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

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(k) "Low Income Units" shall mean the Units, which, pursuant to Section 2.1(b) below, are required to be occupied by Low Income Households. (1) "Median Income" means the median gross yearly income adjusted for Actual Household Size (to qualify residents) or Assumed Household Size (to calculate rents), as applicable, in the County of San Mateo, California, as published from time to time by the State of California Department of Housing and Community Development. In the event that such income determinations are no longer published, or are not updated for a period of at least eighteen (18) months, the City shall provide the Owner with other income determinations, which are reasonably similar with respect to methods of calculation to those previously published by the State of California Department of Housing and Community Development. (m) "Moderate Income Household" shall mean a household with an Adjusted Income that does not exceed one hundred twenty percent (120%) of Median Income, adjusted for Actual Household Size. (n) "Moderate Income Rent" means the maximum allowable rent for a Moderate -Income Unit pursuant to Section 2.2(c) below. (o) "Moderate Income Unit" shall mean the Units, which pursuant to Section 2.1(c) below are required to be occupied by Moderate Income Households. (p) "Owner" means IQHQ TRS Elco Yards, Inc., a Delaware corporation and its successors and assigns. (q) "Project" means the Property and the Improvements. (r) "Property" means the real property located at 1200 Main Street, City of Redwood City, County of San Mateo, more particularly described in Exhibit A attached hereto and incorporated herein. (s) "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. (t) "Resident" means a household legally occupying an Affordable Unit pursuant to a valid lease with Owner. (u) "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. REV: 04-07-2022 SK ATTY/AGR.2022.066/IQHQ TRS Elco Yards, Inc. (Page 3 of 19)