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fifty percent (50%) of the median income level, as adjusted from time to time and in effect at the time of execution of a rental agreement for the rental of such Affordable Unit, adjusted for a � family of four(4), as set forth in the document entitled San Mateo County Income Limits (the "Median Income Level"); and (ii) the Moderate Income Affordable Units shall be occupied or reserved for occupancy by individuals or families whose income does not exceed one hundred twenty percent (120%) of the Median Income Level. The Agency shall promptly make available to IAC schedules of changes to the Median Income Level. Very Low Income Affordable Units shall be rented at monthly rents which shall not exceed 1/12 of 30% of 50% of the Median Income Level for the Household Size applicable to the Very Low Income Affordable Unit (as determined below), less a utility allowance of$35.00 for a one bedroom unit, $50.00 for a two- bedroom unit or$75.00 for a three bedroom unit, as applicable.(the "Utility Allowance") and Moderate Income Affordable Units shall be rented at monthly rents which shall not exceed 1/12 of 30% of 120% of the Median Income Level for the Household Size.applicable to the Moderate Income Affordable Unit(as determined below), less the Utility Allowance ("Monthly Affordable Rent") for such Affordable Unit. For purposes of this Covenant, "Household Size" shall mean two (2) persons with respect to a one (1) bedroom Affordable Unit, four(4)persons with respect to a two (2) bedroom Affordable Unit, and five (5) persons with respect to a three (3) bedroom Affordable Unit. By way of example, as of the date of the drafting of this Covenant, the Median Income Level is Seventy-Two Thousand Four Hundred Dollars ($72,400.00). Therefore, the Monthly Affordable Rent for a two-bedroom Very Low Income Affordable Unit would be One Thousand Thirty-Six Dollars ($1,036.00). In the everit that such income determinations are no longer published by San Mateo County, or are not updated for a period of at least 18 months, the Agency shall provide IAC with other income determinations that are reasonably similar with respect to methods of calculation to those previously published by San Mateo County. Persons and families of low or moderate income that have been displaced as the result of the IAC Project shall be given priority in leasing the Affordable Units, in conformance with Section 33411.3 of the California Health and Safety Code, followed by households that live or work in the City of Redwood City. D. Certification and Recertification. Upon the completion of the initial renting of ninety- five percent (95%) of the rental units (the "Initial Rent-Up") in the IAC Project and on the anniversary date thereof in each year of the term of this Covenant, IAC shall provide to the Agency income certifications from the tenants in the Affordable Units in a form reasonably approved by the Agency. IAC shall also provide to the Agency the form of lease that IAC shall use with the tenants of the Affordable Units. The Agency shall have the right to approve the provisions of the lease form regarding the occupancy and monitoring of the Affordable Units in connection with the Agency's satisfaction of its obligations under Section 33418 of the California Health and Safety Code to monitor affordable units, which approval shall not be unreasonably withheld. Such lease provisions shall require that as a condition of its rental of an Affordable Unit, a tenant must complete the initial and periodic certifications referenced above in this Section 1(D). The Agency shall approve or disapprove the lease fortn in writing within five (5) business days after submission to the Agency. If the Agency disapproves the form of the lease, the Agency shall give written notice thereof to IAC setting forth in detail the reasons for � such disapproval. In no event shall the Agency required changes that are inconsistent with federal, state or local laws or regulations. 9627:100252.5 2