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<br />6.1C
<br />Page 7
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<br />Affordable Housing Cost - shall have the meaning set forth in Section 3.04
<br />below.
<br />
<br />Affordable Rent - shall have the meaning set forth in Section 2.01 below.
<br />
<br />Allowance Adjustments - shall have the meaning set forth in Section 3.04 below.
<br />
<br />Eligible First Loan - shall mean a fully amortized fixed,Jpte first mortgage loan
<br />with a term of up to thirty (30) years available from an in~ti~tional lender, including
<br />without limitation, commercial banks, savings banks, crepi~Lunions or similar lenders,
<br />which loan does not include any of the following: (i),~!tpr*R~yment penalty, (ii) loan
<br />points in excess of two (2) points total, and (Hi) additi,dnal pro~~sing, application and
<br />other loan-related fees (exclusive of customaryS~D Mateo Cb4nty escrow and title
<br />charges) in an amount greater than , Dollars ($ . ,~OO). An Eligible
<br />First Loan shall not exceed eighty percent (~PWo) of the sales price'fQf!f3n Affordable
<br />Unit. An Eligible First Loan shall not allow adju~table rate~!~r balloon payttlffnts.
<br />
<br />.,:-!:.;
<br />': : ;; ;- .; . . ; ; ,. ~ :: :"; ::
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<br />Eligible Second Loan - shall mean a s~(Hjp~t:~W:Wtgage available from a public
<br />source such as a First Time Hon~w~p~yer Program;H~~nerally comprised of federal or
<br />state funds (CaIHFA, CDBG, HOM:~,~:R~ci.~velopme'nt(imtc). An Eligible Second Loan
<br />shall not exceed five percent (50/0) of~h,e sal~~:,price for:an,,-f\ffordable Unit. An Eligible
<br />Second Loan will typically be "silent", trl~aningpa~~~ts Win;:pe deferred for at least five
<br />(5) years. The deferred ,~t~tLl~ of an EI:~giple$~pbrlq'l...q~(l is considered by Lenders in
<br />',:,,:",",': ", "',,, ',:, '^ ," ,:,,', ',.>,.".'..'
<br />underwriting to help a9palifiekJi:3uyer qu~WY:for an Eligible First Loan.
<br />
<br />. ':: . .......
<br />
<br />Gross Inc~",.e- shall havmthe mearii~:9"set forth in Section 3,02 below,
<br />
<br />~ :: : ':', \ . '. ~ ; :'. \ .:: \::" ::- ~.!:; i'i ~:' ~ i": '.: > ". : ", ~ 1: ~ ;':~"
<br />Owner-Occupie(;tJ\~()rdaHi[itYi; !~~V~r1ants - shall mean the affordability
<br />covenant~[;whH~~iiHR.ntroi:thfWuse of the Ph:)jeCt during the period in which the Project's
<br />housir;ts,pnfts are:sq~qas co.n(J(.>minium units and the Affordable Units are purchased by
<br />QW~'!redBuyers. ",. .",..
<br />
<br />. .. '. - ...-
<br />" A . . . . ., . '- .~.
<br />Owner-Occupied Affordability Covenants Term - shall have the meaning set
<br />forth in Section 3.03 below.
<br />
<br />Principa'R(;lsiq~nce - shall mean an Affordable Unit occupied by a Qualified
<br />Buyer as his or hEjr'~'rifr\:ary residence. A primary residence is one that is not leased or
<br />rented to others for more than thirty (30) days in any calendar year.
<br />
<br />Qualified Buyers - shall have the meaning set forth in Section 3.02 below.
<br />
<br />Qualified Lessees - shall have the meaning set forth in Section 2.01 below.
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<br />REDW\OOO1 \DOC\022-3.DOC
<br />12/23/08 900 HvT
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