RecDoc2025-000644 Regulatory Agreement and Declaration of Restrictive Coventants 557 E. Bayshore

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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. (p) "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 as published annually by the City for each household size, based on either United States Department of Housing and Urban Development (HUD) income limits for San Mateo County or the California Department of Housing and Community Development (HCD) income limits for San Mateo County, as applicable. (q) "Moderate Income Rent" means the maximum allowable rent for a Moderate -Income Unit pursuant to Section 2.2(c) below. (r) "Moderate Income Unit" shall mean the Units, which pursuant to Section 2.1(c) below are required to be occupied by Moderate Income Households. (s) "Owner" means Redwood Crossing LLC and its successors and assigns. (t) "Project" means Building A and all common areas, amenities, plans, entitlements, appurtenances, improvement easements, landscaping and fixtures associated with Building A on the Property. Once Building B is complete and subject to a certificate of occupancy, the definition of "Project" will also include all amenities that are located in Building B and that are available to all Units in the Development. (u) "Property" means the real property located at 557 E. Bayshore Road, City of Redwood City, County of San Mateo, more particularly described in Exhibit A attached hereto and incorporated herein. (v) "Rent" means the total of monthly payments by the Resident (defined below) 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. (w) "Resident" means a household legally occupying an Affordable Unit pursuant to a valid lease with Owner. (x) "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 of the final certificate of occupancy for Building A. REV: 10-23-24 JB Page 4 of 20 ATTY/AGR.2024.201/Redwood Crossing LLC (557 E. Bayshore Affordable Housing Agreement) (Page 4 of 27)