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RecDoc 2020-115558
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RecDoc 2020-115558
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12/11/2020 11:33:49 AM
Creation date
12/11/2020 11:33:26 AM
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Recorded Docs
Recorded Docs - Type
Agreement
Subject
Affordable Housing Regulatory Agreement & Declarat
Doc Num
2020-115558
Rec Date
10/22/2020
APN
053-171-120
Address
1 Franklin Street
Parties
Board of Trustees Leland Stanford Junior U.
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for utilities paid by the Tenant, including garbage collection, sewer, water, electricity, gas and <br />other heating, cooking and refrigeration fuel, but not telephone service or cable TV; and any <br />other interest, taxes, fees, or charges for use of the land or associated facilities and assessed by a <br />public or private entity other than Owner, and paid by the Tenant. <br />(x) "Tenant" means a household legally occupying an Affordable Unit <br />pursuant to a valid lease with Owner. <br />(y) "Tenant Lease" is defined in Section 2.5. <br />(z) "Term" means the term of this Agreement, which commences on the date <br />of this Agreement and continues until the fifty-fifth (551h) anniversary of the date hereof. <br />(aa) "Unit" means one of the approximately one hundred seventy-five (175) <br />rental housing units constructed on the Property. <br />1.2 Exhibits <br />The following exhibit is attached to this Agreement and incorporated into this Agreement <br />by this reference: <br />Exhibit A: Legal Description of the Property <br />ARTICLE 2 <br />AFFORDABILITY AND OCCUPANCY COVENANTS <br />2.1 Occupancy Requirements. <br />The Affordable Units shall be rented to and occupied by, or, if vacant, available for <br />occupancy by 50% and 80% AMI Households as follows: <br />(a) 50% Units. Owner shall rent five (5) Affordable Units to, and shall ensure <br />that these Affordable Units are occupied by, or, if vacant, available for occupancy by, 50% AMI <br />Households. <br />(b) 80% Units. Owner shall rent thirty-two (32) Affordable Units to, and shall <br />ensure that these Affordable Units are occupied by, or, if vacant, available for occupancy by, <br />80% AMI Households. <br />(c) Access to Facilities. All Tenants must have equal access to and enjoyment <br />of all common facilities in the Development. <br />(d) Bedroom Size. The bedroom sizes for the Affordable Units shall be no <br />less than the figures set forth in the following chart: <br />REV: 09-29-2020 VR <br />ATTY/AGR.2020.215/Stanford - Cardinal Apartments (Page 4 of 16) <br />
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