RecDoc 2020-115558 - Laserfiche WebLink

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(g) "Adjusted Income" means the total anticipated annual income of all persons in a household, as calculated in accordance with 25 California Code of Regulations Section 6914 or pursuant to a successor State housing program that utilizes a reasonably similar method of calculation of adjusted income. In the event that no such program exists, the City shall provide the Owner with a reasonably similar method of calculation of adjusted income as provided in said Section 6914. (h) "Assumed Household Size" means for a studio apartment, one (1) person; for a one (1) bedroom apartment, two (2) people; and for a two (2) bedroom apartment, three (3) people. (i) "Affordable Units" are defined in Recital C. 0) "Agreement' means this Affordable Housing Regulatory Agreement and Declaration of Restrictive Covenants. (k) "Area Median Income" or "AMI" means the area median gross yearly income adjusted for Actual Household Size (to qualify residents) or Assumed Household Size (to calculate rents), as applicable, for San Mateo County, as published and periodically updated by HCD. (1) "City" is defined in the first paragraph of this Agreement. (m) "Default' is defined in Section 6.5(a). (n) "Development' is defined in Recital B. (o) "Effective Date" is defined in the first paragraph of this Agreement. (p) "Encroachment Permit' is defined in Recital C. (q) "HCD" means the California Department of Housing and Community Development. (r) "HUD" means the United States Department of Housing and Urban Development. (s) "Indemnitees" are defined in Section 6.4. (t) "Owner" is defined in the first paragraph of this Agreement. (u) "Party" or "Parties" is defined in the first paragraph of this Agreement. (v) "Property" is defined in Recital B. (w) "Rent' means the total of monthly payments by the Tenant of a Unit for the following: use and occupancy of the Unit and land and associated facilities, including parking; any separately charged fees or service charges assessed by Owner which are required of all Tenants, other than security deposits; an allowance for the cost of an adequate level of service REV: 09-29-2020 VR ATTY/AGR.2020.215/Stanford - Cardinal Apartments (Page 3 of 16)