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"Indemnitees" means collectively, the City and its elected and appointed officers, <br />officials, employees, agents, consultants, contractors, and representatives. <br />"Loan" is defined in Recital B. <br />"Loan Agreement" is defined in Recital A. <br />"Low HOME Rent" means the rent calculated annually by HUD equal to thirty percent <br />(30%) of fifty percent (50%) of Area Median Income, adjusted for imputed household size <br />pursuant to Section 3. 1.1 below. <br />"Low -Income Household" means a household whose Gross Income at initial occupancy <br />does not exceed the qualifying limits for lower income households as established and amended <br />from time to time by the U.S. Department of Housing and Urban Development ("HUD") <br />pursuant to Section 8 of the United States Housing Act of 1937 and published by the California <br />Department of Housing and Community Development ("HCD") for San Mateo County pursuant <br />to Section 50079.5 of the California Health and Safety Code, adjusted for Actual Household <br />Size. <br />"Marketing and Management Plan" is defined in Section 11-5. <br />"Note" is defined in Recital B. <br />"Official Records" means the Official Records of San Mateo County. <br />"Owner" means HIP Housing Development Corporation, a California nonprofit public <br />benefit corporation and its successors and assigns. <br />"Project" is defined in Recital C. <br />"Property" is defined in Recital B. <br />"Very Low -Income Household" means a household whose Gross Income at initial <br />occupancy does not exceed the qualifying limits for very low income households as established <br />and amended from time to time by the U.S. Department of Housing and Urban Development <br />("HUD") pursuant to Section 8 of the United States Housing Act of 1937 and published by the <br />California Department of Housing and Community Development ("HCD") for San Mateo <br />County pursuant to Section 50079.5 of the California Health and Safety Code, adjusted for <br />Actual Household Size. <br />1.3 Community Housing Development Organization Funds. As set forth in the Loan <br />Agreement, pursuant to 24 CFR §92.300, the Loan was funded in part with HOME Funds <br />reserved for investment in housing developed, sponsored, or owned by certified Community <br />Housing Development Organizations as defined in 24 CFR §92.2. Owner hereby represents and <br />warrants that it is a California nonprofit public benefit corporation that is tax-exempt under <br />section 501(c)(3) of the Internal Revenue Code of 1986, and that Owner qualifies as a <br />Community Housing Development Organization as defined in 24 CFR §92.2. In accordance with <br />24 CFR §92.300, Owner covenants and agrees that it acquired the Property pursuant to the terms <br />REV: 08-26-2020 PR <br />ATTY/AGR.2020.168/HIP Housing Development Corporation (Page 4 of 31) <br />