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70 RENATO COURT — "fifty-one (51)" or INSERT FOR 86 RENATO COURT - "fourteen <br />(14)") affordable units, 100% of which will be affordable to Extremely Low Income Households <br />[ADD FOR 36, 44 AND 70 RENATO COURT — "with the exception of one manager unit"] (the <br />"Inclusionary Units"), which must conform with City Zoning Code Article 29 (Requirements for <br />Affordable Housing). <br />D. Developer has agreed to require and Owner has agreed to enter into this <br />Agreement as a condition of the Property transfer from Developer to Owner. <br />E. In order to ensure that the Property will be used and operated in accordance with <br />these conditions and restrictions, City and Owner wish to enter into this Agreement. <br />THEREFORE, the City and the Owner hereby agree as follows: <br />ARTICLE 1. <br />DEFINITIONS <br />Section 1.1 Definitions. When used in this Agreement, the following terms shall have <br />the respective meanings assigned to them in this Article 1. <br />A. "Actual Household Size" means the actual number of persons in the <br />applicable household. <br />B. "Adjusted Income" means the total anticipated annual income of all <br />persons in a household, as calculated in accordance with 25 California Code of Regulations <br />Section 6914 or pursuant to a successor State housing program that utilizes a reasonably similar <br />method of calculation of adjusted income. In the event that no such program exists, the City <br />shall provide the Owner with a reasonably similar method of calculation of adjusted income as <br />provided in said Section 6914. <br />C. "Agreement" means this Regulatory Agreement and Declaration of <br />Restrictive Covenants. <br />D. "Assumed Household Size" shall have the meaning set forth in Section <br />2.2.D. The definition is utilized to calculate affordable rent and is not intended to be a limit on <br />the number of persons occupying a unit. <br />E. "City" means the City of Redwood City, a California Charter City and <br />municipal corporation. <br />F. "Effective Date" means the date upon which ownership of the Project is <br />transferred to Owner and this Agreement is recorded against the Property. <br />G. "Existing Tenants" means the existing tenants occupying Units in the <br />Project as of the Effective Date. <br />H. "Extremely Low Income Household" means a household with an Adjusted <br />Income that does not exceed the qualifying limits for extremely low income households, adjusted <br />for Actual Household Size, as established and amended from time to time pursuant to Section 8 <br />AM/AGR/2022.389/HARBOR VIEW Exhibit F-2 <br />PROJECT DEVELOPMENT AGREEMENT <br />REV: 10-28-2022 VR <br />