOOR VERY LOW 11 1 I ! ,w ,- ' ill. 1 � ' IN.- - � it 1 �7` i .II ' �$� I ,�- —reA-- — ..,-,"=.•=.=..,,_-1.0_. o. —_,..e,_— .,..,_.r...,...„r .o_ UNIT SUMMARY gyp■ :.r= — 2 �,��'sj ® R 39 '• ® g I R 27 I BEDROOM 2 BEDROOM 3 BEDROOM TOTAL rel 50 li 46� •49 q38 41 37 I43 4U X33 36 � 26 E`'`.. MODERATE 5 5 10 r_ w 35 32 '9 28 LOW It 17 I 2a _._,on-.,.�_.,.,.�1 ,,.. '..a, .. .... .�_...a„,:...:._F I�r.-,u.«ss..� ..,.,��✓ � VERY LOW 8 7 I 16 1 I — 1 1 1 i I TOTAL BEDROOMS 19 20 7 50 • M_OORPARK APARTMENTS BELOW MARKET RATE UNITS A1•U ESSEX PROPERTY TRUST MOORPARK, CALIFORNIA Architecture+Planning 17461 Donlan Ave#110 1 1 4 1 4 1111.MI out alli.,011 1733 Ocean Ave..Sidle 250 . Irvine CA,92614 Sante Monica CA 90401 949 863 4214 310 394 2623 www.EsseoApenmenlHomes.00m 1♦ N N VD [1141 SII► /1.7111114111 01/010 RC. II , N. w• ac p LIMO RCOM II i i ,r.:3'.0.. :3'o lo� MING Ron, . ii OP E oh KITCHEN II i I QO6Ei IIIpmNENL v k Te LMNO ROOM apnc RootsO_R�_ 4 I:NfRv 1- ...:_ —A1 TTO�ENIRv I-'P- il i I MiN PLAN Al PLAN A2 PLAN A3 I BEDROOM,I BATH I BEDROOM,I BATH I BEDROOM,I BATH O. Ma ...,7 . It N ��I� Vii► BEDROO, MASTER BEDROOM BEDROOM2 MASTER BEDROOM 1iiI.Pr. 00�E, NRGRDamN ROOM ...._. car tAMND9E. CLOSET CLOSETr M _„ WLL 1 \,a r NHL .a.e.e KITCHEN _ Min MING ROOM W.I.C. ; DINING ROOM __ L WJ C. I EI ,4), ' ..4,.;.4., � ' r \\�11��9�I viM..e..e.ii W.. BEDROOM, TWIG Roots IMAM \ Oy 11 WM. I,,F, U) , 1 TNM \ r MTGNEN .t�0 V 1 , ,, y' --� BATH: Gull ,BON ,Exm ''t• ,ivl UN, +: r"1 i r"� BA,H2 � game. -� - IL__�, I1�;o �I[.] •:'u car G L---; VDC) riiie� C'1R v — oECN PLAN BI PLAN B2 PLAN B3 2 BEDROOM,2 BATH 2 BEDROOM,2 BATH 2 BEDROOM,2 BATH _I I 1 MOORPARK APARTMENTS UNIT PLANS _ ESSEX PROPERTY TRUST MOORPARK, CALIFORNIA 1733Oe nAve.,Planning ; c ..M ol., o. ei. �a 1733 Omen Ave.,Sults 250 17461 Dentin Ave#110 Sante Monica,CA 90401 I Irvine CA.92614 logy mm 949.663.4214 310 394 2623 �' L, www.EssovAparimentHvmes.com N W 0 n _ r0 r...- 111 , wu . . ii I IIILj0.41111 u .. PLAN CI 3 BEDROOM,2 BATH • MOORPARK APARTMENTS UNIT PLANS ESSEX PROPERTY TRUST ...O R P A R K, CALIFORNIA Architecture•Planning M 1 • �` - 17461 Dorian Ave 71110 r t c r 1111.111 0111 i it i 1733 Ocean Ave.,Suite 250 Irvine CA,92614 Sento AAorlka,CA 90401 M10 corn 394 949.863.4214 www.EssexApertmentHomes.com 310 394 2623 ID N .......1 W N EXHIBIT NO. 3 TO AFFORDABLE HOUSING AGREEMENT FORM OF CERTIFICATIONS OF TENANT ELIGIBILITY New Certification / Recertification Unit Number INCOME COMPUTATION AND CERTIFICATION NOTE TO APARTMENT OWNER: This form is designed to assist you in computing Annual Income Re: (NAME and ADDRESS of Apartment Building) To: I/We the undersigned state that I/we have read and answered fully, frankly and personally each of the following questions for all persons who are to occupy the unit being applied for in the above apartment project. Listed below are the names of all persons who intend to reside in the unit: 1. 2. 3. 4. 5. Name of Members Relationship Of the to Head of Social Security Place of Household Household Age Number Employment Income Computation 6. The total anticipated income, calculated in accordance with this paragraph 6, of all persons (except children under 18 years) listed above for the 12-month period beginning the earlier of the date that I/we plan to move into a unit or sign a lease fora unit is $ If this form is being completed in accordance with recertification of a Lower Income Tenant's or Very Low Income Tenant's occupancy of a Lower Income Unit or a Very Low Income Unit, respectively,this form must be completed based upon the current income of the occupants. Page 1 of 18 12853-0018\2043447v3.doc 232 Included in the total anticipated income listed above are: (a) the full amount, before any payroll deductions, of wages and salaries, overtime pay, commissions, fees, tips and bonuses and other compensation for personal services; (b) the net income from the operation of a business or profession. Expenditures for business expansion or amortization of capital indebtedness shall not be used as deductions in determining net income. An allowances for depreciation of assets used in a business or profession may be deducted, based on straight line depreciation, as provided in Internal Revenue Service regulations. Any withdrawal of cash or assets from the operation of a business or profession will be included in income, except to the extent the withdrawal is reimbursement of cash or assets invested in the operation by the family ; (c) interest and dividends and other net income of any kind from real or personal property. Expenditures for amortization of capital indebtedness shall not be used as deductions in determining net income. An allowance for depreciation is permitted only as authorized in paragraph (6)(b) of this section. Any withdrawal of cash or assets from an investment will be included in income, except to the extent the withdrawal is reimbursement of cash or assets invested by the family. Where the family has net family assets in excess of $5,000, annual income shall include the greater of the actual income derived from all net family assets or a percentage of the value of such assets based on the current passbook savings rate. (d) the full amount of periodic payments received from Social Security, annuities, insurance policies, retirement funds, pensions, disability or death benefits, and other similar types of periodic receipts, including any lump sum amount except deferred periodic amounts from supplemental security income and social security benefits that are received in a lump sum amount or in prospective monthly amounts; (e) payments in lieu of earnings, such as unemployment and disability compensation, workers' compensation and severance pay; (f) welfare assistance. If the welfare assistance payment includes an amount specifically designated for shelter and utilities that is subject to adjustment by the welfare assistance agency in accordance with the actual cost of shelter and utilities, the amount of welfare assistance income to be included as income shall consist of: (1) the amount of the allowance or grant exclusive of the amount specifically designated for shelter or utilities; plus (2) the maximum amount that the welfare assistance agency could in fact allow the family for shelter and utilities. If the family's welfare assistance is ratably reduced form the standard of need by applying a percentage, the amount calculated under this paragraph shall be the amount resulting from one application of the percentage; Page 2 of 18 12853-0018\2043447v3.doc 2 3 3 (g) periodic and determinable allowances, such as alimony and child support payments, and regular contributions or gifts received from organizations or from persons not residing in the dwelling; (h) all regular pay, special pay and allowances of a member of the Armed Forces except the special pay to a family member serving in the Armed Forces except the special pay to a family member serving in the Armed Forces who is exposed to hostile fire; and Excluded from such anticipated income are: (a) income from employment of children (including foster children) under the age of 18 years; (b) payments received for the care of foster children or foster adults (usually persons with disabilities, unrelated to the tenant family, who are unable to live alone); (c) lump sum additions to family assets, such as inheritances, insurance payments (including payments under health and accident insurance and workers' compensation), capital gains and settlement for personal or property losses except payments in lieu of earnings, such as unemployment and disability compensation, worker's compensation and severance pay; (d) amounts received by the family that are specifically for, or in reimbursement of, the cost of medical expenses for any family.member; (e) income of a live-in aide, as defined by 24 CFR §5.403; (f) the full amount of student financial assistance paid directly to the student or to the educational institution; (g) the special pay to a family member serving in the Armed Forces who is exposed to hostile fire; (h) (1) amounts received under training programs funded by the Department of Housing and Urban Development; (2) amounts received by a person with a disability that are disregarded for a limited time for purposes of Supplemental Security Income eligibility and benefits because they are set aside for use under a Plan to Attain Self-Sufficiency (PASS); (3) amounts received by a participant in other publicly assisted programs which are specifically for or in reimbursement of out-of-pocket expenses incurred (special equipment, clothing, transportation, child care, etc.) and which are made solely to allow participation in a specific program; (4) amounts received under a resident service stipend is a modest amount (not to exceed $200 per month) received by a resident for performing a service for the Page 3of18 12853-0018\2043447v3.doc 234 Public Housing Issuer or owner, on a part-time basis, that enhances the quality of life in the development. Such services may include, but are not limited to, fire patrol, hall monitoring, lawn maintenance, and resident initiatives coordination. No resident may receive more than one such stipend during the same period of time; (5) incremental earnings and benefits resulting to any family member from participation in qualifying State or local employment training programs (including training programs not affiliated with a local government) and training of a family member as resident management staff. Amounts excluded by this provision must be received under employment training programs with clearly defined goals and objectives, and are excluded only for the period during which the family member participates in the employment training program. (i) temporary , nonrecurring or sporadic income (including gifts); (j) reparation payments paid by a foreign government pursuant to claims filed under the laws of that government by persons who were persecuted during the Nazi era; (k) earnings in excess of $480 for each full-term student 18 years old or older (excluding the head of household and spouse); (I) adoption assistance payments in excess of$480 per adopted child; and (m) deferred periodic payments of supplemental security income and social security benefits that are received in a lump sum amount or in prospective monthly amounts; (n) amounts received by the family in the form of refunds or rebates under State or local law for property taxes paid on the dwelling unit; (o) amounts paid by a State agency to a family with a member who has a developmental disability and is living at home to offset the cost of services and equipment needed to keep the developmentally disabled family member at home; or (p) amounts specifically excluded by any other Federal statute from consideration as income for purposes of determining eligibility or benefits under a category of assistance programs that includes assistance under any program to which the exclusions set forth in 24 CFR §5.609(c) apply. 7. Do the persons whose income or contributions are included in item 6 above: (a) have savings, stocks, bonds, equity in real property or other form of capital investment (excluding the values of necessary items of personal property such as furniture and automobiles and interests in Indian trust land) Yes No; or (b) have they disposed of any assets (other than at a foreclosure or bankruptcy sale) during the last two years at less than fair market value? Page 4 of 18 12853-0018\2043447v3.doc 2 3 5 Yes No (c) If the answer to (a) or (b) above is yes, does the combined total value of all such assets owned or disposed of by all such persons total more than $5,000? Yes No (d) If the answer to (c) above is yes, state: (1) the combined total value of all such assets: $ (2) the amount of income expected to be derived from such assets in the 12- month period beginning on the date of initial occupancy in the unit that you propose to rent: $ , and (3) the amount of such income, if any, that was included in item 6 above: 8. Are all of the individuals who propose to reside in the unit full-time students*? Yes No *A full-time student is an individual enrolled as a full-time student during each of 5 calendar months during the calendar year in which occupancy of the unit begins at an educational organization which normally maintains a regular faculty and curriculum and normally has a regularly enrolled body of students in attendance or is an individual pursuing a full-time course of institutional or farm training under the supervision of an accredited agent of such an educational organization or of a state or political subdivision thereof. (a) If the answer to 8(a) is yes, is at least 2 of the proposed occupants of the unit a husband and wife entitled to file a joint federal income tax return? Yes No 9. Neither myself nor any other occupant of the unit I/we propose to rent is the owner of the rental housing project in which the unit is located (hereinafter the "Owner"), has any family relationship to the Owner; or owns directly or indirectly any interest in the Owner. For purposes of this paragraph, indirect ownership by an individual shall mean ownership by a family member, ownership by a corporation, partnership, estate or trust in proportion to the ownership or beneficial interest in such corporation, partnership, estate or Trustee held by the individual or a family member; and ownership, direct or indirect, by a partner of the individual. 10. This certificate is made with the knowledge that it will be relied upon by the Owner to determine maximum income for eligibility to occupy the unit; and I/we declare that all information set forth herein is true, correct and complete and based upon information I/we deem reliable and that the statement of total anticipated income contained in paragraph 6 is reasonable and based upon such investigation as the undersigned deemed necessary. Page 5 of 18 12853-001812043447v3.doc 2 3 6 11. I/We will assist the Affordable Housing Owner in obtaining any information or documents required to verify the statements made herein, including either an income verification from my/our present employer(s) or copies of federal tax returns for the immediately preceding calendar year. 12. I/We acknowledge that I/we have been advised that the making of any misrepresentation or misstatement in this declaration will constitute a material breach of my/our agreement with the Affordable Housing Owner to lease the unit and will entitle the Owner to prevent or terminate my/our occupancy of the unit by institution of an action for ejection or other appropriate proceedings. I/We declare under penalty of perjury that the foregoing is true and correct. Executed this day of , 20 (year) in the City of Moorpark, California Applicant Applicant Applicant Applicant [Signature of all persons (except children under the age of 18 years) listed in number 2 above required] Page 6 of 18 12853-0018\2043447v3.doc 2 3 7 FOR COMPLETION BY OWNER/AFFORDABLE HOUSING OWNER ONLY: 1. Calculation of eligible income: a. Enter amount entered for entire household in 6 above: $ b. (1) If the amount entered in 7(c)above is yes, enter the total amount entered in 7(d)(2), subtract from that figure the amount entered in 7(d)(3) and enter the remaining balance ($ ); (2) Multiply the amount entered in 7(d)(1) times the current passbook savings rate as determined by HUD to determine what the total annual earnings on the amount in 7(d)(1) would be if invested in passbook savings ($ ), subtract from that figure the amount entered in 7(d)(3) and enter the remaining balance ($ ); (3) Enter at right the greater of the amount calculated under (1) or (2) above:$ c. TOTAL ELIGIBLE INCOME (line 1.a plus line 1.b(3)): $ 2. The amount entered in 1.c: Qualifies the applicant(s) as a Moderate-Income Tenant(s). Qualifies the applicant(s) as a Lower-Income Tenant(s). Qualifies the applicant(s) as a Very-Low Income Tenant(s). 3. Number of apartment unit assigned: Bedroom size: Rent:$ 4. This apartment unit (was/was not) last occupied for a period of 31 or more consecutive days by persons whose aggregate anticipated annual income as certified in the above manner upon their initial occupancy of the apartment unit qualified them as a Lower-Income Tenant(s). 5. Method used to verify applicant(s) income: Employer income verification. Copies of tax returns. Other( ) 6. Is occupant a City of Moorpark resident on the waiting list who was given priority? Yes: No: Manager Date Page 7 of 18 12853-0018\2043447v3.doc 2 3 8 INCOME CALCULATION WORKSHEET Include all household income for all persons over 18 years of age. Written verification of all income must be included. Gross Net 1099 Public Social Pension Unemploy Military Alimony Family Applicant Wages Income Income Assistance Security ment Pay and/or Supp: &Salaries* from 1040 disability or Child (regular gift (YTD as of: (self workers Support from employed) compensat person not ion pay living in unit) 1 2 3 4 (A)TOTAL INCOME $. *Includes overtime pay, commissions, fees, tips, and bonuses. Does not include amounts received as reimbursements of medical costs or insurance payments. ASSET CALCULATION All income earned on assets in excess of $5,000 must be included as household income. Written verification must be included. If written verification is not available for savings, the current passbook savings rate as determined by HUD may be used. Real Property* $ Savings $ Stocks $ Bonds $ Other** $ (B)TOTAL ASSET INCOME $ *Includes rental income or equity if not rented only. Equity is the difference between the market value of the property and the total dollar amount of any loans secured by the property. **Does not include the personal property i.e., furniture or automobiles. TOTAL HOUSEHOLD INCOME(A+ B) $ Page 8 of 18 W 12853-0018\2043447v3.doc l0 INCOME VERIFICATION (FOR EMPLOYED PERSONS) The undersigned employee has applied for a rental unit located in a project financed under the Multifamily Revenue Bond Program for persons of low and very low income. Every income statement of a prospective tenant must be stringently verified. Please indicate below the employee's current annual income from wages, overtime, bonuses, commissions or any other form of compensation received on a regular basis. EMPLOYER Annual Wages (Gross) Other Income Avg. Total Hours Overtime Worked Weekly Bonuses Total Current Income Commissions Year-to-Date Income Current Base Pay Pay Period: [ ] Weekly [ ] Bi-weekly [ ] Monthly [ ] Other Do you anticipate an increase in the base pay over the next 12 months? ❑ Yes ❑ No If so, please indicate the amount of anticipated increase $ per start date: NOTE TO EMPLOYER: This form is an estimate of anticipated earnings solely for the purpose of determining income status. This form does not constitute a promise by the employer to the employee of guaranteed wages, bonuses or raises. I hereby certify that the statements above are true and complete to the best of my knowledge. Date Employer Signature Title Employer's Address Employer's Phone Number APPLICANT Page 9 of 18 12853-0018\2043447v3.doc 2 4 0 I hereby grant you permission to disclose my income to in order that they may determine my income eligibility for rental of an apartment located in their project which has been financed under the Multifamily Revenue Bond Program. Date Print Name (Resident) Signature (Resident) Please send to: (Management Co. or Owner) Page 10 of 18 12853-0018\2043447v3.doc 241 INCOME VERIFICATION (for self-employed persons) I hereby attach copies of my individual federal and state income tax returns for the immediately preceding calendar year and certify that the information shown in such income tax returns is true and complete to the best of my knowledge. Signature Date Page 11 of 18 - 12853-0018\2043447v3.doc 242 INCOME VERIFICATION (for Social Security recipients) TO: SOCIAL SECURITY ADMINISTRATION Ladies and Gentlemen: I have applied for a rental unit located in a project financed under the Multifamily Housing Program for persons of very low income: Every income statement of a prospective tenant must be stringently verified. In connection with my application for a rental unit, I hereby authorize the Department of Social Services to release to the specific information requested below: Date: Signature: Social Security No.: Name (Print): Address(Print) Monthly Benefits Began/Will Begin: Social Security Benefit Amount: $ Other Benefit(s): Amount: $ Medicare Deductions: $ Are benefits expected to change?[ ] Yes [ ] No If yes, please state date and amount: Date: of change Amount $ Page 12 of 18 - 12853-0018\2043447v3.doc 243 If recipient is not receiving full benefit amount; please indicate reason and date recipient will start receiving full benefit amount: Reason: Date of Resumption: Amount: Date: Signature: Title: Please send form to: Page 13of18 12853-0018\2043447v3.doc 2 4 4 INCOME VERIFICATION (for Department Social Services recipients) TO: CALIFORNIA DEPARTMENT OF SOCIAL SERVICES Ladies and Gentlemen: I am receiving assistance through your office. I have applied for a rental unit located in project financed under the Multifamily Housing Program for persons of very low income. Every income statement of a prospective tenant must be stringently verified. In connection with my application for a rental unit, I hereby authorize the Department of Social Services to release to the specific information requested below: Date: Signature: Caseload Number: Name (Print): Case Number: Case Worker: 1. Number of persons included in budget: 2. Total monthly budget $ (a) Amount of grant $ (b) Date aid last began: (c)Other income and source: (d) Is other income included in total budget? ❑ Yes 0 No 3. Please specify type of aid: (AFDC, FR, Food Stamps, ANB, MediCal, Etc.): 4. If recipient is not receiving full grant, please indicate reason: [ ] Overpayment due to client's failure to report other income [ ] Computation error [ ] Other: Page 14of18 12853-0018\2043447v3.doc 245 Date when full grant will resume: Date: Case Worker's Signature: Telephone: District Office: Your very early response will be appreciated. Please return form to: Page 15 of 18 12853-001812043447v3.doc 246 DECLARATION OF NO INCOME As managing agents for (Name of Development) assisted by the Low Income Housing Program, we are required to verify all income. To comply with this requirement, we ask your cooperation in supplying the information requested in the Certification below. This information will be held in strict confidence and used only for the purpose of establishing eligibility. Name of Management Company By: Name and Title CERTIFICATION I, , do hereby certify that I do NOT receive income from ANY source. I understand sources of income include, but are not limited to the following: Employment Study Pensions Unemployment Self Employment General Assistance Compensation AFDC Disability Social Security SSI Union Benefits Workers Compensation Retirement Funds Family Support Child Support Alimony Annuities Education Grants/Work Income from Assets I understand that should I become gainfully employed or begin receiving income from any source, I must report the information to the manager immediately. I certify that the foregoing information is true, complete and correct. Inquiries may be made to verify statements herein. I also understand that false statements or omissions are grounds for disqualification and/or prosecution under the full extent of California law. Signature Date Witness Signature Date Page 16 of 18 12853-0018\2043447v3.doc 2 4 7 Support Verification Source's Mailing Address: Phone #: Fax#: Recipient: Federal law requires that we verify the annual income of all persons applying for admissions to or living in a community that offers affordable housing. This community operates under the guidelines of Section 42 of the Internal Revenue Code. To comply with these requirements, we ask your cooperation in supplying the information requested below regarding the above referenced individuals. This information will be used only for determination of eligibility and/or rent computation. You will notice a release of information is authorized by the applicant/tenant's signature below. Your assistance in completing this form accurately and timely is greatly appreciated! Applicant/Tenant Release Statement Applicant/Tenant Name: I hereby authorize the release of the following information in order to determine my eligibility for the Bond Program. Please complete the form in full and return it to the MANAGEMENT COMPANY at your earliest convenience. Signature: Social Security #: Page 17 of 18 12853-0018\2043447v3.doc 2 4 8 Please complete the following. If the monies are based on a percentage of the payor's income, please indicate the average amount per period. Type of Benefit Amount Frequency [ ] Child Support ( ) weekly ( ) monthly ( ) yearly [ ] Family Support ( ) weekly ( ) monthly ( ) yearly [ ] Alimony ( ) weekly ( ) monthly( ) yearly [ ] Other ( ) weekly ( ) monthly ( ) yearly (Please list type) Are monies paid to offset an AFDC grant? [ ] Yes [ ] No Do you anticipate any changes in the next 12 months? [ ] Yes [ ] No Comments: Signature of Source: SSN#: Date Completed Form: Page 18 of 18 12853-0018\2043447v3.doc 249 EXHIBIT NO. 4 TO AFFORDABLE HOUSING AGREEMENT CERTIFICATE OF CONTINUING PROGRAM COMPLIANCE FOR THE [MONTH/QUARTER] ENDING The undersigned, , as the authorized representative of (the "Affordable Housing Owner"), has read and is thoroughly familiar with the provisions of the Affordable Housing Agreement by and between Essex Moorpark Owner, L.P. ("Owner") and the City of the City of Moorpark (the "City"), dated as of , 2017. As of the date of this Certificate, the following numbers of completed residential Units in the Project (i) are occupied, or (ii) are currently vacant and being held available for such occupancy and have been so held continuously since the date a Very Low Income Tenant or Low Income Tenant vacated such Unit, as indicated: Occupied by Very Low Income Tenants Number of Units: Occupied by Low Income Tenants Number of Units: Occupied by Moderate Income Tenants Number of Units: Held vacant for occupancy continuously since last occupied by Very Low Income Tenants and Low Income Tenants: Vacant Units Number: Occupied Units Number: Very Low Income Tenants and Low Income Tenants who commenced occupancy of Units during the preceding [month/quarter]: Very Low Income: Units Nos.: Page 1 of 2 12853-0018\2043447v3.doc 2 5 0 Low Income: Units Nos. Moderate Income: Number of Units: Attached is a separate sheet (the "Bond Program Report") listing, among other items, the following information for each apartment Unit in the Project: the number of each apartment Unit, the occupants of each Unit, the rental paid for each Unit and the size and number of bedrooms of each Unit. It also indicates which Units are occupied by Low Income Tenants and Very Low Income Tenants and Modern Income Tenants and which Units became Low Income Units and Very Low Income Units and Moderate Income Tenants during the preceding [month/quarter]. The information contained thereon is true and accurate. The undersigned hereby certifies that (1) a review of the activities of the Owner and.Affordable Housing Owner during such [month/quarter] and of Owner's and the Affordable Housing Owner's performance under the Affordable Housing Agreement among Owner, Affordable Housing Owner and the City, has been made under the supervision of the undersigned; and (2) to the best of the knowledge of the undersigned, based on the review described in clause (1) hereof, the neither the Owner nor the Affordable Housing Owner is in default under any of the terms and provisions of the above documents [or describe the nature of any default in detail and set forth the measures being taken to remedy such default: Page 2 of 2 12853-0018\2043447v3.doc 2 5 1 EXHIBIT NO. 5 TO AFFORDABLE HOUSING AGREEMENT INITIAL LOCATION OF STORM/WATER DETENTION BASIN ON CITY PROPERTY (Attached.) 12853-0018\2043447v3.doc 2 5 2 7 111'.x'M1. 1_ r ,>00.0000.mi,..ii / ___t‘,.._ p-_-112:-......7-14,-- ricailirr III / Niiiii ii�iiiC��`�iii jp aiiiii0iiiiiii"- 11 • ► / ► / _, EX. LOT\L",.12111-110.-- ........______K- '\■■■ ■■�' ' � 11111111111in1 O,\■■r.■■. '11 Ll■■■■■■gi 1!Im■■ ■■it I:_. .�■■■■■■i.C .�■■■■■■d. 0..■■m■■.I •11 .n_ 1111 11R-frill!!! _ �. !i! - -INN I /EX. SLOPE \� ik.a ix - iiii.,4I Ir.■ !&&— J�i.,,1 i .!= A A awe?.4 ■�—:g 16.!=!!��!!1.',. El, _•r �u/ , ftli -- 1 Ex. LOT1._ _ 1 ,_.-41„._-%.— _ a -- �� I Ie T 0��IM � � mil■ �r... ( 502 °:I,160WW Ei.I'/!' ,, vAffHflflff/Iflf/f1/7lllffff/I//ffff/fflfHf/BIfd,F. ' PROP. LOT LINE A1=11,920 SF I 6 IL1� I I g-, AToT =337,406 SF I1 A2=21,290 SF r�P I81AE=4,980 SF di 11111111111k' --] 1 X11- o -1 i - -"- /,u- _ -n— — —u_ ei \ \\ �. of \\\ 11,11W0 »� .1 - o W Aa=17,480 SF �\ i , i : o ` y�� LOT AREA SUMMARY TABLE NEW LOT (ATONAL); 337,410 SF - ,,- PROPOSED ELEC. ESMT: (A 1): 11 ,920 SF — — — — - PROPOSED TEMP. BASIN (A2): 21 ,290 SF PROPOSED ACCESS ROAD (A3): 17,480 SFr .5 REMAINDER LOT(ATOTAL-A1,2.3): 286,720 SF **AE IS AN EXISTING ESMT FOR OVERHEAD ELECTRIC LINE** a MOORPARK LOT LINE ADJUSTMENT EXHIBIT OCIN•ULTI.,• 06/26/14 N Ui W