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the date on which it will occur, the Developer shall be deemed conclusively and without further action of the Agency to have satisfied the requirements of this Agreement with respect to the Property as if a Certificate of Completion had been issued therefor. ARTICLE IV USE OF THE SITE Section 4 . 01 . Uses. The Developer covenants and agrees for itself, its successors, its assigns, and every successor in interest to the Property, or any part thereof, that upon completion of construction of the Project, the Developer shall reserve the sale and occupation of each Unit to the Qualified Buyers in accordance with the following, with costs to be at an affordable housing cost as defined in further detail below ( "Affordable Housing Cost" ) : Affordability Level Number of Units SF 2 Bedroom, 1 bath, 50� of AMI 1 wheelchair accessible unit 3 BR/2 BA 50� of AMI 7 Average 1500 SF a. Affordable Housina Cost . Pursuant to Section 50052 . 5 of the California Health & Safety Code, total monthly Affordable Housing Costs for the Qualified Buyers shall not exceed the product of thirty percent (3 0%) times f if ty percent (50%) of the AMI adjusted for family size appropriate for the unit . "Adjusted for family size appropriate for the unit" shall mean a three-person household for a two bedroom unit and four-person household for a three bedroom unit . Monthly Affordable Housing Costs shall include: mortgage principal and interest expenses, property taxes and insurance, and homeowner association dues . For purposes of evaluating "affordable housing costs" , the term of the mortgage shall be thirty (30) years . b. Maximum Initial Sales Price . The maximum initial sales price for each home shall not exceed the sum of the first mortgage as established in accordance with the restrictions of Section 50052 . 5, set forth above, and the amount of the AHP mortgage assistance grants provided for each unit . REDW\0006\DOC\013-7 2� 1\11\OS 940 law