Laserfiche WebLink
1. Definitions. The following terms have the meanings set forth in this Section wherever <br />used in this Agreement or the attached exhibits. <br />"Actual Household Size" means the actual number of persons in the applicable <br />household. <br />"Affordable Housing Cost" means a monthly obligation to pay mortgage payments <br />(principal and interest), property taxes, property insurance, mortgage insurance (if required by <br />mortgage lender), utilities, and homeowners' association dues (if applicable) in an aggregate <br />amount not greater than one -twelfth of thirty percent (30%) of household Gross Income. For the <br />purpose of calculating Affordable Housing Cost, mortgage payments that the homeowner is <br />required to pay on a current basis are included, but "silent" mortgages that do not require <br />payment of principal and interest are excluded. <br />"Affordable Sales Price" means the maximum sales price for a HOME Unit as <br />determined pursuant to Section 2.4 below that will result in an Affordable Housing Cost for the <br />homebuyer. <br />"Applicable Rules and Regulations" means the City, State of California, and federal <br />rules and regulations applicable to the Project, including, but not limited to local, State of <br />California, and federal fair housing laws and regulations and HOME Program regulations. <br />"Area Median Income" or "AMI" means the median income for San Mateo County, <br />California, adjusted for Actual Household Size as determined by the U.S. Department of <br />Housing and Urban Development (HUD) pursuant to Section 8 of the United States Housing <br />Act of 1937 and as published from time to time by the State of California Department of <br />Housing and Community Development (HCD) in Section 6932 of Title 25 of the California <br />Code of Regulations or successor provision. <br />"City" means the City of Redwood City, a California Charter City and municipal <br />corporation. <br />"City Documents" means collectively, this Agreement, the Note, the Deed of Trust, <br />and the Loan Agreement. <br />"Claims" means liabilities, losses, costs, expenses (including without limitation <br />reasonable attorneys' fees and costs of litigation), claims, demands, actions, suits, judicial or <br />administrative proceedings, penalties, deficiencies, fines, orders, and damages. <br />"Deed of Trust" is defined in Recital E. <br />"Developer" is defined in the preamble to this Agreement. <br />"Eligible Household" means a household for which household Gross Income upon initial <br />occupancy does not exceed 80% AMI adjusted for Actual Household Size. <br />"Event of Default" is defined in Section 10.1. <br />SF #4821-4436-6284 v2 <br />1619\0113064651.1 <br />REV: 05-19-2021 SK <br />