AgdaPkt 2016-05-09 Interview, Closed and Joint SA PFA

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6.1.B. - Page 6 Resale Restriction Agreement - shall have the meaning set forth in Section 3.4 below. Article II Rental Affordable Requirements 2.1 Rental Term. Subject to earlier termination pursuant to Section 3.6 below, Developer hereby agrees that for a period of 55 years from the Effective Date (the "Rental Term"), the Affordable Units shall be rented at an Affordable Rent, as defined below, to persons and families whose incomes do not exceed eighty percent (80%) of HUD's Area Median Income for San Mateo County ("AMI"), as adjusted from time to time ("Qualified Lessees"), at rental rates no greater than thirty percent (30%) of eighty percent (80%) of the AMI, adjusted for family size appropriate to the unit, pursuant to California Health and Safety Code Section 50053(b)(3), as amended, or any successor statute thereto ("Affordable Rent"). "Adjusted for family size appropriate to the unit" shall have the meaning set forth in California Health and Safety Code Section 50053, as amended, or any successor statute thereto. 2.2 Determination of Qualified Lessees. In order to ensure compliance with this Agreement, Developer and its successors shall ensure that each lessee occupying an Affordable Unit on the Property executes under penalty of perjury an income verification and information form ("Income Verification and Information Form"), in a form reasonably acceptable to the City, certifying the lessee's income. Developer and its successors shall obtain a copy of the federal income tax return for each lessee occupying an Affordable Unit for the taxable year immediately preceding such lessee's initial occupancy in the Project or, if a lessee occupying an Affordable Unit certifies that he or she did not file or did not retain a copy of such tax return, other satisfactory evidence of income for such year, such as wage statements, employer records or other form of independent verification approved by City. 2.3 Annual Certification of Qualified Lessees and Occupancy Report. Annual reports and annual income certifications or recertifications must be submitted to City in a format and containing the information reasonably required by the City, including all information necessary to meet reporting requirements by City. The annual reports and annual income certification shall be submitted to City on or before February 15 of each year. The annual reports, at a minimum, shall include: i) A site map showing the unit numbers and locations of all units and all Affordable Units; ii) Total number of Affordable Units that are occupied; iii) Total number of Affordable Units that are vacant; iv) A certified rent roll for all units containing the unit numbers, the lease commencement and expiration dates, the numbers of bedrooms and bathrooms within the rented units, the rental rate for REV:04-20-16 VR Page 3 of 29 ATTY/AGR.2016.081/Fuller Street Partners, LLC Affordable Housing Agreement