RecDoc 2021-146159 353 Main Street Regulatory agreement

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(cc) "Resident" means a household legally occupying a Unit pursuant to a valid lease with Owner. (dd) "Senior Lender" or "Senior Lenders" has the meaning set forth in Section 3.4 of the Loan Agreement. (ee) "Term" means the term of this Agreement, which commences as of the date of this Agreement and, unless terminated earlier or extended by the Parties pursuant to this Agreement, ends fifty-seven (57) years from the date this Agreement is recorded against the Property. (fo "Unit" means one (1) of the approximately one hundred twenty-five (125) units (including the manager's unit) to be constructed as part of the Development. (gg) "Very Low Income Household" means a household with an Adjusted Income that does not exceed the qualifying limits for very low 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 the State of California Department of Housing and Community Development. (hh) "Very Low Income Rent" means the rent permitted to be charged for a Very Low Income Unit pursuant to Section 2.2(b) below. (ii) "Very Low Income Units" means the Units, which, pursuant to Section 2.1(b) below, are required to be occupied by Very Low Income Households. ARTICLE 2. AFFORDABILITY COVENANTS 2.1 Occgpancy Reguirements, The Units shall be occupied by Residents meeting the following income requirements, and shall be provided in a manner that complies with Municipal Code Chapter 18, Article XVII: (a) Extremely Low Income Units. Sixty -One (61) Units, including thirteen (13) single room occupancy/ studio Units, twenty-five (25) one -bedroom Units and twenty-four (24) two-bedroom Units shall be rented to and occupied by or, if vacant, available for occupancy by Extremely Low Income Households. So long as the Developer is meeting the requirements of this Section 2.1(a), the Developer shall be deemed to be in compliance with the requirements to provide the Density Bonus Units under the Conditions of Approval; (b) Manager's Unit. One (1) one -bedroom Unit shall be available for designation as the manager's unit and shall not be restricted; and (c) Unrestricted Units. The parties agree and acknowledge that sixty-three (63) Units in the Development shall not be restricted under this Agreement, but may be subject to other restrictions voluntarily agreed to by the Developer. Nothing in this Agreement shall limit the Developer's ability to manage the rental of such unrestricted units. 1199109\2724482.6 Document Number: 2021-146159 Page: 6 of 29