RecDoc 2020-115558 - Laserfiche WebLink

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E. The Owner has entirely funded the acquisition and operation of the Development and has offered the City the opportunity to record this Agreement to restrict the Affordable Units without the financial contribution of the City. The Owner and the City are recording this Agreement in furtherance of the common objective of encouraging occupancy in the Development and the Affordable Units by persons working at the Owner's Redwood City Campus to reduce vehicle miles traveled and trips generated by the Development, possibly resulting in greenhouse gas reductions. NOW, THEREFORE, in consideration of the mutual covenants and undertakings set forth herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the City and Owner hereby agree as follows: AGREEMENT The foregoing recitals are hereby incorporated by reference and made part of this Agreement. ARTICLE 1 DEFINITIONS 1.1 Definitions. When used in this Agreement, the following terms shall have the respective meanings assigned to them in this Article 1. (a) "50% AMI Household" means a household with an annual income, which does not exceed fifty percent (50%) of Area Median Income, adjusted for Assumed Household Size. (b) "50% AMI Household Rent" means 30% of the maximum income published by HCD for a "50% AMI Household" in San Mateo County for the Assumed Household Size. (c) "50% Units" means the Units, which, pursuant to Section 2.1(b) below, are required to be occupied by 50% AMI Households. (d) "80% AMI Household" means a household with an annual income, which does not exceed eighty percent (80%) of Area Median Income, adjusted for Assumed Household Size. (e) "80% AMI Household Rent" means 30% of the maximum income published by HCD for an "80% AMI Household" in San Mateo County for the Assumed Household Size. (f) "80% Units" means the Units, which, pursuant to Section 2.1(c) below, are required to be occupied by 80% AMI Households. REV: 09-29-2020 VR ATTY/AGR.2020.215/Stanford - Cardinal Apartments (Page 2 of 16)