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<br />6.1G <br />Page 8 <br /> <br />Rental AffordabUlly 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. <br /> <br />Rental Affordabillty Covenants Term - shall have the meaning set forth in <br />Section 2.02 below. <br /> <br />Resale Restriction Agreement - shall have the meaning set forth in Section <br />3.01 below. <br /> <br />Article II <br /> <br />Section 2.01. <br /> <br />Rental Afford.bUIIY Covenants <br />Rental Affordabilitv Covenants. <br /> <br />During the Rental Affordability Covenants Term, Declarant covenants that the <br />Affordable Units shall be maintained in accordance with this Article as follows (the <br />II Rental Affordability Covenants"): the Affordable Units shall be made available at <br />affordable rent, as that term is defined in California Health and Safety Code section <br />50053 to persons and families of moderate income, as that term is defined by California <br />Health and Safety Code section 50093, earning percent L-%) ofHUD's Area <br />Median Income for San Mateo County ("AMI"), as adjusted from time to time ('-Qualified <br />Lessees"). <br /> <br />Annually, on the anniversary date of occupancy of an Affordable Unit by a. <br />Qualified Lessee, Declarant shall re-certify the qualifications of the Qualified Lessee in <br />accordance with the requirements of this Article. If, upon recertification, Declarant <br />determines that the Qualified Lessee's Gross Income, as that term is defined in section <br />3.04 below, has risen above the then in-effect allowable income, Declarant may, in its <br />sole election, terminate the tenancy of the formerly qualified lessee and make the <br />Affordable Unit available and affordable to a new Qualified Lessee. <br /> <br />Section 2.02. <br /> <br />Term of Rental Affordabilitv Covenants. <br /> <br />Declarant hereby agrees that the Rental Affordability Covenants as described in <br />Section 2.01 above shall be effective as of the date of recordation of this Declaration, <br />and shall remain in effect 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"). <br /> <br />REDW\OOO1\OOC\022-3.00c <br />12/23/08 900 HvT <br /> <br />4 <br />