RecDoc 2021-146159 353 Main Street Regulatory agreement

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33334.2 et SeMc ., and 33413(b)(2)(A)(i) and 34176.1 and in accordance with additional restrictions concerning affordability, operation, and maintenance of the Development, as specified in this Regulatory Agreement, and the,Loan Agreement. The City has determined that restriction of sixty-one (61) Units for Extremely Low Income Households pursuant to Section 2.1 below, will satisfy the requirements of Health and Safety Code 34167.1. E. Under the Conditions of Approval for the Development, approved under Resolution 18-03 adopted on March 6, 2018 by the Redwood City Planning Commission, the Developer agreed to provide nineteen (19) density bonus units including seven (7) Very -Low Income Units, nine (9) Low Income Units; and three (3) Moderate Income Units (collectively the "Density Bonus Units"), which must conform with Municipal Code Chapter 18, Article XVII (Affordable Housing Impact Fee). In consideration for the receipt of the City Loan the Developer has agreed to restrict the Density Bonus Units to Extremely Low Income Units (subject to Section 2.3(f) below). This Agreement serves as the Affordable Housing Agreement required under condition 28.f of the Conditions of Approval. F. In consideration of receipt of the City Loan, the Owner has further agreed to observe all the terms and conditions set forth below. G. In order to ensure that the entire Development will be used and operated in accordance with these conditions and restrictions, the City and the Owner wish to enter into this Agreement, which is secured by the Deed of Trust. THEREFORE, the City and the Owner hereby agree as follows: ARTICLE 1. DEFINITIONS 1.1 Definitions. When used in this Agreement, the following terms shall have the respective meanings assigned to them in this Article 1. (a) "Actual Household Size" means the actual number of persons in the applicable household. (b) "Adjusted Income" means the total anticipated annual income of all persons in a household, as calculated in accordance with 25 California Code of Regulations Section 6914 or pursuant to a successor State housing program that utilizes a reasonably similar method of calculation of adjusted income. In the event that no such program exists, the City shall provide the Owner with a reasonably similar method of calculation of adjusted income as provided in said Section 6914. - (c) "Agreement" means this Regulatory Agreement and Declaration of Restrictive Covenants. (d) 'Deed of Trust" means the deed of trust in favor of the City encumbering the Property which secures repayment of the City Loan and performance of this Agreement. 1199\09\2724482.6 Document Number: 2021-146159 Page: 3 of 29