RecDoc 2022-011753- Regulatory Agreement

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(q) "Owner" means GS HIP 1304 ECR, LP, a California limited partnership, and its successors and assigns. (r) "Project" means the Property and the Improvements. (s) "Property" means the real property located at 1304 El Camino Real, 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") (t) "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. (u) "Resident" means a household legally occupying a Unit pursuant to a valid lease with Owner. (v) "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-five (55) years from the date that the temporary certificate of occupancy is issued for the Property. (w) "Unit" means one (1) of the approximately thirty-nine (39) units (including the manager's unit) to be constructed on the Property as part of the Project. (x) "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. (y) "Very Low -Income Rent" means the rent permitted to be charged for a Very Low -Income Unit pursuant to Section 2.2(b) below. (z) "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 Occupancy Requirements. The Units shall be occupied by Residents meeting the following income requirements: REV: 01-19-2022 SK ATTY/AGR.2022.005/GS HIP 1304 ECR, LP (Page 4 of 23)