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78 Page 7 Rental Affordability Covenants - shall mean the affordability covenants which control the use of the Project during the period in which the Project's housing units are made available as rental units and the Affordable Units are rented by Qualified Lessees. Rental Affordability Covenants Term - shall have the meaning set forth in Section 2.02 below. Resale Restriction Agreement - shall have the meaning set forth in Section 3 01 below .irmi;t~ . . :!!':':!: ~..:! ! !'! ! !' ~.;.! i ! ! . :'!:;".!!:' . : r.o; ': ~. '. : I :: ~ i' I :. ! . Article II lltl i rri [HfH fl fHilt" Rental Affordabilitv ~~~~ants"fqnn:!~;. : ati:J.mp' ;; !J!11, Section 2.01. Rental Affordabil~.:::~dvenants. "l\H:,';::. t,...,. . !, . . . . . AffOrda~:in8n~~ ~~:~~~A:~::: ~o~~~;~:~ra~i:v~~~~~=t (:: "Rental Affordablhty Covenants"):tl:~n.M\~ Affordabl~! f~O.lts shall be. made available at affordable re~t, as that te~. is dE!~i;3~Hillr~~alifOrnh:lf.~~~~lth a~d Safety Code s~cti~n 50053 to persons and families of ,. .:;: Incq~;tU~'i"as that'r~~; r:n IS defined by Callforma Health and Safe~ Code section 500 ):'fand'FSq~;, ~'i..i.rarni~ . Ht . percent <---:-%) of ~UD'~ Are~ Median In.~\l~'f!~r San Q.~~o:ffip.a~!~rm~r ; as adjusted from time to time ( Qualified Lessee$~~,;:"'L:.::;",. ",.".,:...,:.:':-:: .1Hl ,~:..d.[:!!l:P · "":-:':.11.:'!;. ':~:~,!:}'ir:.;'. " Annually, ~ija~he anniv~.r~~ry date ":Q!:;:loccupancy of an Affordable Unit by a Qualified Lessee, '~p~rant ~~~[:~~,l~~.rtify tt\~t9ualifications of the Qualified Lessee in accord~nce _Yfi~h thff~t~~:~r~q1enlg;'i otHI~~~i'H~!:ti~le. If, upon rece~ificat~on, ~eclar~nt determlF1~~;:)1h~'I~h<?ua'Ilf\~;':Lessee's .~'ro~~ Income, as ~hat term IS defined In se~l?n 3.04 ~~I~',.' has rf$~Ru~boV~t~~e then In-effect allowable Income, Declarant may, In Its sol~i r~~btion,. term.in~~~~ i,~he . :t~~~l~CY of the formerf~ qualified lessee and make the Afford~~~,.~,:!, Unit avallabIEf:.~?:d affd~p~ble to a new Qualified Lessee. . . '. .. : ~ : :,; . . I ; . : Se.dti~~. 2.02. ......Term of Rental Affordabilitv Covenants. ~iqlh' /i.:.T DeclaraHf ;.n~req,~::~girees that the Rental Affordability Covenants as described in Section 2.01 ab?V~.~~ij~U be e~ective as of the date of r~cordation of t~is Declaration, and shall remain uil!~ffect until the fifty-fifth (55th) anniversary of said date, unless otherwise terminated as provided in Section 3.01, below (the "Rental Affordability Covenants Term"). REOW\O001\DOC\022-3.DOC 12/23/08 900 HvT 4