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ATTY/AGR/2017.145/ STAFFORD FUNDING AGREEMENT <br />REV: 06-21-17 JS <br />Page 4 of 41 <br />in full at the end of the Loan Term, except in the case of a default as hereinafter provided <br />in which case repayment may be accelerated. For the purposes of this Agreement, the <br />“Loan Term” shall be the date which is fifty-five (55) years from the date the Promissory <br />Note is fully executed. <br /> 2. DEFINITIONS. The following definitions shall apply throughout this <br />Agreement: <br /> a. “Area Median Income” means the median income applicable to San Mateo <br />County, as published annually by the City for each household size, based on median <br />income data for San Mateo County published by HUD and the California Department of <br />Housing and Community Development (“HCD”). <br /> b. “Low Income Households” means households with incomes no greater than the <br />maximum income for low income households, as published annually by the City for each <br />household size, based on HUD and HCD income limits for San Mateo County. As of the <br />date of this Agreement, such incomes shall not exceed 80% of Area Median Income. <br /> c. "Very Low Income Households" means households with incomes no greater <br />than the maximum income for very low income households, as published annually by the <br />City for each household size, based on HUD and HCD income limits for San Mateo <br />County. As of the date of this Agreement, such incomes shall not exceed 50% of Area <br />Median Income. <br /> d. “Maximum Rent for Low Income Households” means a total monthly rent that <br />does not exceed any of (a) the current HUD CDBG rent limits for Low Income Households <br />adjusted for unit size; (b) the rents specified by Section 50053 of the California Health <br />6.3.E. - Page 16