The applicant requesting a density bonus under this chapter shall agree to construct, operate and maintain the project in accordance with a density bonus housing agreement entered into with the City.

The terms of the density bonus housing agreement shall be reviewed and revised as appropriate by the Director of Community Development, who shall execute on behalf of the City, and the City Attorney, who shall review as to form.

The proposed density bonus housing agreement shall be based on the City's standard form agreement, which, at minimum, shall include the address(es), legal description, an appropriate term of affordability, a project description, including, but not limited to, the total number of market-rate and affordable units, the concessions or incentives provided, waivers or reductions provided, the type and description of the affordable unit(s) provided (number of bedrooms/bath, unit size, floor area, etc.) and other standard provisions, including, but not limited to, income verification requirements, the dispersal requirement under this chapter, indemnification language, monitoring and/or reporting requirements and remedies for breach.

Once a density bonus housing agreement is determined acceptable by the Director of Community Development and executed by the parties, the density bonus housing agreement shall be recorded on the parcel or parcels designated for construction. The approval and recordation shall take place prior to final map approval, or, where a map is not being processed, prior to the issuance of building permits for the project. The density bonus housing agreement shall be binding upon all future owners and successors in interest.