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<br />6.1G <br />Page 7 <br /> <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 Sedion 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 rate first mortgage loan <br />with a term of up to thirty (30) years available from an institutional lender, including <br />without limitation, commercial banks, savings banks, credit unions or similar lenders, <br />which loan does not include any of the following: (i) a prepayment penalty, (Ii) loan <br />points in excess of two (2) points total, and (iii) additional processing, application and <br />other loan-related fees (exclusive of customary San Mateo County escrow and title <br />charges) in an amount greater than Dollars ($ .00). An Eligible <br />First Loan shall not .exceed eighty percent (80%) of the sales price for an Affordable <br />Unit. An Eligible First Loan shall not allow adjustable rates or balloon payments. <br /> <br />Eligible Second Loan - shall mean a seCond mortgage available from a public <br />source. such as a First Time Homebuyer Program, generally comprised of federal or <br />state funds (CaIHFA, CDBG, HOME, Redevelopment, etc).' An Eligible Second Loan <br />shall not exceed five percent (5%) of the sales price for an Affordable Unit. An Eligible <br />Second Loan will typically be "silent"l meaning payments will be deferred for at least five <br />(5) years. The deferred status of an Eligible Second Loan is considered by Lenders in <br />underwriting to help a Qualified Buyer qualify for an Eligible First Loan. <br /> <br />Gross Income - shall have the meaning set forth in Section 3.02 below. <br /> <br />Owner..()ccupled Affordability Covenants - shall mean the afford ability <br />covenants which control the use of the Project during the periOd in which the Project's <br />housing units are sold as condominium units and the Affordable Units are purchased by <br />Qualified Buyers. <br /> <br />Owner..()ccupled AffordabUlly Covenants Term - shall have the meaning set <br />forth in Section 3.03 below. . <br /> <br />Principal Residence - shall mean an Affordable Unit occupied by a Qualified <br />Buyer as his or her, primary 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. <br /> <br />REDW\OOO1\DOC\022-3.DOC <br />12/23/08 900 HvT <br /> <br />3 <br />