RecDoc 2022-044661- IQHQ TRS Elco Yards,Inc.

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and Section 32.19 et seq. of the Municipal Code). This Agreement serves as the Affordable Housing Agreement required under Condition 30(e) of the Conditions of Approval. D. In order to ensure that the entire Project will be used and operated in accordance with these conditions and restrictions, the City and the Owner wish to enter into this Agreement. 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) "Assumed Household Size" shall have the meaning set forth in Section 2.2(d). The definition is utilized to calculate affordable rent and is not intended to be a limit on the number of persons occupying a unit. (e) "City" means the City of Redwood City, a municipal corporation. (f) "Conditions of Approval" has the meaning set forth in Recital C, above. (g) "Development" has the meaning set forth in Recital B, above. (h) "Improvements" means the two hundred forty-nine (249) residential units to be constructed on the Property, all common areas, amenities, plans, entitlements, appurtenances, improvement easements, buildings and fixtures associated with the Property. (i) "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. 0) "Low Income Rent" shall mean the maximum allowable rent for a Low - Income Unit pursuant to Section 2.2(b) below. REV: 04-07-2022 SK ATTY/AGR.2022.066/IQHQ TRS Elco Yards, Inc. (Page 2 of 19)