Regulatory Agreeement for ROEM - Laserfiche WebLink

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(s) "Low Income Household" shall mean a household with an Adjusted Income that does not exceed the qualifying limits for lower income households, adjusted for Actual Household Size, as established and amended from time to time pursuant to Section 8 of the United States Housing Act of 1937, and as published by HCD. (t) "Low Income Rent" shall mean the maximum allowable rent for a Low Income Unit pursuant to Section 2.2(c) below. (u) "Low Income Units" shall mean the Units, which, pursuant to Section 2.1(c) below, are required to be occupied by Low Income Households. (v) "Median Income" means the median gross yearly income adjusted for Actual Household Size (to qualify residents) or Assumed Household Size (to calculate rents), as applicable, in the County of San Mateo, California, as published from time to time by the State of California Department of Housing and Community Development. In the event that such income determinations are no longer published, or are not updated for a period of at least eighteen (18) months, the City shall provide the Owner with other income determinations which are reasonably similar with respect to methods of calculation to those previously published by the State of California Department of Housing and Community Development. (w) "Moderate Income Household" shall mean a household with an Adjusted Income that does not exceed the qualifying limits for moderate income households, adjusted for Actual Household Size, as established and amended from time to time pursuant to Section 8 of the United States Housing Act of 1937, and as published by HCD. (x) "Moderate Income Rent" shall mean the maximum rent for a Moderate Income Unit pursuant to Section 2.2(d) below. (y) "Moderate Income Unit" shall mean the Units occupied by a Moderate Income Households, as applicable. (z) "Owner" means 353 Main Street Apartments, L.P., a California limited partnership and its successors and assigns. (aa) "Property" means the real property located at 353 Main Street, City of Redwood City, County of San Mateo, more particularly described in Exhibit A attached hereto and incorporated herein, also referred to as the "Property") (bb) "Rent" means the total of monthly payments by the residents of a Unit (other than the manager's unit) for the following: use and occupancy of the Unit and land and associated facilities, including parking; any separately charged fees or service charges assessed by Owner which are required of all residents, other than security deposits; the cost of an adequate level of service for utilities paid by the resident, including garbage collection, sewer, water, electricity, gas and other heating, cooking and refrigeration fuel, but not cable or telephone service; and any other interest, taxes, fees or charges for use of the land or associated facilities and assessed by a public or private entity other than Owner, and paid by the Resident. 1199\09\2724482.6 4