Agmt25 1900 Broadway Owner LLC - Laserfiche WebLink

Browse Search

dedications, reservations, and other exactions as may be included in this Agreement will have expired. NOW, THEREFORE, in consideration of the foregoing recitals and the mutual covenants contained herein, and for fair and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties agree as follows: ARTICLE 1. DEFINITIONS Section 1.1 Definitions. In addition to those capitalized terms defined in the preamble and the Recitals to this Agreement and elsewhere in this Agreement, the following capitalized terns have the following meanings in this Agreement: (a) "Affiliated Company" means any corporation, limited liability company, partnership, trust or other business entity controlling, controlled by or under common control of the Developer. For purposes of the foregoing, "control" means the power, directly or indirectly, by voting rights, contract or otherwise, to direct or cause the direction of the management or policies of a person or entity. (b) "Affordable Development" has the meaning set forth in Recital 1. (c) "Affordable Development Project Approvals" has the meaning set forth in Recital M, above. (d) "Affordable Housing Program Guidelines" means the Affordable Housing Program Guidelines adopted to implement the Affordable Housing Ordinance. (e) "Affordable Housing Plan' means that certain affordable housing plan referenced in Recital F, above and attached hereto as Exhibit B, incorporated herein by this reference. (f) "Affordable Housing Restrictive Covenant" means that certain Affordable Housing Restrictive Covenant Agreement, substantially in the form attached hereto as Exhibit G, incorporated herein by this reference, that is required to be recorded against the Affordable Site on the Close of Escrow which shall restrict the occupancy of the Affordable Units for a term of fifty-five (55) years from the date the Affordable Units are completed. (g) "Affordable Rent" means the total monthly Rent for an Affordable Unit not exceeding either (as applicable) the rents specified by Section 50053 of the California Health and Safety Code, or thirty percent (30%) of the imputed income limitation applicable to such unit pursuant to Section 42(g)(2)(C) of the Internal Revenue Code (as determined by CTCAC) for the appropriate Household Income level. (h) "Affordable Site" means that certain real property described in Recital H and set forth in Exhibit A-1, incorporated herein by this reference. ATTY/AGR/2024.193.1—AFFORDABLE HOUSING LAND DONATION AGREEMENT REV: 10-22-24 VR Page 4 of 35