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"Claims" is defined in Section 2.6.2. <br />"Deed of Trust" is defined in Recital E. <br />"Eligible Household" means a household for which household Gross Income upon <br />initial occupancy does not exceed the maximum income level for a Restricted Unit as specified <br />in Section 2.1. <br />"Existing Units" means the thirty-six (36) residential units located on the Property as of <br />the Effective Date that will be rehabilitated pursuant to the Loan Agreement. <br />"Gross Income" shall have the meaning set forth in Section 6914 of Title 25 of the <br />California Code of Regulations as such section may be revised from time to time. <br />"HIP" means HIP Housing Development Corporation, a California nonprofit public <br />benefit corporation. <br />"HOME Program" means the HOME Investment Partnership Program established and <br />operating pursuant to 42 U.S.C. 12741 et seq. and 24 C.F.R. Part 92. <br />"HOME Rents" means rents calculated annually by HUD and are the following: <br />(a) The lesser of the fair market rent or thirty percent (30%) of sixty-five percent <br />(65%) of Area Median Income, adjusted for imputed household size pursuant <br />to Section 2.1.1 below ("High HOME Rents"); or <br />(b) Thirty percent (30%) of fifty percent (50%) of Area Median Income, adjusted <br />for imputed household size pursuant to Section 2.1.1 below ("Low HOME <br />Rents"). <br />"HOME Units" means the two (2) one -bedroom floating units that will be subject to the <br />requirements of the HOME Program. <br />"HUD" means the U.S. Department of Housing and Urban Development. <br />"Indemnitees" means collectively, the City and its elected and appointed officers, <br />officials, employees, agents, consultant, contractors, and representatives. <br />"Load" is defined in Recital D. <br />"Loan Agreement" is defined in Recital B. <br />"Marketing and Management Plan" is defined in Section 6.5. <br />"Note" is defined in Recital E. <br />"Official Records" means the Official Records of San Mateo County. <br />OAK #4820-8711-2085 v4 <br />ATTYIAGR.2019.148lRedwood Oaks Associates 11 LP - Regulatory Agreement <br />