AgdaPkt 2021.02.08 Joint SA PFA - Laserfiche WebLink

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6.B. - Page 46 of 113 E. As required by the Grant Agreement, this Agreement obligates Developer to sell the residential units in the Project to Eligible Households at Affordable Housing Cost, and to require the homebuyers to execute and record a resale restriction agreement and related documents in the form attached as exhibits to this Agreement. F. The Parties intend the covenants set forth in this Agreement to run with the land and to be binding on the Project, the Developer and Developer's successors and assigns for the full term of this Agreement. NOW THEREFORE, in consideration of the covenants contained herein and for good and valuable consideration, City and Developer hereby agree as follows: AGREEMENT 1. Incorporation of Recitals. The Parties acknowledge the truth of the foregoing recitals, which are hereby incorporated into this Agreement by this reference. 2. Definitions. The following terms shall have the meanings set forth in the Sections referenced below whenever used in this Agreement and the Exhibits attached hereto. Additional terms are defined in the Recitals and text of this Agreement. "Actual Household Size" means the actual number of persons in an Eligible Household' s household. "Affordable Housing Cost" means a monthly obligation to pay mortgage payments (principal and interest), property taxes, property insurance, mortgage insurance (if required by mortgage lender), utilities, and homeowners ' association dues (if applicable) in an aggregate amount not greater than one -twelfth of thirty percent (30%) of household Gross Income. For the purpose of calculating Affordable Housing Cost, mortgage payments that the homeowner is required to pay on a current basis are included, but "silent" mortgages that do not require payment of principal and interest are excluded. "Affordable Sales Price" means the maximum sales price for a BMR Unit as determined pursuant to Section 7 below that will result in an Affordable Housing Cost for the homebuyer. "Area Median Income" or "AMI" means the area median income for San Mateo County, California, adjusted for Actual Household Size, as determined by the United States Department of Housing and Urban Development ("HUD") and as published from time to time by the State of California Department of Housing and Community Development ("HCD") in Section 6932 of Title 25 of the California Code of Regulations or successor provision published pursuant to California Health and Safety Code Section 50093(c). IOMMi3WaVaa9:t 1619\01\2924770.1 10/9/2020 OAK #4847-7408-069700 ATTY/AGR.2020.305/Habitat for Humanity Greater San Francisco (Grant Agreement w/ Exhibits) (Page 42 of 109) 59