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<br />6.1C
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<br />Rental Affordability Covenants - shall mean the affordability covenants which
<br />control the use of the Project during the period in which the Project's housing units are
<br />made available as rental units and the Affordable Units are rented by Qualified Lessees.
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<br />Rental Affordability Covenants Term - shall have the meaning set forth in
<br />Section 2.02 below.
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<br />Resale Restriction Agreement - shall have the mealling set forth in Section
<br />3.01 below.'T'll
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<br />Article II
<br />IH(:'.'
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<br />Rental Affordabilitv ~ov@riants
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<br />Section 2.01.
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<br />Rental Affordability' (Jovenants.
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<br />During the Rental Affordability Coven;~H~~,TellJ1~mDeclarant covenants that the
<br />Affordable Units shall be maintained in accordahge:~wjth this Article as follows (the
<br />"Rental Affordability Covenants"):, ,:t:he Affordabl~1~6its shall be made available at
<br />affordable rent, as that term is definedHn CaliforniaH~, ,a, Ith and Safety Code section
<br />:.. '." .... . :.
<br />50053 to persons and families of moderate In.c()me, as thatterm is defined by California
<br />
<br />Health and Safety Code section 50093{earning.">. ',' , pe~~nt L- 0/0) of HUD's Area
<br />
<br />Median Income for San M:a.t~o County (,~AMI"),a.s adjW~t~d from time to time ("Qualified
<br />") "..". .".....,il:1..",.,.."......,',., ,', ,:.'....,." ",.,',.'.:....- ',' ".',.'t'i"
<br />Lessees _",': .""""",'.", >,::, , "
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<br />Annually, drr;the anniver~ary date '.Q~'. occupancy of an Affordable Unit by a
<br />Qualified Lessee, De9Iarant~hCl~I,X~..qE3rtify th~i~ualifications of the Qualified Lessee in
<br />accordance'vVith the 't~qLJir~rnentsof:thi~l\rticle. If, upon recertification, Declarant
<br />determines.Jh(!lt~,~Qua1ifi$q Lessee1s Gross 'Income, as that term is defined in section
<br />3.04 b~low, has' ris~tl above.the then in-effect allowable income, Declarant may, in its
<br />soler ~Iection, terminate.Jhe tep~,ncy of the formerly qualified lessee and make the
<br />Affordapl,e Unit available{and affbtp,a,ble to a new Qualified Lessee.
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<br />Section 2.02.
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<br />,Term of Rental Affordabilitv Covenants.
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<br />Declararlffierepy'i;~grees that the Rental Affordability Covenants as described in
<br />Section 2.01 above~han be effective as of the date of recordation of this Declaration,
<br />and shall remain in~ffect until the fifty-fifth (55th) anniversary of said date, unless
<br />otherwise terminated as provided in Section 3.01, below (the ~'Rental Affordability
<br />Covenants Term").
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<br />REDW\0001 \DOC\022-3. DOC
<br />12/23/08 900 HvT
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